LONDON (Alliance News) - Eagle Eye Solutions Group PLC Wednesday expressed confidence in its growth prospects in the immediate and long term, as it invested heavily in its business, leading it to post a widened loss in the year to the end of June.
Eagle Eye provides digital consumer engagement services for the retail and hospitality industries, such as on-line gift vouchers.
The company posted a pretax loss of GBP1.7 million for the year to June 30, widened from a loss of GBP570,000, although revenue rose to GBP1.8 million from GBP705,000, as administrative expenses nearly tripled.
Eagle Eye said that the rise in operating costs was mostly due to upped investment in sales and marketing, product and development to enhance the capabilities of its platform Eagle Eye AIR, and product development costs. Additionally, it recorded a one off cost of GBP300,000 relating to its acquisition of 2ergo Ltd.
The company listed on AIM earlier in the year, at the same time buying up its competitor. It said that the GBP2.5 million it had raised in its initial public offering, along with a share issue of 1.2 million shares, had funded the acquisition.
During the year the company added customers including Prezzo PLC, and Gondola Group's Zizzi and Ask restaurants, as well as retailers Greggs PLC and JD Sports Fashion PLC. It doubled the number of retailers and brands using its network to more than 90 from 40, and its technology platform redeemed eight million vouchers compared to 1.5 million a year before.
Eagle Eye said it would continue to executive its growth strategy in the current year, adding more customers, securing new partnerships and building more functionality into Eagle Eye Air.
Shares in Eagle Eye were trading down 1.7% at 177.00 pence per share Wednesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
Eagle Eye (EYE)