Business
Trading Update and Contract extensions
Trading Update and Contract extensions.
About this update from Eagle Eye Solutions Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 2958O\n Eagle Eye Solutions Group PLC\n 29 May 2020\n \n \n \n \n \n \n \n 29 May 2020\n \n \n \n \n \n Eagle Eye Solutions Group plc\n \n \n (\"Eagle Eye\", the \"Group\", or the \"Company\")\n \n \n \n \n \n Trading Update\n \n \n and\n \n \n Contract extensions with Sainsbury's and Asda\n \n \n \n \n \n Eagle Eye, a leading SaaS technology company that creates digital connections enabling personalised, real-time marketing through coupons, loyalty, apps, subscriptions and gift services, today provides an update on trading for the year ending 30 June 2020.\n \n \n \n \n \n Highlights\n \n \n \n \n \n · \n Business responding as anticipated to the COVID-19 lock-down: \n \n \n o \n Supermarket customers remain extremely active, with associated revenue resilient \n \n \n o \n All large customer implementations and projects progressing to plan\n \n \n o \n Food & Beverage, Leisure and Retail (non-grocery) clients have been impacted, representing a 10% decrease in monthly Group revenue during COVID-19 lock-down period\n \n \n o \n Cost management actions taken to mitigate revenue impact of COVID-19\n \n \n o \n The sales pipeline continues to develop, but as anticipated new contract signings taking longer \n \n \n · \n Contract extensions with Sainsbury's Supermarkets Ltd and Asda Stores Limited\n \n \n · \n Adjusted EBITDA for the year ending 30 June 2020 expected to be at least £0.5m ahead of market expectations\n \n \n · \n Continued improvements to cashflow, with net debt tracking better than management expectations\n \n \n ·\n Current funding position is secure and sufficient headroom remains within the Group's £5m banking facility to support existing growth plans\n \n \n \n \n \n Trading Update\n \n \n \n \n \n Trading in the weeks following the release of our Final Results on 17 March 2020 has continued largely as we anticipated at the time, in the scenario that the UK entered a period of full lock-down. \n \n \n \n \n \n Revenues from supermarket clients have remained resilient. Our large client implementations and projects are progressing well and to plan. Food & Beverage, Retail (non-grocery) and Leisure clients have been impacted as we anticipated, representing a 10% decrease in monthly Group ...