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LONDON (Alliance News) - Eagle Eye Solutions Group PLC on Wednesday said its revenue for financial 2018 came in below guidance, hurt by contract delays.
The stock was trading 11% lower on Wednesday at 151.00 pence per share.
Eagle Eye is a software firm whose products "allow businesses to create a real-time connection with their customers" by validating coupon and voucher redemptions.
The company said it expects revenue for the year to the end of June to increase by third to GBP14.8 million from GBP11.1 million reported a year earlier. However, this was slightly behind management expectations due to certain strategic contract negotiations extending into the new year.
Eagle Eye has extended its suite to include a loyalty offering which has increased redemption volumes through the platform, multiplying year-on-year to 403.7 million compared to 61.5 million the prior year.
The company said the growth in redemption volumes was boosted by existing Food & Beverage clients as revenue in this division grew by 38% over the year. In February, Eagle Eye launched the new PC Optimum loyalty programme from retailer Loblaw Co Ltd, which has also contributed to the redemption volume growth.
At the time, Eagle Eye said the programme provides secure, real-time issuance, management, and redemption of digital promotions and rewards across all online and in-store purchases.
"The strong growth in recurring revenues in the year, our healthy pipeline of new business opportunities and our strong proposition, give us confidence in the ongoing success of the business," said Chief Executive Tim Mason.