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(Alliance News) - Eagle Eye Solutions Group PLC on Tuesday said financial 2019 loss narrowed on increased revenue generation and trading so far in financial 2020 remains in line with expectations.
In the year ended June 30, the company's revenue rose by 23% to GBP16.9 million from GBP13.8 million and its pretax loss narrowed to GBP2.8 million from GBP5.2 million.
Earnings before interest, taxes, depreciation and amortisation totalled GBP714,000 versus GBP2.0 million loss in financial 2018.
The enterprise technology company's flagship Eagle Eye AIR digital promotions platform contributed 94% of the firm's full-year revenue, up from 88% last year. AIR revenue rose by 32% to GBP15.9 million from GBP12.1 million.
Eagle Eye attributed AIR's growth to its partnerships with new and existing "Tier 1 customer base" grocers.
In January, Eagle Eye secured a five-year contract with upmarket grocer Waitrose Ltd. The contract extended Eagle Eye's existing relationship with John Lewis Partnership that was first announced in May 2017
The company's customer base also includes Walmart Inc-owned Asda Stores Ltd, J Sainsbury's PLC, JD Sports Fashion PLC and Greggs PLC, Eagle Eye said.
Chief Executive Tim Mason said: "We have started the current financial year positively and the group's current trading is in line with the board's expectations. We have also entered the current financial year with a rapidly expanding pipeline of both UK and international opportunities and the enhanced ability to service them through our powerful and scalable new Google Cloud environment.
"Our expanded reach, increasing base of recurring revenues, blue chip customers and strengthened financial and operational position means that we look to the future with confidence."
Shares in Eagle Eye were 5.4% higher at 176.00 pence each in London on Tuesday morning.
