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Eagle Eye Solutions Group PLC on Tuesday reported significant growth in revenue, ahead of upwardly-revised market expectations, and looked to the year ahead with confidence.
For the year ended June 30, the London-based marketing solutions provider saw revenue jump by 39% to £31.7 million from £22.8 million the year before. It said the growth has been driven by ‘all areas of the customer strategy: Win, Transact and Deepen.’
Adjusted earnings before interest, tax, depreciation, and amortisation increased 54% to £6.5 million compared to £4.2 million in the previous year.
‘Trading in the final two months of the year remained strong and the board is pleased to report significant growth in revenues and adjusted Ebitda ahead of previous upwardly revised market expectations,’ it said.
The company said it continues to demonstrate the strength of its software-as-a-service model. As at June 30, annual recurring revenue stood at £23.9 million, up 41% from £16.9 million last year. Net revenue retention rate also went up to 145% from 105%.
‘56% of ARR now comes from North America, driven by the successful implementation and go-live of our second significant customer in this geography, demonstrating the strong progress being achieved in what is expected to be the world's largest digital promotions market,’ Eagle Eye noted.
Eagle Eye Chief executive Tim Mason said: ‘The growth of our international customer base, particularly in the US, alongside our continued strong and growing presence in the UK, Europe and Australia, demonstrates our ability to capitalise on the digital transformation taking place in the world of retail marketing.’
The company's net cash at year-end amounted to £3.6 million, significantly higher than £800,000 a year ago.
Looking ahead, Eagle Eye said it enters financial 2023 in a stronger position, with a growing presence in North America, Australia and New Zealand alongside its European customers.
Shares were up 4.0% at 551.25 pence in London on Tuesday.
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