Eagle Eye Solutions sees 'significant improvement' in FY earnings

Real-time marketing group Eagle Eye Solutions said on Thursday that it had seen a "significant improvement" in underlying earnings in the year ended 30 June.

Eagle Eye said adjusted EBITDA had shot up 359% to £3.3m and group revenues had improved 21% to £20.4m as a result of a 24% jump in recurring revenues to £14.9m.

The AIM-listed group added that it had ended the year with a positive cash balance of £1.5m - a marked improvement on the net debt of £1.2m posted at the same time a year earlier.

The company also stated that despite the challenges of operating in a global pandemic, it had shown "resilience, agility and innovation" to adapt to the new operational environment since the Covid-19 outbreak began.

Looking forward, with high levels of recurring revenue, a growing customer base, a well-managed cost base and increased adjusted EBITDA, Eagle Eye said it was confident in its ongoing resilience.

As of 1550 BST, Eagle Eye shares were up 11.36% at 188.75p.