13th Mar 2019 11:08
LONDON (Alliance News) - Eagle Eye Solutions Group PLC on Wednesday expressed confidence for the reminder of the year after reporting narrowed loss in the first half of its financial 2019.
The enterprise technology company said its loss narrowed to GBP1.9 million in the six months to the end of December 2018 compared to GBP2.5 million loss reported for the same period a year earlier.
Meanwhile, revenue rose by 30% to GBP8.0 million from GBP6.2 million, driven primarily by the successful launch of the PC Optimum for Canadian retailer Loblaw and increased transaction revenue from existing and new customers.
Operating expenses were GBP7.7 million, up from GBP6.9 million the year before, primarily as a result of higher infrastructure costs, reflecting client funded data storage costs.
Looking ahead, Eagle Eye said in the second half of its current financial year it intends to continue to build its position in Canada, while also increasing its activities in Australasia, where the company is currently having "promising discussions".
"With high levels of recurring revenue, increasing transaction volumes and a significant sales pipeline, the board looks to the remainder of the year and beyond with confidence," said Chief Executive Tim Mason.
Eagle Eye shares were trading 0.7% higher on Wednesday at 143.00 pence each.
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