TIDMEYE
RNS Number : 9886V
Eagle Eye Solutions Group PLC
09 November 2017
9 November 2017
Eagle Eye Solutions Group plc
("Eagle Eye", the "Group", or the "Company")
AGM Trading Update
Eagle Eye is the SaaS technology company that allows businesses
to create a real-time connection with their customers. At the
Company's Annual General Meeting ("AGM"), to be held at 12:30 p.m.
today, Malcolm Wall, Non-Executive Chairman of Eagle Eye, will make
the following statement on the Group's trading:
"As previously announced, the year ended 30 June 2017 was a
successful period for Eagle Eye that saw us exceed management's
original revenue expectations, put in the foundations for scale and
execute against our growth strategy.
The Group's momentum has continued into the current financial
year and Q1 FY2018 has delivered revenue growth of 36% to GBP3.1m,
in line with previous guidance. The Group's cash position at the
end of Q1 FY2018 was ahead of management expectations at GBP1.7
million.
In addition to delivering on our strategy of win, transact and
deepen, as reported below, we are excited to provide an update on
our contract with Loblaw Companies Limited ("Loblaw").
LOBLAW
On 8 November Loblaw announced1 it will be merging two of
Canada's most popular loyalty programs into one, PC Optimum. This
will link analogue and digital channels together through one card,
one app and one currency.
The Eagle Eye AIR platform sits at the heart of the PC Optimum
loyalty platform and is integrated with Loblaw's channels and
systems, enabling a single customer view. Eagle Eye AIR will enable
omni-issuance and omni-redemption, allowing customers to receive
loyalty offers through their preferred channels.
The PC Optimum programme is scheduled to go live on 1 February
2018, at which time the Eagle Eye AIR platform will be supporting
all loyalty interactions for Loblaw supermarkets, Shoppers Drug
Mart locations, PCF Financial bank services and online.
WIN
In October 2017, Scottish fashion chain M&Co. signed a
five-year contract with Eagle Eye to digitise their current
customer reward programme and introduce a new gift offering,
supporting both digital and traditional plastic gift cards.
Also in October 2017 Eagle Eye signed a contract with Greene
King to support on its Season Ticket programme and digital
promotions. This important win further solidifies our position in
the UK food and beverage market to 80% coverage2 and offers our
brand partners greater opportunities to run measurable campaigns
through an extended redemption network.
TRANSACT
Redemption volumes have seen a 50% growth on the previous
quarter to 32.6m, and a 179% increase compared to the same period
last year. Volume was primarily driven by growth with Sainsbury's
which initially went live in Q4. In Q4 FY2017 all Sainsbury newly
created instore coupons included barcodes issued and redeemed by
the Eagle Eye AIR platform. In Q1 FY2018 further capability was
added to include the online channel, meaning a Sainsbury's customer
can receive a coupon instore and redeem it online, as long as it is
connected to a loyalty identity, enabling a truly omnichannel
experience.
Issuance partners form a key part of our transact strategy and
during the period we were delighted to sign new framework
agreements with both Groupon and Google EMEA. These two major
global digital players will enable us to reach a significantly
increased number of people, offering our connected merchants and
brands an extended target audience and opportunity for customer
acquisition.
Google
The Google contract was signed in October 2017 and the first
campaign powered by our Eagle Eye AIR platform is already live with
Google for 'Visa tap & win'. This enables new Visa and Android
Pay users who tap to pay at any location, between now and 31
January 2018, to earn chances to win instant prizes. These include
vouchers up to GBP50, redeemable at five Eagle Eye participating
merchants; Greggs, Casual Dining Group, Mitchells and Butlers,
M&S and Pizza Express3 proving the power of the Eagle Eye
merchant network to both Google and merchants.
DEEPEN
Revenue generated from client subscription fees and transactions
over the network represented 72% of total revenue in Q1 FY2018
(FY2017: 68%), illustrating the start of the transition of our key
Tier 1s into the next phase of their contracts.
We are also pleased to also announce the renewal of two
important clients within our food and beverage sector: Greggs
(five-year contract) and Mitchells and Butlers (three-year
contract). These renewals reflect the continued relevance of our
solution and in both cases the Eagle Eye AIR platform is being used
to power an enhanced digital experience for the customer."
For further information, please contact:
Tim Mason, Chief Executive Officer Tel: 0844 824 3686
Lucy Sharman-Munday, Chief Financial
Officer
Investec (Nominated Advisor and Broker)
Corporate Finance: David Anderson Tel: 020 7597 5970
/ Sebastian Lawrence
Corporate Broking: Matt Lewis / Rob Baker
Hudson Sandler
Nick Lyon/Hattie O'Reilly Tel: 020 7796 4133
Information on Eagle Eye
www.eagleeye.com
Eagle Eye is a leading SaaS technology company that allows
businesses to create a real-time connection with their
customers.
The Company's digital marketing platform, Eagle Eye AIR, enables
the secure, real-time, multi-channel issuance, management and
redemption of digital promotions and rewards, replacing previously
used paper-based methods. Our Eagle Eye platform creates a network
effect between merchants, distributors and brands enabling stronger
connections and value to all parties. Through our four products we
enable brands and merchants to reduce cost, improve their customer
offer and accelerate their innovation.
The Company's current customer base comprises leading names in
UK grocery, retail and hospitality including John Lewis, Asda, J
Sainsbury, Greggs, JD Sports, Ladbrokes, Marks & Spencer,
Mitchells & Butlers, Pizza Express, Tesco and Thomas Pink.
Notes:
1. Source: http://media.loblaw.ca/English/media-centre/press-releases/press-release-details/2017/Two-of-Canadas-most-popular-loyalty-programs---Shoppers-Optimum-and-PC-Plus---to-come-together-as-the-PC-Optimum-program-increasing-convenience-and-rewards-for-millions-of-Canadians/default.aspx
2. Source calculated based on top ten pub and bar restaurants, MCA Eating out Report 2016
3. Source as of 9 November 2017: https://www.android.com/intl/en_uk/pay/promotions/visa/
All financial information included in this announcement is
sourced from unaudited management accounts and excludes any
specific items. This announcement contains certain forward-looking
statements that are based on management's current expectations or
beliefs as well as assumptions about future events. These are
subject to risk factors associated with, amongst other things, the
economic and business circumstances occurring from time to time in
the countries and sectors in which Eagle Eye operates. It is
believed that the expectations reflected in these statements are
reasonable, but they may be affected by a wide range of variables
which could cause actual results, and Eagle Eye's plans and
objectives, to differ materially from those currently anticipated
or implied in the forward-looking statements. Investors should not
place undue reliance on any such statements. Nothing in this
announcement should be construed as a profit forecast.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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