GCIEagle Eye Solutions sees half-year revenues jump by almost a third
Financial highlights for the company included group revenue of £20m in H1 2023, up from 32% in H1 2022. Recurring subscription and transaction revenue also saw similar large increases, up 37% to £15.7m. Gross profit came in at £18.8m, up 35%.
The company charted a series of operational highlights, including new international wins from a Canadian retailer and IKEA Taiwan. Along with this, transaction and subscription revenue grew with the Woolworths Group contract in Australia reaching full-scale, the full go-live of a large grocer in the US, and the national rollout of Asda's loyalty programme. The group also saw ongoing deepening of engagements across its customer base.
Trading since the period end has continued to be strong, providing the Board with confidence in delivering another year of profitable growth, with revenue and adjusted EBITDA for the year ended 30 June 2023 now expected to be comfortably ahead of current market expectations.
Tim Mason, Chief Executive of Eagle Eye, said: "Our strong performance over the last six months reflects the continued relevance of our loyalty and promotions platform at a time when digital engagement with consumers has never been more important. We have continued to grow our customer base and deepen customer engagements around the world, proving our position as a leader in digital engagement for tier-1 retail.”
View From Vox
Eagle Eye Solutions has demonstrated impressive revenue growth in its half-year results, showing that the company is well-positioned, particularly with regard to its ‘promotions’ platform, to help customers make their money go further as the cost of living squeeze persists.
The rising costs across the globe present a growing market opportunity for Eagle Eye Solutions, with a recent consumer survey carried out by the company across the UK, North America and Asia Pacific concluding that 53% of respondents actively seek out items for which there is an offer or promotion available, while 84% of consumers believed receiving more personalised recommendations should help them save money.
As such, amidst the challenging economic times faced by consumers, the company can anticipate a further acceleration towards digitisation and personalisation, with Eagle Eye poised to be a beneficiary of this trend.
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