TIDMEYE
RNS Number : 3464T
Eagle Eye Solutions Group PLC
14 November 2019
14 November 2019
Eagle Eye Solutions Group plc
("Eagle Eye", the "Group", or the "Company")
AGM Statement
Growing customer traction signals positive start to the 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,
announces that at the Company's Annual General Meeting ("AGM"), to
be held at 1:00 p.m. today, Malcolm Wall, Non-Executive Chairman of
Eagle Eye, will make the following statement on the Group's
trading:
"In our September results announcement we reported a successful
year ended 30 June 2019, in which the Company expanded its
international reach and customer base, grew platform revenues and
transaction volumes considerably, moved operations to the Google
Cloud and most notably, broke through to adjusted EBITDA
profitability.
I am pleased to confirm the continued successful execution of
our strategy in the first four months of FY2020, delivering revenue
growth of 24% compared to the equivalent period in FY2019, with
revenue generated by the AIR platform growing by 25%. This growth
has been driven by the impact of wins at the end of the last
financial year, together with transaction growth from brand
campaigns through our food and beverage network. In addition, in
October 2019, we successfully completed the full roll out of our
loyalty service for an existing Tier 1 customer, demonstrating our
continued ability to deepen our client relationships by providing
additional revenue generating services. The period has delivered an
adjusted EBITDA profit, in line with management expectations,
demonstrating considerable progress on the prior year.
We previously noted that several revenue generating customer
engagements secured during the FY2019 financial year would progress
to multi-year contracts in FY2020. We were therefore delighted to
announce this quarter the successful evolution of one of these with
a leading New Zealand retailer. As we have progressed through the
first months of the year, the number of revenue generating initial
customer engagements across the Group has continued to grow, boding
well for future multi-year contracts.
Our move to the Google Cloud Platform has transformed the way in
which we can launch into new geographies, no longer requiring the
significant upfront investment in technology and capacity. We are
now able to flex our capacity as customers require, matching costs
with revenue. This ensures a more efficient financial and
operational model, removing a significant barrier to our global
expansion. This enhanced capability has already begun to pay
dividends in Australia and paves the way for further future
expansion.
We are making good progress in the US, working closely with our
partner, News America Marketing, the premier marketing services
company in the US and Canada. Given the sheer scale of the paper
couponing and promotions market in the US, we believe the
opportunity in this territory to be significant and look forward to
reporting further progress as we move through the current financial
year.
The Group's funding position and headroom within its GBP5
million banking facility with Barclays are in line with management
expectations and continue to be sufficient to support the Group's
existing growth plans.
Outlook
The successful go live of two UK Tier 1 implementations in Q2,
combined with the continued growth of the existing customer base,
is anticipated to drive a strong uptick in transaction volumes and
revenue in the remainder of the quarter, in line with management
expectations.
We have an increasing number of promising revenue generating
customer engagements, which combined with our high levels of
recurring revenue, very low levels of customer churn and expanding
market opportunity provide the Board with confidence as we look to
the remainder of the year and beyond."
Notes:
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:
Tim Mason, Chief Executive Officer Tel: 0844 824 3686
Lucy Sharman-Munday, Chief Financial
Officer
Investec (Nominated Advisor and Joint Tel: 020 7597 5970
Broker)
Corporate Finance: David Anderson / Sebastian
Lawrence
Corporate Broking: Sara Hale
Shore Capital (Joint Broker) Tel: 020 7408 4090
Corporate Finance: Hugh Morgan/ Daniel
Bush/ Sarah Mather
Corporate Broking: Henry Willcocks
Alma PR
Caroline Forde/ Rebecca Sanders-Hewett/ Tel: 020 3405 0205
Jessica Joynson
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 Group'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 and in
Canada, Loblaws, Shoppers Drug Mart and Esso.
For more information, please visit www.eagleeye.com
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END
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