Eagle Eye flags solid revenue growth

Software-as-a-service technology company Eagle Eye issued a trading update on Tuesday, ahead of its unaudited interim results for the six months to 31 December.

The AIM-traded firm said group revenue increased 28% to £6.5m during the period.

It highlighted that retail giant Loblaw was to launch the largest digital loyalty programme in Canada on 1 February, enabled by the Eagle Eye AIR platform.

Redemption volumes totalled 82.8 million, representing an increase of 228% year-on-year, while SMS volumes were 28.6m - an increase of 50%.

Revenue from subscription fees and transactions over the network represented 75% of total revenue in the first half period, the board said.

Its cash position stood at £0.8m at period end, down from £3.7m at the beginning of the period.

“The group has continued to execute on its strategy, delivering revenue growth in the first half of 2018,” said chief executive Tim Mason.

“During the period we demonstrated good operational progress where we have won new customers and renewed some key contracts, ramped up transactions through the platform, giving an indication of its capacity, and continued to deepen our F&B relationships.”

Mason said that looking forward, the company was “excited” about the imminent Loblaw launch and the further opportunities that would open for the firm in the second half of the year.

“We look forward to providing a detailed update on the half year's trading and strategy when we announce our half year results in March.”