Business
Trading Update
Trading Update.
About this update from Eagle Eye Solutions Group Plc
[{"type":"text","content":"\n\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (\"MAR\"). UPON PUBLICATION OF THIS ANNOUNCEMENT THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC.\n23 July 2024\nEagle Eye Solutions Group plc\n(\"Eagle Eye\", the \"Group\", or the \"Company\")\n \nFY 2024 Trading Update\n19% ARR growth and strong EBITDA performance, ahead of expectations\n \nEagle Eye (LSE: \"EYE\"), a leading SaaS technology company that creates digital connections enabling personalised, real-time marketing, is pleased to provide an update on the Group's trading for the year ended 30 June 2024 (the \"Year\" or \"FY 2024\").\n \nFinancial Highlights\n\n\n\n\n\n\n\nFY 2024\n\n\nFY 2023\n\n\n% change\n\n\n\n\nPeriod end Annual Recurring Revenue (ARR)1\n\n\n£39.7m\n\n\n£33.3m\n\n\n+19%\n\n\n\n\nGroup Revenue\n\n\n£47.7m\n\n\n£43.1m\n\n\n+11%\n\n\n\n\nRecurring revenue (subscription fees and transactions)\n\n\n79%\n\n\n80%\n\n\n-1pps\n\n\n\n\nAdjusted EBITDA2\n\n\n£11.3m\n\n\n£8.8m\n\n\n+28%\n\n\n\n\nAdjusted EBITDA2 margin\n\n\n24%\n\n\n20%\n\n\n+4pps\n\n\n\n\nClosing net cash3 position\n\n\n£10.4m\n\n\n£9.3m\n\n\n+12%\n\n\n\n\n \n\n\n\n\n· \n\n\nAnother year of profitable growth, with new customers secured in the UK, North America and Australia and expansion with existing customers including Tesco, Morrisons and Asda in the UK, Hudson's Bay in North America and Woolworths in Australia\n\n\n\n\n· \n\n\nSeveral new international customers won at the end of the Year, including Central Retail Vietnam - the Group's first customer in Vietnam, Z Energy in New Zealand, and Picard and Chronodrive in France\n\n\n\n\n· \n\n\nThe Group exited the Year with strong ARR, up 19% year on year, with the majority of revenue from the wins in Q4 FY 2024 to be recognised from FY 2025 onwards\n\n\n\n\n· \n\n\nThe win momentum towards the end of FY 2024 has continued post year end, with RONA in Canada and Waterstones in the UK, increasing ARR further and providing good visibility for FY 2025\n\n\n\n\n· \n\n\nThe Group maintained strong cost discipline, delivering adju...