Eagle Eye Sol Gp PLC - Trading Update
Eagle Eye Solutions Group plc
("Eagle Eye", the "Group", or the "Company")
H1 Trading Update
Strong profit growth and new domestic and international customer wins
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 an update on the Group's trading for the 6 months ended
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Recurring revenue (subscription fees and transactions)
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Net cash/ (debt) at 31 December
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· Good new business "Win" performance in the
· New business pipeline continues to grow at record levels internationally
· Considerable increase in adjusted EBITDA1 to
· Strong cash performance, ahead of Board expectations
· Despite the impact of COVID-19, profit for the financial year ending
Eagle Eye has had a positive start to the financial year, continuing to deliver for its clients and win new customers, with highlights including the launch of the Pret a Manger coffee subscription service, the winning of a five-year contract with Woolworths Group, the largest retailer in
The impacts of COVID-19, and most recently the
The Group closed the Period with a net cash position of
COVID-19 may continue to cause new contract discussions to be extended, and is expected to continue to impact the Group's F&B and Non-Grocery customer segment, causing the Board to remain cautious in its outlook for this segment. However, the careful management of the business, successful new wins in the first half of the year and growth of the existing customer base, mean profit for the financial year ending
Never has digital engagement with consumers been of more relevance to the global retail sector. The
Group's new business pipeline continues to grow at record levels internationally, including multiple enterprise level opportunities, providing the Board with confidence in the ongoing success of the business.
"While it is clear COVID will adversely impact a section of our customer base for the remainder of the financial year, we are confident that we will continue to grow our sales and profits, and our pipeline has never been stronger both in quality and quantity.
"With high levels of recurring revenue, very low levels of customer churn and an expanding customer base, the Board is encouraged by the significantly increased breadth of Eagle Eye's opportunity and believes there is considerable potential for expansion as the situation normalises."
All financials based on unaudited figures
1Adjusted EBITDA has been adjusted for the exclusion of share-based payment charges along with depreciation, amortisation, interest and tax from the measure of profit and is reconciled to the GAAP measure of loss before tax.
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
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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