Retail focused Saas technology provider Eagle Eye Solutions Group (LON:EYE) recorded a 23% increase in revenue as released final results for the year to 30th June on Tuesday.
The increase in revenue was achieved as a result of greater sales of their Eagle Eye AIR platform and growth in their Tier 1 customer base including clients such as Waitrose.
The Eagle Eye AIR platform allows retailers to target with promotions to drive sales and now accounts for 95% of Eagle Eye Solutions revenue.
Their solution allows retailers to target customers individually using customer data and their interaction habits to create millions of bespoke promotions.
Eagle Eye’s largest customer is Canadian retail and pharmacy group Loblaw Companies Limited which delivers 150 million individually tailored promotions per week through theirs brands including Loblaws and Shoppers Drug Market.
Despite substantial revenue increases and a swing to a EDITDA profit of £700,000 the group recorded a £2.3m loss for the year as Eagle Eye implement and number of cost saving and efficiency strategies such as a move to Google’s Cloud Platform.
The group has guided the combination of cost efficiencies and further revenue growth will produce further EDITDA growth in FY 2020.
Tim Mason, Chief Executive of Eagle Eye, commented:
“I am delighted to report a year of continued growth; in revenues, capabilities and market reach, delivering a breakthrough into EBITDA profitability. However, we believe that we are just at the start of our journey. Our customers see the Eagle Eye AIR platform as key to competing in today’s digital retail environment and we are confident that the drive to digital is only going to increase in the years ahead.
“We enter the current financial year with a rapidly expanding pipeline of both UK and international opportunities, and the enhanced ability to service them through our powerful and more scalable new Google Cloud environment. Our expanded geographic reach, increasing base of recurring revenues, blue chip customers and strengthened financial and operational position, means that we look to the future with confidence.”
Shares in Eagle Eye Group (LON:EYE) rose over 5% in early trade on Tuesday following the release.
