Extension of credit facility

RNS Number : 0494W

Eagle Eye Solutions Group PLC

06 February 2017

 

6 February 2017

Eagle Eye Solutions Group PLC

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

Eagle Eye extends credit facility with Barclays to support continued growth

Eagle Eye, the SaaS technology company that validates and redeems digital promotions in real-time for the grocery, retail and hospitality industries, is pleased to announce it has agreed a £1.5 million extension to its existing three year facility with Barclays Bank PLC ("Barclays"). As a result the Company now has a £3.0 million revolving loan facility available until 22 June 2019 to provide future support to the Group's current strategic ambitions.

Tim Mason, Chief Executive Officer, said:

"I am pleased by Barclays' continued confidence in our growth prospects. Having seen our revenue increase by c.72% in the first half of our year, the increased facility will allow us to further deepen our relationships with our key Tier 1 clients, which will open up recurring transactional revenues in future periods."

For further information, please contact: Eagle Eye
Tim Mason, Chief Executive Officer   Lucy Sharman-Munday, Chief Financial Officer	Tel: [phone]
Investec (Nominated Advisor and Broker)
Dominic Emery/ David Anderson, Corporate Finance	Tel: [phone]
Matt Lewis, Corporate Broking   Hudson Sandler
Nick Lyon/Alex Brennan	Tel: [phone]
Information on Eagle Eye     www.eagleeye.com

Eagle Eye is a leading SaaS technology company that securely validates and redeems digital promotions in real-time for the grocery, retail and hospitality industries.

The Company's digital marketing platform, Eagle Eye AIR, enables the secure, real-time, multi-channel issuance, management and redemption of digital promotions and rewards, replacing previously used paper-based methods. Our Eagle Eye platform creates a network effect between merchants, distributors and brands enabling stronger connections and value to all parties. Through our four products we enable brands and merchants to reduce cost, improve their customer offer and accelerate their innovation.

The Company's current customer base comprises leading names in UK grocery, retail and hospitality including Asda, J Sainsbury, Greggs, JD Sports, Ladbrokes, Marks & Spencer, Mitchells & Butlers, Pizza Express, Tesco and Thomas Pink.

 

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