Business
H1 Trading Update
H1 Trading Update.
About this update from Eagle Eye Solutions Group Plc
[{"type":"text","content":"\n \nRNS Number : 0749B Eagle Eye Solutions Group PLC 28 January 2020 \n\n \n28 January 2020\n \nEagle Eye Solutions Group plc\n(\"Eagle Eye\", the \"Group\", or the \"Company\")\n \nH1 Trading Update\nStrong progress continues, with 28% increase in AIR revenue, first customer wins in new geographies and material adjusted EBITDA growth\n \nEagle Eye, a leading SaaS technology company that creates digital connections enabling personalised, real-time marketing through coupons, loyalty, apps, subscriptions and gift services, is pleased to provide an update on the Group's trading for the 6 months ended 31 December 2019 (\"the Period\").\n \nHighlights\n \n\n\n\n\n \n\n\nH1 2020\n\n\nH1 2019\n\n\n \n\n\n\n\n \n\n\nUnaudited\n\n\nUnaudited\n\n\n \n\n\n\n\nGroup Revenue\n\n\n£10.1m\n\n\n£8.0m\n\n\n+26%\n\n\n\n\nAIR Revenue\n\n\n£9.6m\n\n\n£7.5m\n\n\n+28%\n\n\n\n\nAdjusted EBITDA\n\n\n£1.3m\n\n\n£(0.3m)\n\n\n \n\n\n\n\n \n· Recurring revenue, from subscription fees and transactions over the network, represented 73% of total revenue (H1 2019: 72%)\n· Successful go-live of Tier 1 customers drove strong growth in transactional revenue\n· Good rate of new customer wins, including first wins in the US and Australia & New Zealand\n· Reduced cash outflow in the Period of £(0.9)m (H1 2019: £(2.1)m)\n· Net debt as at 31 December 2019 was £(2.2)m (30 June 2019: £(1.2)m), better than management expectations; sufficient headroom remains to support the Group's existing growth plans\n· Current trading remains in line with the Board's expectations, on track for another successful year of revenue and EBITDA growth\n \nTrading update\n \nThe Group has delivered another strong performance, building on the momentum from the prior year. Revenue increased by 26% to £10.1m, (H1 2019: £8.0m) while revenue generated by the AIR platform grew by approximately 28% to £9.6m and now represents 95% (H1 2019: 94%) of total revenue. This growth has been driven by several significant customer contracts moving to the transactional phase following successful implementations, and increased transactional revenues...