Eagle Eye Solutions Interim Loss Widens With Increased Investment

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LONDON (Alliance News) - Software-as-a-service technology company Eagle Eye Solutions said on Tuesday its loss widened in the first half of its financial year, as partner Loblaw Co Ltd signed a contract that utilizes Eagle Eye's AIR platform.

Eagle Eye reported a pretax loss for the six months to the end of December at GBP2.7 million, widened from GBP1.8 million due to higher operating expenses at GBP7.2 million, up from GBP5.3 million. The higher costs were the result of increased investment in operational capability and sales and marketing by the company.

Revenue however saw double-digit growth for the period, up 28% to GBP6.5 million from GBP5.1 million, in line with Eagle Eye's expectations.

"The group has continued to execute on its strategy, delivering solid revenue growth in the first half, underpinned by the strength of our customer relationships. During the period we maintained good operational momentum. We won new customers, renewed key contracts, ramped up transactions through the platform, continued to deepen our F&B relationships and introduced the Eagle Eye proposition to many potential customers around the world," said Chief Executive Tim Mason.

In addition, Eagle Eye said on Tuesday that Canadian retailer Loblaw has established a relationship with petroleum refining company Imperial Oil Ltd for the use of the PC Optimum program, which uses the Eagle Eye AIR Platform.

Under the agreement, PC Optimum users will be able to earn points at Esso station in Canada to use on eligible fuel purchases, store products and car wash services, and is expected to increase recurring transaction fees through the Air platform over the summer period.

Shares in Eagle Eye Solutions were down 3.3% at 192.00 pence on Tuesday.

By Dayo Laniyan; [email protected]

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