REG - Eagle Eye Solutions - AGM Trading Statement

Eagle Eye SolutionsAnnouncement

16/11/2023 07:00

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RNS Number : 6174T  Eagle Eye Solutions Group PLC  16 November 2023

 

16 November 2023

 

Eagle Eye Solutions Group plc

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

 

AGM Trading Statement

 

Positive momentum carried into Q1 - FY24 trading in line with management
expectations

 

Eagle Eye, a leading SaaS company that creates digital customer connections
enabling personalised, real-time marketing, provides the following trading
update ahead of the Company's Annual General Meeting ("AGM") to be held at
1.00 p.m. today.

 

Positive momentum carried into Q1 FY24

 

The Group entered FY24 with good momentum and for the first four months of the
year has delivered revenue and profit growth in line with its "Rule of 40"
objective. This continued growth reflects the increasing relevance of Eagle
Eye's technology as retailers turn to data driven, personalised promotions and
rewards as one of the most effective ways to drive increased trade and retain
customer loyalty, in the current difficult economic climate. Continuing to
meet the Group's objectives, together with the growing earnings and cash flow
generation, enables Eagle Eye to invest in its business, people, and
innovation to drive future growth.

 

The Group's continued strong performance has principally been driven by
deepening existing relationships across all key geographies, supporting the
Group's continued strong level of NRR. Highlights include expansion with Asda
in the UK, Woolworths in Australia, and a large grocer in the US. It will have
been a year, in January 2024, since Eagle Eye welcomed Untie Nots into the
Group, which has provided an additional channel for growth, increased
cross-sale opportunities, and has brought valuable AI capabilities into the
business. The successful acquisition of Untie Nots demonstrates the benefits
Eagle Eye can bring to other businesses looking to scale, and the Group
continues to assess the market for earnings enhancing acquisition
opportunities, as part of its growth strategy.

 

The Group was pleased to announce earlier this week continued industry
recognition for its world class culture and innovation, moving up the rankings
to 7(th) place in the UK's Best Companies to Work for, and being named the
7(th) most innovative marketing technology company in the world in the recent
TMW 100 awards, where it also received the prestigious Judges Pick accolade.
These awards mark the continued successful embodiment of the Golden Rule:
treating people as they'd like to be treated, which is the guiding principle
behind the Group's world-class culture, as well as its market-leading products
which enable retailers to treat their customers as they'd like to be treated
through the power of personalisation.

 

As previously announced, Malcolm Wall, Chair of Eagle Eye, will retire from
his position following today's AGM. Malcolm has provided significant guidance
to the business since Eagle Eye joined AIM in 2014, and the Board would like
to thank him for his service and wish him all the very best for the future.
Non-Executive Director, Anne de Kerckhove, will assume the Chair role at the
close of the AGM. She brings a wealth of experience in the technology, media,
and entertainment industries and in leading and advising high growth,
international businesses.

 

Confident full year outlook

 

The Group is focused on delivering sustainable and profitable growth and is
particularly excited by the opportunity for EagleAI, its new AI offering
launching in 2024, building on the capabilities brought into the Group with
the acquisition of Untie Nots. With a growing addressable market and sales
pipeline, driven by increasing demand for personalisation and real-time
delivery as retailers seek to apply modern data science/AI-based techniques
to power marketing activities, the Board remains confident in delivering
results for FY24 in line with management expectations.

 

 

 For further information, please contact:

 Eagle Eye Solutions Group plc                                 Tel: 0844 824 3686

 Tim Mason, Chief Executive Officer

 Lucy Sharman-Munday, Chief Financial Officer

 Investec (Nominated Advisor and Joint Broker)                 Tel: 020 7597 5970

 Corporate Finance: David Anderson / Nick Prowting

 Shore Capital (Joint Broker)                                  Tel: 020 7408 4090

 Corporate Finance: Daniel Bush / David Coaten / Lucy Bowden

 Corporate Broking: Henry Willcocks

 Alma PR                                                       Tel: 020 3405 0205

 Caroline Forde / Hannah Campbell / Kinvara Verdon

 

About Eagle Eye

 

Eagle Eye is a leading SaaS technology company enabling retail, travel and
hospitality brands to earn the loyalty of their end customers by powering
their real-time, omnichannel and personalised consumer marketing activities.

 

Eagle Eye AIR is a cloud-based platform, which provides the most flexible and
scalable loyalty and promotions capability in the world. More than 750 million
personalised offers are executed via the platform every week, and it currently
hosts over 100 million individual loyalty members for businesses all over the
world. We are trusted to deliver a secure service at hundreds of thousands of
physical POS destinations worldwide, enabling the real-time issuance and
redemption of promotional coupons, loyalty offers, gift cards, subscription
benefits and more.

 

The Eagle Eye AIR platform is currently powering loyalty and customer
engagement solutions for enterprise businesses all over the world, including
Asda, Tesco, Morrisons, Waitrose and John Lewis & Partners, JD Sports,
Pret a Manger, Loblaws, Southeastern Grocers, Giant Eagle and the Woolworths
Group.

 

In January 2023, the Group acquired France-based Untie Nots, an AI-powered
personalised promotions business, adding Carrefour, E. Leclerc, Auchan and
other leading brands to its European customer base.

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