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Eagle Eye Solutions' revenues climb as new programmes come on stream

Redemption volumes rose by 50% on the previous quarter to 32.6mlm and by 179% on the same period a year ago
picture of Sainsbury's shop
A loyalty programme gave Eagle Eye's volumes a boost

Eagle Eye Solutions PLC (LON:EYE) has seen its recent good sales momentum continue, it told shareholders at its annual meeting.

Revenues improved by 36% to £3.1mln in three months to September, said chairman Malcom Wall, while cash generated was better than expected and boosted cash holdings to £1.7mln.

Eagle Eye had already predicted first quarter turnover would be at least £3mln.

The loyalty programmes group has a string of major retailers as customers and a number of contracts have either just gone live or will do shortly.

Redemption volumes rose by 50% on the previous quarter to 32.6mlm and by 179% on the same period a year ago as a scheme with Sainsbury's that came onstream in the final quarter of the previous trading year contributed fully.

Canadian retailer Loblaw is using Eagle Eye’s Air platform to integrate its analogue and digital loyalty schemes into one product, PC Optimum, which will be available through a card, app and currency.

PC Optimum is scheduled to go live on 1 February and will support all loyalty transactions at Loblaw supermarkets, Shoppers Drug Mart locations and PCF Financial bank services.

A programme with Google has also gone live and enables Visa and Android Pay users who tap to pay at any location to win instant prizes redeemable at merchants who are signed up to Eagle’s AIR network. 

Revenue generated from client subscription fees and transactions over the network rose to 72% of revenue in the latest quarter from 68% over the pervious year.

Shares were flat at 232p. 

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