Eagle Eye Solutions Group PLC – EYE – Final Results

Eagle Eye Solutions Group PLC – EYE – Final Results

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 announce its results for the financial year ended 30 June 2020 (the “Year”).

 

Financial Highlights

 

FY20

FY19

Change

Group revenue

£20.4m

£16.9m

+21%

Recurring subscription and transaction revenue

£14.9m

£12.0m

+24%

Recurring revenue % of Group revenue

73%

71%

+2ppts

Gross margin

94%

93%

+1ppt

Adjusted EBITDA*

£3.3m

£0.7m

+359%

Net cash inflow / (outflow)

£2.8m

£(1.6)m

Net cash / (debt)**

£1.5m

£(1.2)m

Loss for the year

£0.6m

£2.3m

-76%

 

Operational Highlights

 

·      Continued growth of the Tier 1 customer base both in the UK and in new geographies resulting in an uplift in “win” related revenue

·      Two flagship international clients won and reached go-live in the year, The Warehouse Group in New Zealand and Southeastern Grocers in the USA

·      Growing number of powerful collaborations to target the US market: dunnhumby, Ecrebo and News America Marketing

·      AIR volumes grew by 140% year-on-year to 2.1bn (FY19: 0.9bn)

·      Continued innovation and platform enhancements, including 30% improvement in speed and responsiveness and new analytics integrations

·      Contract extensions with Sainsbury’s, ASDA and JD Sports in the UK

·      Long term contract customer churn rate by value remained very low at 0.9% (FY19: 0.8%)

 

Outlook

 

·      Positive start to FY21 despite COVID-19 with current trading in line with Board’s expectations

·      Board confident the Group continues to have sufficient headroom within its £5m banking facility, which has been extended to September 2021, to support its existing growth plans

 

Notes

* 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 in note 5 to the financial statements below.

** Net cash/(debt) is cash and cash equivalents less borrowings.

 

 

Tim Mason, Chief Executive of Eagle Eye, said: “In spite of the challenging global outlook, we have continued to make excellent progress against our strategic objectives this year, winning new clients internationally and delivering leading loyalty and promotions programmes for some of the largest retailers in the world. Our people have been outstanding during these challenging times, and I am assured of our ability to respond to whatever may lie ahead.

 

“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. We will continue to invest in our people, product development, sales and marketing, and in new geographies during the year ahead, whilst carefully managing the business and cost-base. This will enable us to capitalise on the accelerated digital transformation in the retail sector, as well as sustain the momentum we have gained in the US and Australasia.

 

“With our growing number of Tier 1 clients, proven technological ability, powerful international partners and a strengthening financial position, I am confident for the future.”

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