Eagle Eye Sol Gp PLC - AGM Statement
17 November 2020
Eagle Eye Solutions Group plc
("Eagle Eye", the "Group", or the "Company")
Significant Australian win adds to a positive start to trading in the new financial year
Eagle Eye, a leading SaaS technology company that creates digital connections enabling personalised, real-time marketing through coupons, loyalty, apps, subscriptions and gift services, is pleased to provide the following update ahead of the Company's Annual General Meeting ("AGM"), to be held at
Eagle Eye has had a positive start to the financial year, with highlights including the launch of the Pret a Manger coffee subscription service and winning the recently announced five-year contract with Woolworths Group, the largest retailer in
While COVID-19 has continued to impact revenue growth, the Group nonetheless delivered revenue growth for Q1 FY21 of 11% on the prior year. The ongoing strategic management of the cost base and investment in line with revenue has resulted in a substantial increase in adjusted EBITDA profit for Q1 FY21, comfortably in line with management expectations. The Group continues to benefit from high levels of recurring revenue and extremely low levels of customer churn. Cash management continues to be strong, with the full headroom within the Group's
The Group was delighted to announce on
The Group continues to make positive progress in the US, with the planned expansion of the Southeastern Grocers, Inc. implementation going well. Three phases of the eight-phase implementation are now live. The Board is encouraged by the increasing number of sales opportunities entering our pipeline, both through our direct marketing activities and via our partners in the US.
Following the lifting of lockdown in the
While COVID-19 is likely to continue to impact on the Group's F&B and Non-Grocery customer segment (10% of Group revenue prior to COVID-19) and new business discussions in the short-term, the global pandemic has prompted the acceleration of digital transformation in the retail sector and never has digital engagement with consumers been of more relevance. The news of a potential vaccine is extremely encouraging, for all of us on many levels, however, the Board will continue to ensure the business and Eagle Eye team are well protected until a more normalised environment returns.
Through the growth of Eagle Eye's international customer base, and the addition of Woolworths Group, the Group has strengthened footholds in the US and
All financials based on unaudited figures.
Adjusted EBITDA excludes share-based payment charges along with depreciation, amortisation, interest and tax from the measure of profit.
For further information, please contact:
Tel: 0844 824 3686
Investec (Nominated Advisor and Joint Broker)
Tel: 020 7597 5970
Shore Capital (Joint Broker)
Tel: 020 7408 4090
Tel: 020 3405 0205
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About Eagle Eye
Eagle Eye is a leading SaaS technology company transforming marketing by creating digital connections that enable personalised performance marketing in real time through coupons, loyalty, apps, subscriptions and gift services.
Eagle Eye AIR enables the secure issuance and redemption of digital offers and rewards at scale, across multiple channels, enabling a single customer view. We create a network between merchants, brands and audiences to enable customer acquisition, interaction and retention at lower cost whilst driving marketing innovation.
The Company's current customer base comprises leading names in UK Grocery, Retail and Food & Beverage sectors, including Asda, Sainsbury's, Tesco, Waitrose and John Lewis & Partners, JD Sports, Greggs, Mitchells & Butlers, Pizza Express; in
Quick facts: Eagle Eye Solutions Group PLC
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