Eagle Eye, the leading SaaS marketing technology company that enables businesses to create a real-time connection to attract and retain customers through digital promotion and loyalty services, is pleased to announce its results for the financial year ended 30 June 2018.
Financial highlights:
- Group revenue increased by 33% to £14.8m (FY17: £11.1m); of which 89%, £13.1m (FY17: 85%, £9.4m) relates to the Eagle Eye AIR (“AIR”) platform
- Revenue from subscription fees and transactions over the network of £11.4m (FY17: £7.5m) represented 77% of total revenue (FY17: 68%) and grew by 51% year-on-year
- Gross margin maintained at 87% (FY17: 88%)
- Adjusted EBITDA* loss of £2.0m (FY17: £1.8m loss), as previously announced, ahead of management expectations
- Net cash of £0.4m (June 2017: £3.7m) in addition to the extended banking facility of £5.0m provides the Company with headroom of £5.4m
Operational highlights:
- Successful launch of Canada’s leading loyalty programme with Loblaw proves the Group’s international reach and scalability
- Launch of loyalty services and the innovative Digital Wallet brings the AIR platform capabilities together
- Redemptions and interactions volumes increased by 556% to 403.7m (FY17: 61.5m)
- AIR platform’s capability and scale enhanced, now delivering over 3,000 transactions per second and over 150 million offer permutations a week
- Client and partner wins including Greene King, M&Co., Boparan, Groupon and Google, taking total number of customers to 294, including 85 brands (FY17: 233; 74)
- Customer churn rate by value of 1.7% (FY17: 2.6%); successful renewal of key contracts of Food & Beverage (“F&B”) and other retail clients
- Investment in operational capability in Canada, product innovation and subject matter experts
*Adjusted EBITDA loss excludes share-based payment charges along with depreciation, amortisation, interest and tax from the measure of profit.
Tim Mason, Chief Executive of Eagle Eye, said: “The investments we have made into our people, platform and processes mean we have the scale and proof points to deliver upon our growth strategy and potential. We believe our Digital Wallet provides us with significant competitive advantage and that this, coupled with our operational capability, will stand us in good stead to unlock new opportunities.
“We have had a positive start to trading in the year, including the deepening of Greene King and JD Sports as well as the launch of new Loblaw partner Esso. Redemption and Interaction volumes on the platform for the first two months of the current financial year were 132.6 million, showing considerable growth on the prior year, tracking in line with management’s forecast.
Whilst it is still early in the current financial year, the momentum and number of visible sales opportunities in the pipeline give the Board confidence that trading is in line with its expectations for the full year. In order to achieve our targets, the focus for the team in the year ahead will be to convert these opportunities and continue to deepen our existing customer accounts.
“The size of our market opportunity underlines our belief that we are just at the start of our journey and we look to the future with confidence.”
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