The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksEagle Eye Regulatory News (EYE)

Share Price Information for Eagle Eye (EYE)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 485.00
Bid: 480.00
Ask: 490.00
Change: 0.00 (0.00%)
Spread: 10.00 (2.083%)
Open: 485.00
High: 485.00
Low: 470.00
Prev. Close: 485.00
EYE Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Trading Update

19 Jul 2021 07:00

RNS Number : 5773F
Eagle Eye Solutions Group PLC
19 July 2021
 

 

19 July 2021

Eagle Eye Solutions Group plc

("Eagle Eye", the "Group", or the "Company")

 

FY 2021 Trading Update

 

Exiting the year with positive momentum

 

Eagle Eye, a leading SaaS technology company that creates digital connections enabling personalised, real-time marketing through coupons, loyalty, apps, subscriptions and gift services, is pleased to provide an update on the Group's trading for the year ended 30 June 2021 ("the Year").

 

Highlights

 

 

FY 2021

FY 2020

% Change

Group Revenue

£22.8m

£20.4m

12%

Recurring revenue (subscription fees and transactions)

£16.9m

£14.9m

13%

Adjusted EBITDA1

£4.2m

£3.3m

28%

Cash inflow/ (outflow), excluding COVID-19 measures

£0.91m

£0.78m

17%

Closing net cash position

£0.8m

£1.5m

-46%

 

· Strong close to the financial year, with accelerated revenue growth of 27% in Q4 compared to the prior year

· Multiple new customer wins, including Pret a Manger in the UK, Woolworths in Australia, and Staples US Retail, providing a strong platform for further growth in FY 2022 and beyond

· New business pipeline continues to grow at record levels in all regions

· Considerable increase in adjusted EBITDA1 to £4.2m, 28% (FY 2020: £3.3m), ahead of market expectations

· Strong cash performance, ahead of market expectations

· Entered FY 2022 with an expanded underlying business and positive trajectory

 

Eagle Eye has enjoyed a strong close to the year, delivering 27% growth in Q4 revenues as a result of the winning of enterprise customers, 'Deepen' progress with key contracts and the relaxation of COVID-19 restrictions driving increased transaction levels at the Group's UK Food & Beverage customers.

 

The Group delivered a strong new business 'Win' performance in the Year, including the launch of the pioneering Pret a Manger coffee subscription service, the winning of a five-year contract with Woolworths Group, the largest retailer in Australia, and securing Staples US Retail, the Group's second US customer.

 

While COVID-19 measures negatively impacted the Group's UK Food & Beverage customers and brands for large parts of the year (c.10% of Group revenue pre-COVID-19), the Group's high levels of recurring revenue (approx. 74% of revenues) and increased win rate in the Year meant Eagle Eye delivered revenue growth of 12% to £22.8m (FY 2020: £20.4m). Careful management of the cost base, in line with our revenue profile, alongside continued investment in the product and sales & marketing, resulted in an increase in adjusted EBITDA1 for the Year of 28% to £4.2m (FY 2020: £3.3m), and grew the adjusted EBITDA margin to 17% margin (FY2020: 16%), ahead of market expectations.

 

The Group delivered an improved underlying cash performance in the Year, which saw a cash inflow, excluding COVID-19 related cash management measures, of £0.91m (FY 2020: like-for-like inflow of £0.78m). The Group closed the Year with a net cash position of £0.8m, (FY 2020: £1.5m) being ahead of market expectations, driven by the increase in adjusted EBITDA1 and management of working capital, including COVID-19 VAT deferrals of £0.4m which is expected to be paid in the current financial year ending 30 June 2022 (being the only outstanding Government COVID-19 support received and not yet returned). The Group continues to have access to its £5m banking facility which, combined with the Group's net cash, is sufficient to support its existing growth plans.

 

Outlook

Eagle Eye enters FY 2022 with a considerably expanded underlying business and positive trajectory.

 

The impact of the pandemic has been to accelerate the digital engagement strategies of retailers around the world. The proven enterprise capabilities of the Eagle Eye AIR platform position the Group well to capture a growing proportion of this expanding market.

 

With a growing customer base and record sales pipeline the Board looks to the future with increased confidence.

 

Tim Mason, Chief Executive of Eagle Eye, said: "I am proud of the performance of our team this year; securing fantastic new retailers around the world and delivering innovative solutions that add value for our customers, while dealing with the challenges of the pandemic. This has driven a good financial performance, and importantly, we have exited the year with strong momentum.

 

"With the AIR platform sitting at the heart of the digital marketing programmes at a growing number of the world's largest retailers, we have demonstrated our credentials in an accelerating market, providing us with confidence in our ability to continue to deliver future growth."

 

Notes:

 

All financials based on unaudited figures

1Adjusted EBITDA has been adjusted for the exclusion of share-based payment charges along with depreciation, amortisation, interest and tax from the measure of profit and is reconciled to the GAAP measure of loss before tax.

 

 

For further information, please contact:

 

Tim Mason, Chief Executive Officer

Lucy Sharman-Munday, Chief Financial Officer

 

 

 

Tel: 0844 824 3686

Investec (Nominated Advisor and Joint Broker)

Corporate Finance: David Anderson / Sebastian Lawrence

Corporate Broking: Sara Hale / Will Brinkley / Charlotte Young

 

Tel: 020 7597 5970

 

Shore Capital (Joint Broker)

Corporate Finance: Hugh Morgan/ Daniel Bush/ Sarah Mather

Corporate Broking: Henry Willcocks

 

Tel: 020 7408 4090

Alma PR

Caroline Forde, Robyn Fisher, Molly Gretton

 

Tel: 020 3405 0205

 

About Eagle Eye Solutions

 

Eagle Eye is a leading SaaS technology company transforming marketing by creating digital connections that enable personalised performance marketing in real time through coupons, loyalty, apps, subscriptions and gift services.

Eagle Eye AIR enables the secure issuance and redemption of digital offers and rewards at scale, across multiple channels, enabling a single customer view. We create a network between merchants, brands and audiences to enable customer acquisition, interaction and retention at lower cost whilst driving marketing innovation.

The Company's current customer base comprises leading names in UK Grocery, Retail, Leisure and Food & Beverage sectors, including Asda, Sainsbury's, Tesco, Waitrose and John Lewis & Partners, Virgin Red, JD Sports, Pret a Manger, Greggs, Mitchells & Butlers, Pizza Express; in North America, Loblaws, Shoppers Drug Mart and Southeastern Grocers and in Australia & New Zealand, Woolworths Group and The Warehouse Group.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
TSTFLFFRDTIRLIL
Date   Source Headline
6th Nov 20187:00 amRNSHolding(s) in Company
22nd Oct 20189:30 amRNS2018 Annual Report & Accounts and Notice of AGM
18th Sep 20187:00 amRNSFinal Results
28th Aug 20187:00 amRNSNotice of Results
25th Jul 20187:00 amRNSTrading Update
28th Jun 20187:00 amRNSEagle Eye extends credit facility with Barclays
21st May 20187:00 amRNSDeath of a Director
10th May 20187:00 amRNSNew contract with Sainsbury's
11th Apr 201812:10 pmRNSDirector/PDMR Shareholding
4th Apr 20184:29 pmRNSDirector/PDMR Shareholding
13th Mar 201811:11 amRNSEagle Eye update on new Loblaw partner
13th Mar 20187:00 amRNSInterim Results
27th Feb 201812:00 pmRNSEagle Eye launches PC Optimum with Loblaw
5th Feb 20183:53 pmRNSIssue of Equity
23rd Jan 20187:00 amRNSTrading Update
19th Dec 20179:57 amRNSDirector Declaration
10th Nov 20174:03 pmRNSIssue of share options
9th Nov 20171:30 pmRNSResult of AGM
9th Nov 20177:00 amRNSAGM Statement
27th Oct 20174:56 pmRNSDirector/PDMR Shareholding
27th Oct 20179:58 amRNSDirector/PDMR Shareholding
12th Oct 20177:00 amRNS2017 Annual Report & Accounts and Notice of AGM
19th Sep 20176:14 pmRNSHolding(s) in Company
19th Sep 20177:00 amRNSFinal Results
16th Aug 20174:41 pmRNSNotice of Results
31st Jul 20177:00 amRNSNotification of Transactions by a Director/PDMR
31st Jul 20177:00 amRNSIssue of Equity
21st Jul 20176:06 pmRNSDirector/PDMR Shareholding
18th Jul 20172:07 pmRNSTrading Update - Replacement
18th Jul 20177:00 amRNSTrading Update
6th Jul 20177:00 amRNSEYE and TGCS sign renewed 2-year Asda contract
30th Jun 20173:26 pmRNSIssue of Equity
20th Jun 20177:00 amRNSIssue of Equity
12th Jun 201710:59 amRNSResult of General Meeting and Total Voting Rights
6th Jun 20179:33 amRNSIssue of Equity
1st Jun 201710:10 amRNSIssue of Equity
30th May 20179:55 amRNSIssue of Equity
26th May 20171:24 pmRNSUpdate on Placing
26th May 20171:03 pmRNSUpdate on Placing
26th May 20177:00 amRNSProposed Placing to raise up to £6.0 million
12th May 20177:00 amRNSEagle Eye signs 3 year contract with John Lewis
10th May 20177:00 amRNSAppointment of Chief Operating Officer
10th Apr 20177:00 amRNSIssue of Equity
7th Apr 201711:48 amRNSIssue of Equity
17th Mar 20173:15 pmRNSNotification of Transactions by a Director/PDMR
17th Mar 20173:06 pmRNSNotification of Transactions by a Director/PDMR
17th Mar 20172:50 pmRNSNotification of Transactions by a Director/PDMR
14th Mar 20177:02 amRNSEagle Eye and TCC Global in exclusive partnership
14th Mar 20177:00 amRNSInterim Results
21st Feb 20177:00 amRNSNotice of Interim Results

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.