Eagle Eye: Half Year Results
Half Year Results for the six months ended 31 December 2023
Continuing momentum as retailers move towards personalised marketing
Eagle Eye, a leading SaaS technology company that creates digital connections enabling personalised, real-time marketing through coupons, loyalty, apps, subscriptions and gift services, is pleased to announce its unaudited interim results for the six months ended 31 December 2023 (the “Period” or “H1 2024”).
- Positive customer momentum and strong international growth continues
- Revenue growth and EBITDA margins in line with our “Rule of 40+ Objective”, with revenue up 20% and an adjusted EBITDA margin of 24.4% (up 0.9ppt).
- Particularly strong international performance, with revenue from North America increasing 21% and APAC increasing 39%, enhancing our presence in two of the fastest growing loyalty markets.
- Group ARR increased by 26% to £35.4m, providing a strong basis for continued expansion, driven by:
- The winning of two five-year contracts in North America, including the first win for EagleAI, a three-year contract with an Australian retailer and a three-year contract with The Ivy Collection in the UK;
- Ongoing deepening across our customer base, delivering strong levels of NRR at 120%, including expansion with Woolworths in Australia and Asda in the UK, the further roll-out of the large US grocer won in partnership with Neptune Retail Solutions, Untie Nots expansion with existing French customers, including E.Leclerc and first successful cross sale to existing Eagle Eye customer, Morrisons.
Innovation to capitalise on expanding market opportunity
- ‘EagleAI – Personalised Promotions’, the Group’s new AI solution, launched at the world’s largest retail trade show, NRF in January 2024, with first two customers secured and a growing pipeline of opportunities across existing and new customers.
- Untie Nots’ AI-Powered Challenges solution re-branded as ‘EagleAI – Personalised Challenges’, bringing both AI-powered solutions under the EagleAI brand
- Launched new Social and Behavioural Actions capability within AIR, enabling retailers to award customers points for non-transactional behaviours and deployed the ability to auto-exchange points into cash vouchers.
- New partnership agreement with commercetools to enable commercetools customers to access the AIR platform on their eCommerce websites through a single, ready-to-use connection.
Investment in our Purple People
- Roll out of the Group’s Purple Playbook and bespoke training programmes to deliver on the ambition to be the best company to work for.
- Moved up the rankings to 7th place in the UK’s Best Companies to Work for and named the 7th most innovative marketing technology company in the world in the recent TMW 100 awards, where Eagle Eye also received the prestigious Judges Pick accolade.
Confident in continued success
- Exited the Period with a sales pipeline 2.5x higher than a year ago, with the two EagleAI solutions accounting for 30% of the pipeline.
- Trading since the Period end has continued well providing confidence in delivering another year of profitable growth in line with the Board’s expectations.
Tim Mason, Chief Executive of Eagle Eye, said:
“We have laid out our ambitions and strategy to be a much bigger business, and these results demonstrate we are progressing on that journey, thanks to our Purple People, powerful platform, product innovation and growing roster of customer success stories around the world.
“Our ability to deliver highly personalised messages to consumers at unparalleled speed and scale, positions us at the centre of the innovations taking place across the world of retail marketing. With a considerable and growing pipeline, we remain confident in our ability to deliver on our ambitions.”