TIDMEYE
RNS Number : 7503S
Eagle Eye Solutions Group PLC
18 November 2021
18 November 2021
Eagle Eye Solutions Group plc
("Eagle Eye", the "Group", or the "Company")
AGM Statement
Expanding customer relationships deliver revenue and EBITDA
growth
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 the following trading update, ahead of the
Company's Annual General Meeting ("AGM") to be held at 1.00 p.m.
today.
The Group has had a positive start to the financial year,
delivering revenue growth of 35% in Q1 versus the prior year, an
increase from the Q4 FY21 growth of 27%. As a result, the Board now
expects adjusted EBITDA for the full year ending 30 June 2022 to be
comfortably ahead of management expectations. This strong start to
the financial year will allow the business to increase its
investment in people to support future growth and capitalise on the
global shift towards personalised digital marketing by
retailers.
This strong performance has principally been driven by the
significant customers won in prior periods moving into the
transactional phase, including Woolworths, Staples US Retail and
Virgin Red. The Group's broadening client base has delivered
revenue growth across all of its major geographical regions of
North America, UK & Europe and Australia & New Zealand.
In Q1, the Group has continued to deliver new customer wins and
deepened its existing relationships, with highlights including the
expansion of the Pret a Manger coffee subscription service into
France and in the USA, the selection of Eagle Eye by Halfords Group
plc as a partner to deliver a customer engagement solution with a
targeted launch in early 2022, and a trial with existing customer,
Asda, for a new loyalty programme, Asda Rewards.
Following the full lifting of lockdown in the UK in July 2021,
the Group has seen a normalisation within its Food & Beverage
and Non-Grocery revenue. The Group is now actively developing new
brand customer discussions to capitalise on its significantly
expanded hospitality network in which brands can offer
promotions.
Balance sheet
We are delighted to announce a new three year GBP5m funding
facility with Silicon Valley Bank, with up to an additional GBP2.5m
available, subject to credit approval at the time, should there be
an appropriate investment opportunity. This provides the business
with security and flexibility over its financing options to deliver
on its growth aspirations. Cash management continues to be strong
with headroom ahead of management expectations.
Confident outlook
The Group is focused on delivering sustainable and profitable
growth. This continues to be achieved through new customer wins and
deepening the relationships with existing customers. The Group's
sales pipeline continues to grow, both in the UK and
internationally and, the Group has a proven ability to grow its
existing customer relationships considerably over time through
expanded use of the AIR platform.
To support these dual growth channels, the Group will continue
to extend the capabilities of AIR to ensure it has the digital
marketing solutions its customers require. The Group will carefully
invest in increased sales and marketing activities, alongside its
partner strategy, to capitalise on the strong starts made in the
North American and Australian markets.
Having delivered a successful Q1 and with a record sales
pipeline, the Board looks to the future with growing
confidence.
Notes:
All financials based on unaudited figures.
Adjusted EBITDA excludes share-based payment charges along with
depreciation, amortisation, interest and tax from the measure of
profit.
For further information, please contact:
Tim Mason, Chief Executive Officer Tel: 0844 824 3686
Lucy Sharman-Munday, Chief Financial
Officer
Investec (Nominated Advisor and Joint Tel: 020 7597 5970
Broker)
Corporate Finance: David Anderson / Sebastian
Lawrence
Corporate Broking: Sara Hale / Will Brinkley
/ Charlotte Young
Shore Capital (Joint Broker) Tel: 020 7408 4090
Corporate Finance: Hugh Morgan / Daniel
Bush
Corporate Broking: Henry Willcocks
Alma PR Tel: 020 3405 0205
Caroline Forde / Robyn Fisher / Molly
Gretton
About Eagle Eye
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, Southeastern Grocers and Staples US Retail and in
Australia & New Zealand, Woolworths Group and The Warehouse
Group.
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END
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November 18, 2021 02:00 ET (07:00 GMT)
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