Eagle Eye Solutions Group reported total revenue of £14.8m for the year ended 30 June 2018, up 33% on the previous year (£11.1m).
The digital loyalty company reported gross profit of £12.9m, up from £9.8m, but adjusted operating expenses of £14.9m, resulting in loss after taxation of £4.7m, compared with £3.9m in the same period in 2017.
Of the total revenue achieved, £13.1m was from its Eagle AIR platform – up 39% on the previous year. Adjusted EBITDA stood at -£2m, however the group said this was ‘ahead of management expectations’. While the company saw a 28% increase in F&B revenue.
Among its operational highlights was the launch of its Digital Wallet, which it said brings the AIR platform capabilities together.
Redemptions and interactions volumes increased by 556% to 403.7m (FY17: 61.5m), and 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).
Malcolm Wall, non-executive chairman, said it had been “a breakout year” for Eagle Eye: “The last two years have seen us make significant investments in our people and processes and offering, including the launch of the Digital Wallet.
“We recorded Group revenue growth of 33% to £14.8m (FY17: £11.1m) and, importantly, recurring revenue increased to 77% of Group revenue (FY17: 68%), reflecting the growth in volumes through the platform as our significant contracts moved to the transactional stage of their lifecycle.
He said the adjusted EBITDA loss for the year reflected the investment it had made in the company and exceeded its expectations as its looks to transition to EBITDA breakeven.
Tim Mason, chief executive officer, added: “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.
“In 2019 we will focus on extending our reach into adjacent sectors to which we believe the AIR platform is applicable, such as QSR, Foodservice, Convenience and Speciality Retail, as well as continuing to develop our market leading position in Grocery, F&B and other Retail. We will continue to build on our strong positions in the UK, Europe and North America, while also increasing our activities in Australia where we have had promising initial discussions.”
He said that while it was still early in the current financial year, the momentum and number of visible sales opportunities in the pipeline gave the Board confidence that trading is in line with its expectations for the full year.
