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Eagle Eye swings to earnings profit after new strategy boosts revenue

By Duncan Ferris

Date: Thursday 18 Jul 2019

Eagle Eye swings to earnings profit after new strategy boosts revenue

(Sharecast News) - Eagle Eye Solutions Group swung to a maiden earnings profit on the back of double-digit annual revenue growth, with the results outstripping prior expectations.
The marketing technology specialist's EBITDA swung from a loss of £2m to a profit of £0.7m for the year ended 30 June, while revenue increased by 23% to £16.9m as revenue generated by the AIR platform increased by 32% to represent approximately 92% of total revenue.

The AIM-traded company said the year's success was driven by its 'Win, Transact, Deepen' customer strategy, where it seeks growth from the impact of new client wins.

Major client wins included a five year contract with Waitrose, while others to join the platform included Dobbies, Lyle & Scott and a number of premium F&B brands

"We are delighted to announce a positive end to a successful year. We have delivered our first EBITDA profit and generated £0.6m of cash in the second half of the year, while expanding the reach and capabilities of the business," said chief executive Tim Mason.

Mason added that high levels of recurring revenue, increasing transaction volumes and a significant sales pipeline mean the company had entered the new year with confidence.

Analysts from Shore Capital stressed the importance of contracts signed with Waitrose and News Corporation's News America Marketing division, stating that these client relationships mean that Eagle Eye is now "well set to continue its upward trajectory in our view".

Eagle Eye Solutions Group's shares were up 6.71% at 181.94p at 1053 BST.

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