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Eagle Eye said annual results topped its expectations as it produced its maiden earnings profit after revenues grew by more than fifth as the company expanded the reach of its business.
For the year ended 30 June 2019, the company reported earnings (EBITDA) of £0.7m, compared with a loss of £2m last year, revenues grew 23% to £16.9m.
Its 'Eagle Eye AIR' platform generated revenue growth of 32%, and accounted for about 94% of total revenue, up from 88% last year.
Recurring revenue, from subscription fees and transactions over the network, represented 71% of total revenue, down from 77%, due to higher one-off implementation fees with larger clients, the company said.
'We are delighted to announce a positive end to a successful year. We have delivered our first EBITDA profit and generated £0.6m of cash in the second half of the year, while expanding the reach and capabilities of the business,' said Tim Mason, Chief Executive of Eagle Eye.
'The proven value of our platform, combined with high levels of recurring revenue, increasing transaction volumes and a significant sales pipeline, means we enter the new year with confidence.'
At 9:37am: (LON:EYE) Eagle Eye Solutions Group Plc share price was +11.5p at 182p