10th Jun 2016 08:00
LONDON (Alliance News) - Eagle Eye Solutions Group PLC Friday said that, whilst it expects to report an around 34% jump in revenue for its full year, this is lower than its expectations.
The company, which provides software-as-a-service for digital promotions, said it expects to report revenue of GBP6.5 million for the financial year to end-June, up 34% from GBP4.9 million the year before.
This falls short of its previous expectations, Eagle Eye said, due to the timing of contracts with customers going live, and in turn a hit to its ability to drive fast-moving consumer goods brand campaigns through those customers. In addition, its messaging business generated lower than expected revenue.
Eagle Eye said its cash position as at the end of the year is expected to be GBP1.1 million, as it continued to tightly control costs and working capital.
The company said that, although its short-term revenue growth has been slower than it expected, the progress it has made against its strategic objectives has exceeded expectations, and it believes it now has foundations in place to continue to generate strong organic growth in revenue.
"Overall we have made encouraging progress and have clear evidence that our organic growth strategy is working with revenue growth strengthening over the year. We look forward to providing a full update on the year's trading, together with greater detail on our future growth plans, when we announce our full year results in September," said Chief Executive Phill Blundell in a statement.
Shares in Eagle Eye were down 9.6% at 165.00 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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