Eagle Eye's Group revenue increased 33% to £6.5m in the year to the end of June with AIR platform revenue up by 70% to £4.6m. Recurring subscription and transactional AIR platform revenues up 84% year-on-year at £3.5m (FY15: £1.9m). The group's gross profit was £5.1 million, representing a gross margin of 79% (2015: £3.5 million, 71%). The increase from prior year was driven by a higher proportion of revenue generated from the AIR platform that carries a higher margin than the messaging business. The adjusted EBITDA loss was £1.8 million (2015: £1.5 million loss). To provide a better guide to the underlying business performance adjusted EBITDA excludes share-based payment charges along with depreciation, amortisation, interest and tax from the measure of profit. The group had net assets of £5.9 million at 30 June 2016 (2015: £8.8 million) including cash and cash equivalents of £1.3 million (2015: £4.3 million). In June 2016 the Group arranged a new banking facility with Barclays Bank PLC for a three year £1.5 million revolving loan facility in order to strengthen the Company's balance sheet as it continues to deepen and broaden its customer relationships. Chief executive Tim Mason said: "I see significant strategic progress from Eagle Eye in the past year. We have won two tier 1 grocers, one overseas; the platform has been extended to support loyalty; all Asda stores have gone live showing the scaleability and robustness of the platform; more brands are using the platform. "I am confident there is significant opportunity for Eagle Eye and as the incoming CEO I look forward to helping the business become Better, Bigger, Faster. I am encouraged that this year's trading has started ahead of management's expectations."
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