We are the personalisation people.
Interim Report & Accounts 2025
OVERVIEW | STRATEGIC REPORT |
Growth in SaaS revenue and ARR, combined with H2 wins and partnerships provide positive outlook
Delivered by our exceptional team, creating value for some of the biggest brands globally.
FINANCIAL STATEMENTS | OTHER INFORMATION |
CONTENTS
Overview
- Financial Highlights
- Strategic Highlights
- At a Glance
- Strategic Framework
Strategic Report
08 Strategic Report
Financial Statements
- Consolidated Unaudited Interim Statement of Total Comprehensive Income
- Consolidated Unaudited Interim Statement of Financial Position
- Consolidated Unaudited Interim Statement of Changes in Equity
- Consolidated Unaudited Interim Statement of Cash Flow
- Notes to the Consolidated Unaudited Interim Financial Statements
Other Information
25 Company Information
About Eagle Eye
Eagle Eye is a leading SaaS and AI technology company enabling retail, travel and hospitality brands to earn the loyalty of their end customers by powering their real-time, omnichannel and personalised consumer marketing activities, at scale.
Eagle Eye AIR is a cloud-based platform, which | |
provides the most flexible and scalable loyalty and | |
promotions capability in the world. More than 1 billion | |
personalised offers are executed via the platform | |
every week, and it currently hosts over 500 million | |
loyalty member wallets for businesses all over the | |
world. Eagle Eye is a certified member of the MACH | |
Alliance and is trusted to deliver a secure service at | |
hundreds of thousands of physical POS destinations | |
worldwide, enabling the real-time issuance and | |
EAGLE EYE SOLUTIONS GROUP PLCINTERIM REPORT AND ACCOUNTS 2025 | redemption of promotional coupons, loyalty offers, |
gift cards, subscription benefits and more. |
The Eagle Eye AIR platform is currently powering loyalty and customer engagement solutions for enterprise businesses all over the world, including Asda, Tesco, Morrisons, Waitrose and John Lewis
-
Partners, JD Sports, Pret a Manger, Loblaws, Southeastern Grocers, Giant Eagle, and the Woolworths Group. In January 2024, Eagle Eye launched EagleAI, a next-generation data-science solution for personalisation, and it is already being used by leading retailers worldwide including
Carrefour, Auchan and Pattison Food Group.
www.eagleeye.com
OVERVIEW | STRATEGIC REPORT | FINANCIAL STATEMENTS | OTHER INFORMATION |
FINANCIAL HIGHLIGHTS
Continuing momentum as retailers move towards personalised marketing
Eagle Eye, a leading SaaS and AI technology company that creates digital connections, enabling personalised, real-time marketing at scale, is pleased to announce its unaudited interim results for the six months ended 31 December 2024 (the 'Period' or 'H1 2025').
£Group Revenue 24.2m
H1 2024: £24.1m | +0.4% |
SaaS Revenue | Recurring revenue of | Annual recurring revenue1 ('ARR') | Net revenue retention2 | 1 | ||
£19.5m | Group revenue | £41.0m | 104% | |||
81.9% | -16ppts | |||||
H1 2024: £17.7m | +10% H1 2024: 78.2% | +3.7ppts H1 2024: £35.4m | +16% | H1 2024: 120% |
Period-end Annual Recurring Revenue ('ARR') is defined as period exit rate for recurring subscription and transaction revenue (excluding SMS) plus any professional services contracted for more than 12 months hence and secured new wins, excluding any seasonal variations and
lost contracts.
Gross profit | Adjusted EBITDA3 | EBITDA margin | Adjusted EBITA4 | 2 | Net Revenue Retention | |||||||||
3 | ('NRR') rate is defined as the | |||||||||||||
£23.8m | £5.9m | 24.4% | £3.0m | EBITDA has been adjusted for | ||||||||||
improvement in recurring | ||||||||||||||
revenue, excluding SMS and | ||||||||||||||
new wins, in the last 12 months. | ||||||||||||||
H1 2024: £23.1m | +3.1% | H1 2024: £5.9m | +11% | H1 2024: 24.4% | H1 2024: £2.7m | the exclusion of share-based | ||||||||
payment charges along with | ||||||||||||||
depreciation, amortisation, | ||||||||||||||
Adjusted EBITA margin | Profit before tax | Net cash flows from operations | Adjusted net cash5 | at 31 Dec | interest and tax from the | |||||||||
measure of profit. | ||||||||||||||
12.2% | £1.6m | £4.8m | £11.7m | with acquisitions, interest and | ||||||||||
4 EBITA has been adjusted for | ||||||||||||||
the exclusion of share-based | ||||||||||||||
payment charges along with | ||||||||||||||
H1 2024: 11.0% | +1.2ppts | H1 2024: £(0.4)m | H1 2024: £3.3m | +43% | H1 2024: £7.8m | +51% 5 | IFRS3 amortisation associated | |||||||
Adjusted net cash is defined as | ||||||||||||||
tax from the measure of profit. | ||||||||||||||
cash and cash equivalents less | ||||||||||||||
Read our Financial Review on Page 14 | financial liabilities. | |||||||||||||
EAGLE EYE SOLUTIONS GROUP PLCINTERIM REPORT AND ACCOUNTS 2025 | 01 |
OVERVIEW | STRATEGIC REPORT | FINANCIAL STATEMENTS | OTHER INFORMATION |
STRATEGIC HIGHLIGHTS
Driving our Win rate:
Transformational Original Equipment Manufacturer (OEM) agreement with one of the world's largest enterprise software vendors
- Elements of the AIR platform will be directly integrated into the vendor's offerings, accelerating revenue growth in future years, taking Eagle Eye into new markets and sectors
- Initiatives to enable the AIR platform to be OEM-ready are well underway
- Formal launch currently scheduled for May 2025. Customers expected to be live from FY26 and material revenue generation from FY27
- Early adoption programme with key customers has commenced
Good retention and
expansion with blue-chip customer base as retailers seek greater personalisation in their loyalty programmes
- 16% growth in ARR, to £41.0m, reflecting the Company's success in expanding engagement across blue-chip customer base
- Strong growth in
Eagle Eye's high-margin, recurring SaaS revenue, including a 36% increase in EagleAI revenue, offset the previously announced decrease in professional services revenue and slower Win rate. Initiatives to improve the Win rate have commenced and have already resulted in improved momentum - New customers secured in H1, including a leading UK grocery retailer, Waterstones Booksellers Limited, Côte, Bettys and Taylors Group, and Transa in Switzerland, and a high level of renewals, including Loblaw, Neptune and E.Leclerc
Contract wins and
deepening with customers in H2 provide confidence in FY25 and beyond
- New contracts secured in new and existing geographies, including with:
- A Mexican subsidiary of one of the world's largest retailers for Personalised Challenges
- Rite Aid in North America, for the AIR platform
- Tesco Ireland Limited, for Personalised Challenges
- Transurban in Australia for the AIR platform
- Continued renewals with major customers, including Greggs and Southeastern Grocers, with total renewals in the Year to date representing £18.7m in ARR and £64.0m in total contract value
- Confident in achieving results for the Year ending 30 June 2025 in line with current market expectations*
Confident in achieving
medium-term milestones
of £100m revenue and 30% adjusted EBITDA margin, with initiatives implemented to get there faster
-
Accelerating the Company's
SaaS transition to improve margins and scalability - Appointment of an experienced US-based Chief
Revenue Officer (CRO) to help convert Eagle Eye's substantial sales pipeline and capture more of the significant US opportunity - Driving Win rate through increased focused on alliances, with new System Integrator partnerships secured, alongside the major OEM agreement
- Ongoing AI innovation, including the launch of the Personalised Flyer in partnership with E.Leclerc, and product packaging to make Eagle Eye's technology easier to scale
* As at 16 March 2025, the Board understands market expectations for FY25 to be Revenue of £47.7m and Adjusted EBITDA of £11.35m.
EAGLE EYE SOLUTIONS GROUP PLCINTERIM REPORT AND ACCOUNTS 2025 | 02 |
OVERVIEW | STRATEGIC REPORT | FINANCIAL STATEMENTS | OTHER INFORMATION |
AT A GLANCE
We are problem solvers
It's in our
DNA
We exist to solve the biggest problems facing the world's leading customer-centric businesses
We create value by ensuring our customers are able to deliver better, more personalised marketing, which is simpler for their teams to execute and cheaper for them to run.
Our composable customer engagement platform, AIR, is cloud-native and API-first,enabling us to solve the primary business problems facing our customers. It is the world's most flexible platform to deliver omnichannel personalisation at scale.
AIR
Enterprise ready
Security | Stability | Speed | Scalability | Support | CLOUD-NATIVE |
API-FIRST | |||||
Our top priority | Trusted to | We are | No one | Here for you | |
Invest +5% of | deliver | real-time | does more | 24/7/365 | COMPOSABLE |
revenues back | a stable service for | 150 milliseconds | Execute +1 billion | Delivers a | |
into best-in- | ~500k points of | (ms) to adjudicate | personalised | customer | OMNICHANNEL |
class security | sale worldwide | a basket. 10k API | offers every week | retention rate | |
transactions per | of +99% | REAL-TIME | |||
second (tps) | |||||
365 days |
EAGLE EYE SOLUTIONS GROUP PLCINTERIM REPORT AND ACCOUNTS 2025 | 03 |
OVERVIEW | STRATEGIC REPORT | FINANCIAL STATEMENTS | OTHER INFORMATION |
AT A GLANCE CONTINUED
How we make money
E | 1 | . | ||||||||
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. | model | F | ||||||||
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CENC |
01
- One-offimplementation fee
02
- Recurring licence fee
03
- Transaction fee
- Per issuance X pence - linked to value
- Per redemption 3-5 times issuance or interaction fees (earn and burn of points) for loyalty services replaces issuance and redemption
Our Core Products
To deliver against our vision of powering the personalised marketing revolution globally, we offer four core products which enable our customers to personalise their customers' experiences in a myriad of ways
01 | Real-Time | 02 | Omnichannel | 03 | Gifting & | 04 | Personalised |
Loyalty | Promotions Engine | Top-Up | Challenges |
EAGLE EYE SOLUTIONS GROUP PLCINTERIM REPORT AND ACCOUNTS 2025 | 04 |
OVERVIEW | STRATEGIC REPORT | FINANCIAL STATEMENTS | OTHER INFORMATION |
AT A GLANCE CONTINUED
We have a global presence, with offices and customers around the world
Tried, tested and proven
Manchester
London
Guildford
San Francisco | Toronto | |
Paris | Frankfurt | |
Jacksonville
The best-in-class loyalty and promotions platform for leading omnichannel retailers globally.
$10.2bn
loyalty market size, projected to reach $22.8bn by 2028*
Singapore1bn
Auckland | personalised offers executed | |
Melbourne | per week | |
500m+
Eagle Eye locations
loyalty wallets managed
Solving the personalisation problem for leading businesses all over the world
Source: Markets and Markets: Loyalty Management Market - Global Forecast to 2028 | |
EAGLE EYE SOLUTIONS GROUP PLCINTERIM REPORT AND ACCOUNTS 2025 | 05 |
OVERVIEW | STRATEGIC REPORT | FINANCIAL STATEMENTS | OTHER INFORMATION |
STRATEGIC FRAMEWORK
We have the avenues for growth We want to go faster
Next milestone is £100m revenue +30% EBITDA
OEM agreement | Partnerships | USA and | Productisation and |
Canada | innovation | ||
Partnerships with | Focus on doubling | Productisation and | |
OEM agreement | system integrators | down in the USA | innovation to help us |
and technology | and Canada, where | drive win conversion | |
is a game-changer | |||
partners, including | half our business | and expand our | |
Google, are key | comes from | opportunity |
EAGLE EYE SOLUTIONS GROUP PLCINTERIM REPORT AND ACCOUNTS 2025 | 06 |
OVERVIEW | STRATEGIC REPORT | FINANCIAL STATEMENTS | OTHER INFORMATION |
Our next milestone is to be £100m revenue +30% EBITDA margin
Significant accelerators to grow faster: an illustration
New sectors
- M&A push us beyond £100m
+2 | Maintain 30% | ||||
enterprise | |||||
growth | |||||
deals per | |||||
year | >£100m | ||||
+1 grocer | |||||
a year out | |||||
10% | of 130 | ||||
transact & | |||||
deepen | |||||
£47.7m | |||||
AIR | |||||
growth | |||||
>20% | |||||
Year 2025 | Organic base case | USA | Partnerships | EagleAI | Target |
EAGLE EYE SOLUTIONS GROUP PLCINTERIM REPORT AND ACCOUNTS 2025 | 07 |
OVERVIEW | STRATEGIC REPORT | FINANCIAL STATEMENTS | OTHER INFORMATION |
STRATEGIC REPORT
Our ambition is to grow the business significantly
We have a strong foundation on which to build
Eagle Eye continues to be at the forefront of innovation within the global personalised loyalty market. Personalisation is a priority for retailers around the world - and it's right at the heart of our DNA, with our offerings powering many of the world's largest and most successful loyalty programmes.
EAGLE EYE SOLUTIONS GROUP PLC INTERIM REPORT AND ACCOUNTS 2025 | 08 |