Eagle Eye Solutions Group plc, a leading SaaS technology company, released a positive trading update for the year ended June 30, 2024. The company reported a 19% increase in Annual Recurring Revenue (ARR) to £39.7 million and an 11% rise in group revenue to £47.7 million. Eagle Eyes adjusted EBITDA grew by 28% to £11.3 million, exceeding market expectations, with a strong adjusted EBITDA margin of 24%. The company maintained a healthy net cash position of £10.4 million.
Eagle Eye secured new customers and expanded existing relationships with major retailers globally, including Tesco, Morrisons, Asda, Hudsons Bay, and Woolworths. The company won several international customers, including its first in Vietnam, and entered new industries such as fuel and convenience and eCommerce. Eagle Eyes AI-based offering, EagleAI, gained traction with initial customer wins, including Tesco and Morrisons.
The Groups sales pipeline remains robust, and it has implemented initiatives to drive its win rate. The Board is confident about Eagle Eyes future, citing healthy cash generation, a growing international presence, and new AI-based offerings. The company expects to announce its full-year results on September 18, 2024.