AGM Trading Statement

Eagle Eye, a leading SaaS company that creates digital customer connections enabling personalised, real-time marketing, provides the following trading update ahead of the Company's Annual General Meeting ("AGM") to be held at 1.00 p.m. today.

Positive momentum carried into Q1 FY24

The Group entered FY24 with good momentum and for the first four months of the year has delivered revenue and profit growth in line with its "Rule of 40" objective. This continued growth reflects the increasing relevance of Eagle Eye's technology as retailers turn to data driven, personalised promotions and rewards as one of the most effective ways to drive increased trade and retain customer loyalty, in the current difficult economic climate. Continuing to meet the Group's objectives, together with the growing earnings and cash flow generation, enables Eagle Eye to invest in its business, people, and innovation to drive future growth.

The Group's continued strong performance has principally been driven by deepening existing relationships across all key geographies, supporting the Group's continued strong level of NRR. Highlights include expansion with Asda in the UK, Woolworths in Australia, and a large grocer in the US. It will have been a year, in January 2024, since Eagle Eye welcomed Untie Nots into the Group, which has provided an additional channel for growth, increased cross-sale opportunities, and has brought valuable AI capabilities into the business. The successful acquisition of Untie Nots demonstrates the benefits Eagle Eye can bring to other businesses looking to scale, and the Group continues to assess the market for earnings enhancing acquisition opportunities, as part of its growth strategy.

The Group was pleased to announce earlier this week continued industry recognition for its world class culture and innovation, moving up the rankings to 7th place in the UK's Best Companies to Work for, and being named the 7th most innovative marketing technology company in the world in the recent TMW 100 awards, where it also received the prestigious Judges Pick accolade. These awards mark the continued successful embodiment of the Golden Rule: treating people as they'd like to be treated, which is the guiding principle behind the Group's world-class culture, as well as its market-leading products which enable retailers to treat their customers as they'd like to be treated through the power of personalisation.

As previously announced, Malcolm Wall, Chair of Eagle Eye, will retire from his position following today's AGM. Malcolm has provided significant guidance to the business since Eagle Eye joined AIM in 2014, and the Board would like to thank him for his service and wish him all the very best for the future. Non-Executive Director, Anne de Kerckhove, will assume the Chair role at the close of the AGM. She brings a wealth of experience in the technology, media, and entertainment industries and in leading and advising high growth, international businesses.

Confident full year outlook

The Group is focused on delivering sustainable and profitable growth and is particularly excited by the opportunity for EagleAI, its new AI offering launching in 2024, building on the capabilities brought into the Group with the acquisition of Untie Nots. With a growing addressable market and sales pipeline, driven by increasing demand for personalisation and real-time delivery as retailers seek to apply modern data science/AI-based techniques to power marketing activities, the Board remains confident in delivering results for FY24 in line with management expectations.