TIDMEYE
RNS Number : 5692F
Eagle Eye Solutions Group PLC
11 July 2023
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11 July 2023
Eagle Eye Solutions Group plc
("Eagle Eye", the "Group", or the "Company")
FY2023 Trading Update
Strong revenue and profit growth ahead of expectations
Eagle Eye (LSE: "EYE"), a leading SaaS technology company that
creates digital connections enabling personalised, real-time
marketing, is pleased to provide an update on the Group's trading
for the year ended 30 June 2023 ("the Year").
Financial Highlights
FY 2023 FY 2022 % change
--------- --------- -------------------
Group Revenue GBP43.1m GBP31.7m +36% (29% organic)
Recurring revenue (subscription fees
and transactions) 79% 76% +3ppts
Adjusted EBITDA* GBP8.6m GBP6.5m +32%
Closing net cash** position GBP9.3m GBP3.6m +158%
-- Strong trading momentum through the year has delivered
revenue and adjusted EBITDA* growth of 36% and 32% respectively,
ahead of Board expectations
-- Adjusted EBITDA (*) margin of approximately 20% (FY22:
20.5%), reflecting the growth in Group revenues alongside
the Group's strategy to reinvest into the future growth
of the business
-- Strong cash generation resulting in net cash** of GBP9.3m
at 30 June 2023 (30 June 2022: GBP3.6m), ahead of Board
expectations
-- An increasingly international business, expanding in
all target geographies, with strong growth in North America
and APAC, including continued expansion into South East
Asia
-- Successful acquisition of Untie Nots completed in January
2023 and positive performance since acquisition, in line
with the Group's expectations, including first joint
win
-- Growing new business pipeline across all territories
Eagle Eye delivered another successful year of profitable
growth, ahead of Board expectations, with Group revenue up 36% to
GBP43.1m (FY22: GBP31.7m) and underlying organic revenue growth of
29%, excluding Untie Nots. Adjusted EBITDA* increased by 32% to
approximately GBP8.6m (FY22: GBP6.5m). This growing level of
profits has driven strong cash generation and the Group closed the
year with a net cash** position of GBP9.3m at 30 June 2023 (30 June
2022: GBP3.6m), providing Eagle Eye with the continued ability to
invest to support future growth.
The Group continues to benefit from high levels of recurring
revenue, providing a strong basis for continued positive
performance, and expects to report good growth in Annual Recurring
Revenues and a continued strong Net Revenue Retention metric.
Eagle Eye continues to expand across all key geographies during
the year. Highlights include the full go-live of the five-year
contract with Woolworths Group, the largest retailer in Australia,
the national rollout of Asda's new loyalty programme, the winning
of multi-year contract with Morrisons in the UK and wins with a
substantial Canadian retailer and IKEA in Taiwan. The strong
performance over the last 12 months across all key territories
reflects the growing relevance of the Group's AIR platform, as
retailers globally become increasingly aware that data driven,
personalised promotions are one of the most effective ways to drive
increased trade and retain customer loyalty.
In January 2023, Eagle Eye successfully completed the
acquisition of Untie Nots, a rapidly growing AI-powered
gamification promotions company. In the first months
post-acquisition, the newly enlarged Group is already seeing the
benefits of working together, reinforcing the Board's belief that
Untie Nots' solution resonates well with retailers globally.
Introduced by Eagle Eye, Untie Nots secured a loyalty contract with
NTUC FairPrice Co-Operative Ltd, Singapore's largest supermarket
chain. This was the first win for the Group in the region and
demonstrates the benefit to Untie Nots of Eagle Eye's international
marketing reach, and the speed of the sales cycle for the Untie
Nots offering.
Outlook
The market in which Eagle Eye operates is expanding, as
retailers globally develop their omnichannel capabilities to
address the rapidly changing consumer shopping behaviours,
particularly in the current cost conscious climate. With new
technology, such as AI, rapidly increasing the sophistication of
promotions, Eagle Eye's central position as the technology that
enables the execution of these programmes increases. Eagle Eye
expects this shift towards digitisation and personalisation to
continue to accelerate and for Eagle Eye to be a beneficiary of
that acceleration.
Eagle Eye enters the new financial year in a very strong
position, with a growing presence in North America and Australasia,
alongside its long-standing European customers. The acquisition of
Untie Nots has provided an additional channel for growth, as well
as bringing valuable AI capabilities into the Group. Together with
the Group's growing ARR, profitability and cash generation, the
Board, therefore, looks to the future with confidence.
Notice of Results
The Group expects to announce its results for the year ended 30
June 2023 on Tuesday 19 September 2023.
Tim Mason, Chief Executive of Eagle Eye , said:
" This has been another outstanding year for Eagle Eye. Our
tremendous team have successfully delivered across all areas of our
customer strategy, in every target geography. We also completed the
acquisition of Untie Nots, bringing new capabilities and fantastic
talent into the Group.
"As consumers grapple with the impact of inflation and retailers
seek ways to leverage the advances in AI, our ability to enable
retailers to execute targeted, personalised promotions and loyalty
campaigns has never been more relevant, providing us with yet more
growth opportunities.
"With a growing tier-1 customer base, every time we win we are
able to invest in increasing our sales and marketing organisation,
enabling further growth. "
Notes:
All financials are based on unaudited figures
*EBITDA has been adjusted for the exclusion of share-based
payment charges along with depreciation, amortisation, interest and
tax from the measure of profit. 2023 EBITDA figure has also been
adjusted to exclude costs associated with the acquisition of Untie
Nots.
** Net cash is defined as cash and cash equivalents less
financial liabilities.
The person responsible for arranging the release of this
announcement on behalf of Eagle Eye is Lucy Sharman-Munday, Chief
Financial Officer.
Enquiries:
Eagle Eye Solutions Group plc Tel: 0844 824
3686
Tim Mason, Chief Executive Officer
Lucy Sharman-Munday, Chief Financial Officer
Investec Bank plc (Nominated Adviser & Joint Tel: +44 20 7597
Broker) 5970
Corporate Broking: David Anderson, Nick Prowting
Shore Capital (Joint Broker) Tel: +44 20 7408
4090
Corporate Advisory: Daniel Bush, David Coaten,
Lucy Bowden
Corporate Broking: Henry Willcocks
Alma PR (Financial PR) Tel: +44 20 3405
0205
Caroline Forde, Hannah Campbell, Kinvara Verdon
About Eagle Eye
Eagle Eye is a leading SaaS technology company enabling retail,
travel and hospitality brands to earn the loyalty of their end
customers by powering their real-time, omnichannel and personalised
consumer marketing activities.
Eagle Eye AIR is a cloud-based platform, which provides the most
flexible and scalable loyalty and promotions capability in the
world. More than 750 million personalised offers are executed via
the platform every week, and it currently hosts over 100 million
individual loyalty members for businesses all over the world. We
are trusted to deliver a secure service at hundreds of thousands of
physical POS destinations worldwide, enabling the real-time
issuance and redemption of promotional coupons, loyalty offers,
gift cards, subscription benefits and more.
The Eagle Eye AIR platform is currently powering loyalty and
customer engagement solutions for enterprise businesses all over
the world, including Asda, Tesco, Morrisons, Waitrose and John
Lewis & Partners, JD Sports, Pret a Manager, Loblaws,
Southeastern Grocers, Giant Eagle and the Woolworths Group.
In January 2023, the Group acquired France-based Untie Nots, an
AI-powered personalised promotions business, adding Carrefour, E.
Leclerc, Auchan and other leading brands to its European customer
base.
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July 11, 2023 02:00 ET (06:00 GMT)
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