Trading Update

RNS Number : 1860M

Eagle Eye Solutions Group PLC

20 May 2022

 

This announcement contains inside information as stipulated under the UK version of the market abuse regulation (EU no. 596/2014) as it forms part of UK law by virtue of the European Union (withdrawal) act 2018 (as amended from time to time).

20 May 2022

Eagle Eye Solutions Group plc

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

Trading Update

Strong momentum continues with go live of national US grocer, lifting expectations for the year

Eagle Eye (LSE: "EYE"), a leading SaaS technology company that creates digital connections enabling personalised, real-time marketing, is pleased to announce a continued positive trading performance since the release of Interim Results in March 2022.  A notable development in the period is the go live of the national US grocer, announced in January 2022, secured alongside our partner, Neptune Retail Solutions. As a result, the Board now anticipates revenues and adjusted EBITDA for the year ending 30 June 2022 ("FY22") will be ahead of current market expectations* by approximately 7% and 10% respectively.

Eagle Eye has benefitted in the year from significant new customer wins across multiple geographies, the accelerated ability to take these customers live, deepening with existing customers and the impact of lifting COVID restrictions.  

The Group continues to benefit from the strength of its SaaS model, having reported Annual Recurring Revenue of £18.9m, Net Revenue Retention of 130% and churn of 0.04% at the Interim Results, and is confident it will report continued positive progress for FY22.

The Group will provide a further update on trading for FY22 in July 2022, ahead of the release of audited Final Results in September 2022.

* Market consensus for FY22 is Group revenue of £28.1m and adjusted EBITDA of £5.2m.

Tim Mason, Chief Executive of Eagle Eye , said: "We are delighted to have taken one of the largest grocery retailers in the US live on the AIR platform so quickly, providing us with another fantastic demonstration of the relevance of our combined offering with Neptune in this substantial market. Our ability to deliver personalised, 1:1 marketing at scale is resonating with retailers around the world, as they seek to accelerate their digital marketing strategies.

" This successful go live and growing momentum in the business, combined with the underlying strength of our SaaS metrics and record new business pipeline, all combine to underpin the Board's confidence in our outperformance in the current year and prospects for sustained growth."

For further information, please contact: Tim Mason, Chief Executive Officer Lucy Sharman-Munday, Chief Financial Officer	Tel: [phone]
Investec (Nominated Advisor and Joint Broker) Corporate Finance: Sebastian Lawrence / Pippa Harries Corporate Broking: David Anderson / Sara Hale / Nick Prowting	Tel: [phone]
Shore Capital (Joint Broker) Corporate Finance: Hugh Morgan / Daniel Bush Corporate Broking: Henry Willcocks	Tel: [phone]
Alma PR Caroline Forde / Hannah Campbell / Ella Doran	Tel: [phone]

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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