LONDON (Alliance News) - Eagle Eye Solutions Group PLC on Wednesday said the continued ramp up of its operations resulted in a wider pretax loss for its last financial year, but revenue nearly tripled as the group won a large number of contracts and it said it is confident of making further progress in the current year.
Eagle Eye, which makes software for promotional activity in the retail and leisure sectors, said its pretax loss for the year to the end of June was GBP3.6 million, widened from the GBP1.7 million loss it made a year earlier, as operating costs ballooned amid an expansion of operations.
Revenue rose to GBP4.9 million from GBP1.8 million in the year, driven by the group winning more than 60 customer and brand contracts in the year, including with supermarkets Sainsbury's and Asda, a text message services deal with bookmaker Ladbrokes, and a partnership deal with Japanese electronics group Toshiba.
"We have strong first-mover advantage in a rapidly growing digital promotions market, of which we have made significant progress into the UK grocery sector this year with our proven technology. This gives the business a strong foundation to dominate the UK market and expand internationally," said Chief Executive Phill Blundell.
"The board has considerable confidence in Eagle Eye's growth prospects for the future as we continue to build on the strong strategic progress made in 2015," Blundell added.
Eagle Eye shares were up 4.7% to 210.00 pence on Wednesday morning.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Eagle Eye (EYE)