Eagle Eye Solutions swings to interim profit as costs decrease

(Alliance News) - Eagle Eye Solutions Group PLC on Monday said it started its second financial half with renewed momentum, as it posted a swing to a half-year profit.

The London-based software-as-a-service marketing solutions provider said it swung to a profit of GBP1.6 million in the six months to December 31, from a loss of GBP355,000 a year ago.

Revenue edged up 0.4% to GBP24.2 million from GBP24.1 million.

Operating costs decreased 5.1% to GBP22.3 million from GBP23.5 million, while cost of sales came down 64% to GBP350,000 from GBP974,000.

Notably, costs for share-based payment charge decreased 85% to GBP268,000 from GBP1.8 million.

Looking ahead, Eagle Eye said: "We have commenced the second half of the year with renewed momentum, energised by the new original equipment manufacturer partnership, as well as new wins, renewals and deepening with customers early in H2."

It added: "With growing software as a service revenue, strengthening margins, proven world-class technology and global reach through powerful partners, the outlook for Eagle Eye is positive."

Eagle Eye shares rose 2.2% to 368.00 pence each on Monday afternoon in London, giving it a market capitalisation of GBP109.0 million.

By Tom Budszus, Alliance News slot editor

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