16 sep 25   eagle eye solutions - final results eagle eye solutions group plc | eye | 265 0 0.0% | mkt cap: 79.2m    rns number : 4235z eagle eye solutions group plc 16 september 2025            16 september 2025 eagle eye solutions group plc ("eagle eye", the "group" or the "company")   final results for the year ended 30 june 2025 double-digit saas growth supports ai execution at scale   eagle eye, a leading saas and ai technology company that creates digital connections enabling personalized, real-time marketing at scale, is pleased to announce its audited results for the year ended 30 june 2025 (the "year").   financial highlights   fy 2025 fy 2024 change group revenue £48.2m £47.7m +1%                 saas revenue £40.2m £36.1m +11%                                 air saas revenue £34.5m £31.6m +9%                                 eagleai saas revenue £5.7m £4.4m +30%                 professional services revenue £7.5m £10.2m (26)%                 sms revenue £0.5m £1.4m (64)% recurring revenue % of group revenue 84% 79% +5ppt period end annual recurring revenue1 £34.0m £39.7m (14)% net revenue retention2 109% 109% - direct profit £34.5m £34.8m (1)% adjusted ebitda3 £12.2m £11.3m +8% adjusted ebitda margin 25.3% 23.6% +1ppt adjusted ebita4 £6.6m £4.6m +43% adjusted ebita margin 13.6% 9.6% +4ppts profit before tax £3.0m £0.7m +315% net cash flows from operations £13.5m £9.5m +42% net cash5 at 30 june 2025 £12.3m £10.4m +18%   strategic highlights   major oem agreement secured and progressing well ·      air platform embedded into the product offerings of one of the largest software providers in the world - 25+ initial enterprise scale targets identified by the oem ·      product development milestones have been successfully achieved; full product launch and first customer contracts anticipated in q2 fy26 as planned ·      on track for material revenue generation from fy27   financial performance in line with revised guidance, demonstrating ongoing saas transformation ·      double digit saas revenue growth, strong margin performance and significant pbt increase ·      ongoing customer adoption of ai offerings, with eagleai revenue up 30% to £5.7m ·      previously announced loss of the neptune retail solutions (nrs) contract, due to isolated corporate developments at nrs, reduced exit arr ·      excluding nrs, organic arr growth was 5% on a constant currency basis ·      net cash increased by 18%, ahead of expectations, even after payment of promotional payments solutions (pps) acquisition consideration   wins secured in new geographies and markets, alongside renewals and expansions, strengthen the group's global blue-chip customer base and provide further validation of eagle eye's leading market position ·      new wins secured in the year, including otr group and transurban in australia, galeries lafayette in france, metro limited in singapore and a mexican subsidiary of one of the world's largest retailers ·      secured several multi-year renewal contracts with major customers, including loblaw, southeastern grocers, e.leclerc and greggs, alongside deepening engagement across existing customers   tangible opportunities to accelerate growth, with three clear routes to market (direct, partners, oem) ·      reinvigorated direct sales effort, led by us-based cro and with a focus to capture the significant north american opportunity ·      major systems integrators now on board, including deloitte, accenture song, infosys and epam, and first win via an si referral secured in the year   acquisition of pps strengthening eagle eye's offering and market position ·      earnings enhancing acquisition completed on 27 june 2025 of pps, a saas company specialising in digital promotions and loyalty solutions, adding approximately €3m arr   confident in delivering progress in fy26 and beyond ·      trading in h1 fy26 has started well, with new wins secured with a leading european value retailer, central thailand and a uk builders' merchants ·      the board is confident in maintaining a double-digit adjusted ebitda margin for fy26 and improving adjusted ebitda progression as the year progresses, with a target fy26 exit run rate ebitda margin of 20% ·      commencement of a £1m share buyback programme post period end, of which £0.9m remaining ·      with strong momentum in our eagleai business, a clear growth strategy across our expanded routes to market, an increasingly scalable technology proposition and opportunities continuing to progress through the pipeline, the board is confident in a return to double digit revenue and ebitda growth in fy27, and in eagle eye's significant medium-term growth prospects.   tim mason, chief executive of eagle eye, said: "fy25 was a year of strategic progress for eagle eye, despite its challenges. we have initiated programmes to reinvigorate organic growth, seen ongoing adoption of our proven ai offerings, and commenced the integration of our technology into the new cloud hosted loyalty management solution of one of the world's largest enterprise software vendors.   "eagle eye is now in a very different position to where it was when we started our concerted move towards becoming a global saas business a year ago, and we are confident these expanded routes to market and major structural changes will support reinvigorated growth. whilst we have taken actions in light of the loss of the nrs contract, the scale of the opportunity ahead demands that we remain steadfast in our strategy and continue to invest to drive long-term value creation.    "with a strengthened leadership team, extensive blue-chip customer base, an authentic leadership position in ai and a proven offering delivering compelling roi, i am confident eagle eye is well positioned to seize the considerable opportunity ahead."   1 period end annual recurring revenue ("arr") is defined as period exit rate for recurring subscription and transaction revenue (exc sms) plus any professional services contracted for more than 12 months hence and secured new wins, excluding any seasonal variations and lost contracts. 2 net revenue retention ("nrr") rate is defined as the improvement in recurring revenue excluding sms and new wins in the last 12 months. 3 ebitda has been adjusted for the exclusion of share-based payment charges along with depreciation, amortisation, interest, restructuring costs, costs associatd with acquisitions and tax from the measure of profit and is reconciled to profit before taxation note 6. 4 ebita has been adjusted for the exclusion of share-based payment charges along with ifrs3 amortisation associated with acquisitions, interest, restructuring costs, costs associated with acquisitions and tax from the measure of profit and is reconciled to profit before taxation in note 6. [adjusted ebita is stated after ifrs 3 amortisation has been deducted] 5 net cash is defined as cash and cash equivalents less financial liabilities.   enquiries: eagle eye solutions group plc tel: 0844 824 3686 tim mason, chief executive officer   lucy sharman-munday, chief financial officer         investec bank plc (nominated adviser and joint broker) tel: +44 20 7597 5970 david anderson / nick prowting / james smith         shore capital (joint broker) tel: +44 20 7408 4090 corporate advisory: daniel bush, david coaten, lucy bowden   corporate broking: henry willcocks       alma strategic communications tel: +44 20 3405 0205 caroline forde, hannah campbell, kinvara verdon       about eagle eye   eagle eye is a leading saas and ai company, enabling retail, travel and hospitality brands to earn lasting customer loyalty through harnessing the power of real-time, omnichannel and personalized marketing. our powerful technology combines the world's most flexible and scalable loyalty and promotions capability with cutting edge, built-for-purpose ai to deliver 1:1 personalization at scale for enterprise businesses, globally.     our growing customer base includes loblaws, southeastern grocers, giant eagle, asda, tesco, morrisons, jd sports, e.leclerc, carrefour, the woolworths group and many more. each week, more than 1 billion personalized offers are seamlessly executed via our platform, and over 700 million loyalty member wallets are managed worldwide.    ai-powered, api-based and cloud-native, eagle eye's enterprise-grade technology is fully certified by the mach alliance and has received recognition from leading industry bodies, including gartner, forrester, idc and qks.    web - www.eagleeye.com         chair statement   fy25 has been a pivotal year in eagle eye's transformation into a global saas business, achieving several important strategic milestones that will increase scalability and accelerate progress towards our growth ambitions. these included strengthening our leadership team, reorganising our sales team and processes, streamlining our operations and increasing our technology's attractiveness to partners. while we faced a short-term setback with the loss of the neptune retail solutions' ("nrs") related contract in june 2025, we undertook a cost base review and appropriate levels of head-count reductions have been made, while maintaining our ability to capitalise on the compelling medium-term opportunity we see in front of us.    in a rapidly changing world, eagle eye's proven ai offerings and capability puts it in a strong and authentic position at the forefront of the personalized marketing revolution taking place globally. in 2023, eagle eye acquired untie nots, a personalized marketing technology business, founded in 2016, with ai and machine learning at its core. since the acquisition, the technology has been improved yet further, through the incorporation of transformer technology which has significantly increased customer affinity via system generated recommendations. these capabilities are deployed at scale across multiple countries, in collaboration with some of the world's largest and most innovative retailers, achieving proven roi for customers of 7:1. as organisations increasingly consider how they can incorporate ai into their marketing strategies, so our opportunity grows. zyed jamoussi, who joined the group as part of the untie nots acquisition, became group cto in april this year, reflecting eagle eye's increasing focus on productisation and ai innovation.   a key moment in the year came in january 2025, with the signing of a global oem agreement with one of the world's largest enterprise software vendors. the agreement will see our technology embedded within the vendor's next generation cloud hosted loyalty management solution, providing eagle eye with a new, scalable route to market, through leveraging the power of a leading technology ecosystem to extend into new sectors and markets. the size of the vendor's existing on-premise customer base gives the board confidence this channel will generate substantial additional revenue from fy27 onwards, with the potential to double the size of the business in the medium-term.   alongside ai development, we have continued to advance our core platform as part of our saas-focused strategy. leveraging the best of google's modern cloud technology, we are enhancing speed, capacity and scalability, to support our global growth ambitions, while reducing costs. at the same time, we are investing in our integration capabilities with partners, reducing time to value for our clients and simplifying implementation, both directly and through system integrators ("sis"), to make it easier for our customers to adopt and benefit from our solutions. these efforts ensure that eagle eye is well positioned to support large scale, multi-channel deployments across all routes to market.   as part of executing our growth strategy, the group completed the acquisition of promotional payments solutions (pps), a saas company specialising in digital promotions and loyalty solutions, just prior to the year end, broadening our product suite and strengthening eagle eye's position as the end-to-end platform for personalized promotions globally.    as we look ahead, accelerating our win rate remains a focus for fy26 and we are starting to see momentum, with a greater number of opportunities progressing through our substantial sales pipeline, following a reorganisation of our sales processes and leadership structure. with a strengthened leadership team, extensive blue-chip customer base and a proven offering delivering compelling roi, the board is confident that the fundamentals of the business are strong and eagle eye is well positioned to seize the opportunity ahead.   financial performance   the financial performance in fy25 reflects the transition of the business towards a full saas model. while the level of growth has not been what we had initially anticipated for the year, the group delivered stable revenue, within which recurring subscription and transaction revenues grew 11% to £40.2m, now representing 83% of total revenue (fy24: £36.1m; 76% of total). continued strong cost discipline resulted in an adjusted ebitda increase of 8% to £12.2m, with margin improving to 25%, and a strong net cash position of £12.3m. despite a 19% drop in organic arr to £32.0m (exclusive of the contribution from pps) due to the contract loss with nrs, underlying growth in constant currency arr excluding this was 5%, driven by a strong eagleai performance.   driving our ebitda margin   cost reduction initiatives in response to the lost contract have now been completed, however the board continues to assess the productivity and effectiveness of the cost base. these, coupled with the move towards a system integrator model of implementation, ongoing efficiency, scalability and margin enhancement programmes, provide the board with confidence in maintaining a double-digit adjusted ebitda margin for fy26, with an improving adjusted ebitda progression by the end of fy26 that will give confidence in returning to a 20% margin in fy27.   the commencement of a £1m share buyback in july 2025 reflects the board's confidence in the group's prospects.    people   eagle eye has an experienced and committed leadership team that we continued to strengthen during the year, making key hires to support the scaling of the company through increased sales execution capability, particularly in the us, and increased saas, ai and partner focus.                                                                                                                                                                           as part of this, we have recruited a highly experienced north american based chief revenue officer, jeff baskin, whose expertise will accelerate our business development globally, with a particular focus in the us where there is a significant opportunity. we have also recently appointed an experienced senior customer success manager in north america to support scaling in the us, and have reorganised our sales leadership under jeff, to have experienced regional heads in-situ in europe and apac. the promotion of zyed jamoussi, untie nots co-founder and one of the leading ai innovators in retail, to chief technology officer, reflects our ongoing commitment to ai-driven innovation; and al henderson has transitioned into the role of chief partnership officer, overseeing the important oem relationship and the group's expanding base of partners.   the group's founder and chief information officer, steve rothwell, stepped back from his operational role in april 2025, as part of the leadership evolution. i would like to sincerely thank steve for his visionary leadership, unwavering passion, and exceptional contribution to eagle eye, which have been instrumental in shaping the company's success. we are delighted that steve continues to provide his counsel to the board as an adviser.   culture and employee engagement remain priorities. during the transformation undergone this year, our team has demonstrated agility and dedication, underpinning our capacity to deliver at pace.   governance   we maintain a strong focus on risk management, particularly around platform, data, and systems security. the board regularly reviews the risk register and performance metrics, and we continuously invest in advanced security tools, supported by internal checks and external audits. additionally, we are leveraging ai across eagle eye which helps future-proof the business and reinforces our security posture.   we have adopted the new qca code and report against each of its 10 principles, the details on which can be found in the group's annual report. at the heart of this is the group's values-based culture and 'purple standard', which promotes upholding the highest standards of governance.   well positioned for the future   eagle eye is built on a solid, high performing foundation, and we have taken decisive actions to reinvigorate organic growth. with a strong sales pipeline, an industry leading offering and customer base, and considerably expanded routes to market, including a potentially game-changing oem agreement, our long-term vision remains unchanged and we are confident in the group's ability to achieve its ambitions.   anne de kerckhove chair of the board       ceo statement   fy25 has been a year of strategic progress for eagle eye, in which we have initiated programmes to reinvigorate organic growth, seen ongoing adoption of our proven ai offerings, augmented our customer base and offering through the acquisition of pps, and commenced the integration of our technology into the new cloud hosted loyalty management solution of one of the world's largest enterprise software vendors. the signing of this agreement in january 2025 was a ringing endorsement of the power of our technology, and we are laser focused on making it a success, with the first customer contracts anticipated in the coming months.   the loss of the nrs contract in june 2025, due to corporate developments at nrs, was an isolated event, and while it will have a financial impact on fy26, as previously announced, the board is clear that this change is no reflection on our product capabilities and has no impact on the group's growth opportunities, which remain strong. we have adjusted our cost base accordingly and are making concerted strides forward in our transition towards a more scalable, high-margin saas business.   a highlight of the year, and a major validation of the power of our industry leading suite of ai offerings, was the continued double-digit growth in eagleai revenue, up 30% to £5.7m. ai as a concept is poised to transform retail, but wielding its power requires the creation of tools and features that directly impact retailers' engagement and promotional capabilities. this is where we excel. eagleai is revolutionising retail personalization and setting a new global standard by combining advanced data science and real-time execution. with leading innovators in retail - a group of companies that together combine to over £200bn of retail revenue - using or trialling our ai technology, it is clear this is a significant jewel in our crown and a major growth accelerator of the business.   bringing more eagleai offerings to market to meet the demand of our global customer base, integrating ai across our platform, and accelerating the use of ai within our own operations, are all focuses for fy26.   another area of considerable opportunity is the north american market, which accounts for 40% of the global loyalty market and where we believe, with our direct sales team and marketing activities now more focused on this region, we can better convert what is a considerable pipeline of current opportunities. the appointment in h2 of jeff baskin, an experienced us-based enterprise saas sales leader, is already seeing us take strides forward in this regard.    as evidenced by the success of the untie nots acquisition in 2023, we believe the right m&a activity can continue to play a role in our journey, as we look for innovative offerings and opportunities in new sectors and geographies. we were delighted to welcome the dublin-based pps team into the group just prior to the year end, taking us into the cpg couponing market, bringing new enterprise customers and deepening our engagement with mutual customers.   eagle eye is not a business that stands still. accelerating our growth rate is a strategic priority, and we have a clear set of tangible opportunities to achieve this: ai leadership, us market penetration, delivering on the transformational oem opportunity and scaling through partners. we know what levers to pull to drive both growth and profitability and have clear line of sight to achieving our ambitions of delivering £100m of revenue and +30% ebitda margin.   increasingly well placed to capitalise upon the growing market opportunity   the global loyalty market is undergoing a rapid transformation, as businesses double down on using loyalty to build rich customer data assets to drive growth, differentiation, and profitability. the global loyalty programmes market has a projected cagr of 13.4% from 2025-2029, and within this, the loyalty management software market, where eagle eye operates, is expected to reach $11bn by 2032, with a cagr of 14.5%.[1] with customers across europe, asia-pacific, north america, and south america, we have flagship customers in all major loyalty markets. a focus for the coming year is expansion in north america, which represents 40% of the global loyalty market and includes over 230 of our target icp customers.   several technology trends are expected to drive market growth. personalization is enabling retailers to meet customer expectations and delivering proven profitability through real-time engagement, dynamic offers, and predictive recommendations. retail media adds further momentum, as loyalty programmes unlock clean, first-party data to fuel targeted advertising. omnichannel, real-time execution, and data security have become non-negotiables for enterprise buyers, while ai is rapidly redefining the landscape, enhancing experiences, streamlining operations, and cutting costs. together, these trends are reshaping the market and reinforcing the critical role of loyalty and personalization in any modern retail organisation.   with our proven ability to support ai-powered, personalized loyalty and promotional programmes for some of the world's leading businesses, eagle eye is well positioned to capitalise on this growing opportunity. we are innovating alongside top retailers and partners, developing solutions that maximise value for our customers. this includes new ai-powered engagement tactics to deepen loyalty and integrating agentic ai into our platform to streamline the b2b user experience.   as a cloud-native and api-driven platform, fully certified by the mach alliance, eagle eye can deliver this benefit to customers seamlessly through both our direct sales channels, and from later this year via the oem agreement for those businesses seeking a single-point solution.   the quality and competitive positioning of our offering is gaining growing recognition from leading industry analysts, experts, and award bodies, including gartner's market guide for loyalty, idc's loyalty marketscape, qks's 2025 loyalty spark matrix, and forrester's loyalty landscape. our position as a trusted partner was endorsed by bcg, who described eagle eye as having solved the technical challenge of personalization for grocers. and our ai-powered solutions have won multiple high-profile awards, including with tesco at the international loyalty awards and retail systems awards, and with woolworths group in new zealand at the apac loyalty awards.   with robust infrastructure, deep industry expertise, proven ai capabilities, a growing partner network, and a strong customer base, we are well-positioned to capitalise on the growing demand for ai-powered loyalty and personalization.   leaders in ai innovation for retail   as described above, eagle eye is leading the technological innovation taking place in the retail marketing industry with our advanced, enterprise-ready ai solutions delivering proven results for customers around the world.   combining eagleai with air brings together some of the most advanced ai capabilities in the market with one of the most scalable technology stacks for execution. our ai models process and learn from 2.8 billion customer interactions per minute, always optimising to power the next best personalized action to take for every customer.   a key advancement in fy25 was the evolution of eagleai's "affinity engine," which combines neural networks with machine learning to significantly improve offer distribution and personalization. our dedicated team is continuously incorporating breakthroughs in ai to ensure our solutions become smarter, faster, and more scalable over time, and that our platform remains future ready and differentiated in a rapidly changing landscape. this is overseen by our chief ai officer, jean-matthieu schertzer, an alumnus of the prestigious école polytechnique, who brings a rich background in applied mathematics and extensive ai experience gained through roles as a research engineer, r&d data scientist, and data science consultant.   we are also harnessing the latest cloud technology to improve the platform's scalability, speed and stability, whilst reducing its running and maintenance costs, and we were proud to become a certified member of the mach alliance in the year, an endorsement of the quality of the company's technology offering. in furtherance of this, we added openai's codex into our engineers' toolkits, to increase the speed of coding.   we are committed to staying at the forefront of innovation and continuously evaluate emerging technologies, review the latest research, and test new tools to maintain our competitive edge. a major milestone this year was the launch of our first feature developed entirely by ai, with no manual coding, guided solely by our data science team, representing a significant step forward in our automation capabilities.   we continue to advance eagleai's portfolio, including applications that develop audience building, personalized prices and personalized content. one such example is the personalized flyer we continue to develop in conjunction with e.leclerc, following the pilot going live in december 2024. this collaboration enhances our presence in the french and us markets, where digital flyers are already well established.    looking ahead, eagleai's mission is to simplify hyper-personalization. our goal is to deliver a fully ai-powered campaign manager, capable of generating and executing real-time, personalized offers at the point of sale-effortlessly and autonomously.   expanded routes to market   following the strategic advancements achieved in fy25, the group now has three clear routes to market to exploit: 1) direct sales led by our new us-based cro; 2) via the oem agreement; and 3) through partnerships.   1.     direct sales - accelerating pipeline conversion   we continue to see great value in our direct sales effort and believe that with the right investment and focus, it can be more effective. through our existing customer base we have a global network of strong advocates of eagle eye technology, a wealth of compelling customer case studies and a proven ability to manage complex loyalty programmes, at scale.   the appointment of jeff baskin as cro is driving forward our global sales efforts, supported by a restructured regional sales team, with cédric chéreau leading emea and aaron crowe, leading apac, based in singapore. jeff has a particular focus on, and experience in, accelerating growth in north america, as the region represents over 40% of the global loyalty market and 55% of our current gross pipeline. we have also made targeted hires in our sales team in france and asia and have plans to grow the team in the us in line with the opportunity, alongside increased marketing and events targeting our core ideal customer profiles (icps), including convenience and fuel.    a new blueprint for the group's 'revenue journey' has been implemented, designed to reduce the sales cycle, improve the quantity and quality of the pipeline, and increase the win rate and average deal size. included within this are redesigned product demos, which are delivering improved customer responses and accelerating pipeline progression. new kpis have been introduced to ensure we track progress accurately.   meanwhile, specific customer success strategic action plans have been developed, that cover customer health, project health, expand (upsell) opportunities, stakeholder health and customer advocacy, to support continued customer expansion.   2.     oem is a significant, long-term growth driver   the five-year global oem agreement presents a transformational opportunity. it will embed air into the oem partner's product offerings, enabling access to new sectors and customers globally. there has been initial customer interest from new sectors, such as travel, hotels, luxury and cpg, considerably increasing eagle eye's addressable market.    the product has been successfully launched at two global customer events and 25+ initial enterprise scale targets have been identified by the oem. the vendor's sales team is currently being trained in the new offering, and the go to market content and strategy is in place, ahead of general release, which is anticipated to take place at a customer event with c.1000 delegates at the start of q2 fy26. the first commercial contracts are expected at that time, and material revenue from fy27 onwards. the contractual arrangements will be direct between the oem and the customers, with eagle eye revenue based on a transactional model.   i am very pleased with the pace that we have met our development milestones on the oem initiative.   3.     growing with partners   eagle eye remains focused on partnering with sis and technology partners to scale faster, reduce delivery costs, and access larger client bases, with a medium-term goal of achieving 50% of new arr through partners. in fy25, 42% of win arr came from partners, with a well progressed partner pipeline across all partnership types.   system integrators in fy25, 31% of our global pipeline was referred or influenced by partners, with 90% of those referrals coming from sis across all regions. in h2, we added cgi, one of the largest independent it and business consulting services firms in the world, and deloitte emea, as partners, alongside existing partners epam, infosys and netconomy. pleasingly, we signed our first si win in h2 fy25 with galeries lafayette.   technology partners technical integrations have always been at the heart of how eagle eye operates due to our central position within an integrated loyalty programme software stack, and we continue to build on this via new technology partnerships, adding value to our existing customer base and facilitating smoother sales processes and additional referrals. pre-packaged integrations and eagle eye connect, our new integration platform, now enable faster, lower-cost connectivity to the air platform, including rapid build of marketing automation and cdp connectors.   google we continue to work closely with google, who were a major contributor to eagle eye's win arr in fy25. we have been awarded premier partner status for google cloud, assigned to companies that have demonstrated the highest capability and performance with google cloud, which was achieved less than two years since we launched on the google cloud marketplace and demonstrates the scalability of the air platform. in fy25 we ran a joint gtm activity with google in each region and closed several deals referred by google.   productisation to be partner ready to fuel greater growth through alliances, we're making our technology easier to scale and sell by packaging our offerings, simplifying onboarding to move closer to "one click" provisioning, simplifying the addition of modules by customers to accelerate deepening, and streamlining documentation and support materials. eagle eye connect is a great example of this, allowing us to turn on pre-integrated solutions with industry partners such as bloomreach, segment, mparticle and braze, in minutes rather than weeks. together, these initiatives provide the foundation for increased scalability.   continuing to win and deepen with customers   eagle eye secured several new wins in the year, including in new geographies and markets, which added £2.8m in arr and further strengthened our global blue-chip customer base.   new contracts secured in h2 include:   ·    galeries lafayette (france): six-year loyalty contract, to be launched in 2026, with the iconic french omnichannel retailer, marking eagle eye's first air customer in france, with expansion potential. ·      viva energy australia group (otr group): three-year loyalty contract with a two-year extension option for the otr group. the otr group consists of 1000+ retail, convenience, and quick service restaurants, including reddy express (formerly known as coles express). ·    metro limited (singapore): three-year loyalty contract with a leading department store retailer to relaunch the metro loyalty program. ·    transurban (australia, canada, us): a four-year loyalty contract, with a two-year extension option, with a leading global toll road operator to expand to the transurban linkt rewards program, which has eight rewards partners across fuel, travel, parking and serves over 1.4m rewards members. ·    major global retailer (mexican subsidiary): an initial six-month contract for ai-powered personalized challenges. as one of the world's largest retailers, ensuring the success of this first engagement is a focus for the team, given the significant deepen potential.   the group has secured multi-year renewal contracts in the year with many of its largest customers, including loblaw, southeastern grocers and greggs, and continued to deepen engagement with existing customers, including morrisons, tesco and e.leclerc, resulting in an nrr of 109% (fy24: 109%).   post-period end, the group has seen encouraging momentum across multiple geographies with several new wins secured including:   ·    a three-year loyalty and promotions contract, with a two-year extension option, with the 1 central limited. the 1 is established as a loyalty programme under central group with business units and partners that operate the leading digital lifestyle and loyalty platform in thailand. ·    a three-year contract with a leading european value retailer for the air platform's personalized receipts solution. ·    a three-year air contract with the uk's leading cash and carry trade only builders' merchant, to support its loyalty and promotional capabilities. this win represents eagle eye's fist contract with a builder's merchant in the uk market.   people and culture underpin our success   our purple culture permeates throughout the business and is key to its success. it has enabled us to attract and retain talented individuals as we scale. the team's resilience through fy25's challenges has been outstanding, and we continue to earn high rankings in best companies to work for-6th in the uk's best mid-sized companies and 7th in technology.   in fy25, we executed a targeted transformation to boost productivity and agility, including a new customer success management function to deepen client relationships and a shift to a si-led delivery model in professional services. we launched the next version of our purple playbook-a modular learning platform designed to embed cultural behaviours, strengthen soft skills, and foster ai adoption across all levels of the organisation. this foundational work is critical as we continue to invest in building a saas-enabled, ai-powered workforce.   a new performance management framework was introduced to align individual and team objectives with business priorities, raising standards through clearer accountability and okr-driven impact. senior leadership is leading by example, with our gardeners model fostering ownership, collaboration, and a relentless focus on execution.   we remain strongly committed to equity, diversity & inclusion (edi), launching the edi alliance and expanding initiatives like demographic data collection and the purple women speaker series to drive meaningful engagement and cultural strength.   this year also marked a founder transition. steve rothwell, eagle eye founder and cio, announced in april 2025 that he will step back from his operational role within the business. we are delighted he is still part of the business in an advisory capacity, enabling us to benefit from his passion and customer focus, which has been so key to eagle eye's success to date. i would like to thank steve for his visionary leadership and remarkable contributions to eagle eye as cio.   as we enter fy26, our focus is on embedding these foundational changes, scaling our ai and saas capabilities, and deepening leadership accountability across the organisation. with a re-shaped, agile organisation and a strengthened leadership team, we are confident in our ability to unlock the full potential of our people, delivering lasting value for our clients, employees, and shareholders   positive outlook   the business is now in a very different position to where it was when we started our concerted move towards becoming a global saas business a year ago. our technology has been made easier to scale and integrate, we have secured a major oem agreement which has the potential to double the size of eagle eye over the medium term, we have considerably increased our direct sales capabilities, and our ai business continues to fire on all cylinders.   we are confident these expanded routes to market and major structural changes will support reinvigorated growth. the scale of the opportunity ahead demands that we remain steadfast in our strategy and continue to invest to drive long-term value creation. while the termination of the nrs related contract will have a material impact on our near-term financial performance, as previously disclosed, cost reduction initiatives and ongoing efficiency, scalability, and margin enhancement programmes reinforce the board's confidence in maintaining a double-digit adjusted ebitda margin for fy26, with improving adjusted ebitda progression as the year progresses to target a run rate ebitda margin of 20% at the end of fy26.   trading in the first few months of the year has started well, winning three new customers to date, and with good opportunities progressing through our pipeline, we remain confident in delivering positive momentum as we continue through the year and progress in our significant medium-term growth prospects.   tim mason chief executive officer       strategic opportunity   we have built the world's most powerful transaction engine, strengthened our capabilities through the acquisition of a leading data science business, and are transitioning our platform to be fully 'si-ready'. the market opportunity ahead is substantial, and over the past 12 months we have defined clear growth drivers to capture it. with these foundations in place, we are now strongly positioned to execute on our strategy, giving us a clear path toward achieving our ambition of becoming a £100m revenue and +30% ebitda margin business.   1.     delivering our organic plan - deepening with our existing customers   problem we solve: over the years we have successfully delivered on our customer strategy of 'win, deepen & transact' demonstrated by the 19% revenue cagr and average nrr of 121% over the last 5 years. each new win adds substantial additional value given our high level of customer retention, and revenue from our largest customers typically increases by a multiple of over three times by the end of their third year on the air platform, through both increased use of the platform and the addition of new services.   size & maturity of opportunity: our top 10 customers on average take only two of our four core services, providing significant deepen opportunity.   2.     winning in our biggest market, the usa   problem we solve: the usa is the biggest loyalty and promotions market in the world, estimated to be worth around $26bn, due both to the size of population and also the appetite for what is largely still paper coupons and offers. the demand is for companies to create personalized and digital experiences and communications. our solution enables companies to execute personalized marketing, at the scale required. this is a geography where we have recently invested in incremental sales capability and will continue to do so as we get proof points of success.   size & maturity of opportunity: there are over 230 retailers in our icp in north america. we are currently working with 7 and therefore even small increments of win rate improvement in this territory can make a significant impact on the growth of the business. due to the size of retailers in the us being significantly larger than europe, the average deal size can be 3x our current average loyalty engagement.   our target is to add one significant enterprise account a year and then deepening with our usual model.   3.     winning new clients through system integrators & partnerships   problem we solve: retailers are often interested in using system integrators to deliver a breadth of technology solutions across their business. having partnerships with global players enables us to service retailers in conjunction with their trusted partners and often gives early insight into new opportunities. meanwhile, integrations with technology partners are essential to retailers that are looking to re-platform with a best in class offering for different components of the solution. our accreditation with the mach alliance validates this approach.    size & maturity of opportunity: 42% of win arr in fy25 has been partner influenced. we have a medium-term target 50% of new arr should be partner referred or influenced.   together, we anticipate these three organic opportunities will deliver between 15-20% annual growth.   4.     winning new personalized data science / eagleai customers   problem we solve: ai powered personalized data science that can deliver hyper personalized offers and challenges without the associated analytical resource heft of traditional technology.   size & maturity of opportunity: we currently have maturity in france, servicing c.57% of the total grocery market but are in the early stages of growth in emea outside france and in the us.   our target annual rate of growth: 30% growth in the eagleai business.   5.     oem agreement with one of the largest software providers in the world   problem we solve: we have been chosen by one of the largest software providers in the world to embed our loyalty and promotions capability into their cloud-based loyalty management solution. the vendor has an existing on-premise solution that is being sunsetted and they required a partner that could offer a best-in-class enterprise solution to replace their existing offering.   size & maturity of opportunity: the software provider currently has over 300,000 customers of which it is estimated that c.10% are the existing installed base that uses the heavily customised on-premise software. not all of this population will migrate over, but the universe and the opportunity is significant, opening up new sectors and geographies. first contracts are expected to be won from q2 fy26, driving arr growth, with material revenue from fy27. with the potential for between 4 and 8 new customers a year, this channel has the potential to become the size of the current eagle eye business today given the vendor's scale and customer relationships. we believe the opportunity can be game changing.   our target contribution: incremental annual revenue of between 15% - 30%, leading to a doubling of the business within the medium term.   m&a provides opportunity to accelerate   we have successfully acquired two businesses to date, expanding our offering, customer base and geographic reach while being earnings enhancing - untie nots in january 2023, bringing powerful data science capabilities into the group and latterly pps, adding a new cpg related offering and additional enterprise customers. looking ahead, we will continue to assess opportunities to accelerate our organic growth through the acquisition of businesses that expand our offering, technical capabilities, geographic reach or customer base.   summary of the future revenue drivers   overall, these five channels represent revenue opportunities of a magnitude greater than market forecasts and our £100m revenue target, illustrating the opportunity for our business model over the medium term.   crucially, not all these channels need to deliver for targets to be achieved but if they do, the timeline for achieving the goal will accelerate at pace.      financial review   key performance indicators   financial fy25 £m                                fy24 £m                                                   var revenue 48.2 47.7 1% subscription and transaction revenue:    -           saas revenue £40.2m 83% £36.1m 76% 11% -           professional services revenue £7.5m 16% £10.2m 21% (26)% -           sms transaction revenue £0.5m 1% £1.4m 3% (64)% total subscription and transaction revenue £48.2m 100% £47.7m 100% 1% annual recurring revenue 34.0 39.7 (14)% net revenue retention rate 109% 109% - direct profit 34.5 34.8 (1)% direct profit margin 71.6% 73.0% (1.4)ppt adjusted ebitda (1) 12.2 11.3 8% adjusted ebitda (1) margin 25.3% 23.6% 1.7ppt adjusted ebita (2) 6.6 4.6 43% adjusted ebita (2) margin 13.6% 9.6% 4.0ppt profit before tax 3.0 0.7 315% net cash (3) 12.3 10.4 18% cash and cash equivalents 12.3 10.6      17% financial liabilities (0.0) (0.2) (58)%   non-financial fy25                         fy24                                                  long-term contract customer churn by value 23.1% 1.7% 21.4ppt   (1) adjusted ebitda excludes costs and changes in the fair value of contingent consideration associated with acquisitions, restructuring costs, share-based payment charges along with depreciation, amortisation, interest and tax from the measure of profit and is reconciled to the gaap measure of profit before taxation in note 6. (2) adjusted ebita excludes costs and changes in the fair value of contingent consideration associated with acquisitions, amortisation arising on those acquisitions, restructuring costs, share-based payment charges, interest and tax from the measure of profit and is reconciled to the gaap measure of profit before taxation in note 6. (3) net cash is cash and cash equivalents less financial liabilities.   revenue during fy25 the group delivered revenue of £48.2m, a year-on-year increase of 1% (fy24: £47.7m), driven by double digit growth in overall saas revenue, with a particularly strong contribution from eagleai. 48% of revenue was generated in north america (fy24: 49%) and fluctuations in foreign exchange rates, in particular between sterling and the us dollar, impacted the reported revenue growth of the group. revenue growth was 5% on a constant currency basis.            saas revenue accounted for 83% of total revenue (fy24: 76%). within this, eagleai revenue was up 30% to £5.7m (fy24: £4.4m), demonstrating the increasing demand for integrated ai-driven loyalty and personalization solutions, which now represent 19% of total arr (fy24: 15%).   professional services revenue declined significantly by 26% to £7.5m as the group continues its transition to a si delivery model. under ifrs 15, a saas business will typically recognise revenue (including implementation revenue from professional services) over time. in some cases, implementation revenue is recognised over the period the service is live. therefore, during the period of implementation for a new client, no revenue will be recognised, although directly attributable associated costs are also spread over this period, matching revenue and costs. revenue from professional services that has been deferred into future periods, but delivered and billed, was £5.7m at 30 june 2025 (30 june 2024: £5.9m).   the low margin sms transactional revenue continued to taper as expected; revenue for the period was £0.5m (fy24: £1.4m).   annual recurring revenue, churn, and retention at the period end, organic arr stood at £32.0m-a 19% decrease (16% on a constant currency basis) from the prior year's £39.7m. this reduction was mainly attributable to the previously announced loss of a significant contract through nrs. excluding this customer, underlying arr grew approximately 5% on a constant currency basis, supported by a 10% increase in eagleai arr and a steady stream of wins and expansions. importantly, customer renewal strength persevered: 83% of revenue from the current top 10 customers (excluding nrs) is contracted to at least fy27, anchoring future stability. following the acquisition of promotional payments solutions on 27 june 2025, total group arr is £34.0m.   net revenue retention (nrr) excluding nrs remained at 109%, unchanged year on year, evidencing the group's capability to deepen relationships and expand wallet share with existing clients despite the isolated contract churn.   overall long-term contract customer churn by value increased to 23.1% (fy24: 1.7%), primarily reflecting the nrs contract exit, but also influenced by two north american customers that went into administration. no other customers are contracted through nrs, and direct costs associated with these departures are being actively removed from the cost base.   profitability, margins, and cost discipline direct profit was broadly steady at £34.5m (fy24: £34.8m) reflecting a 72% margin (fy24: 73%). we remain committed to improving our direct margin through 1) our transition to an si model and 2) work on the platform to drive efficiencies and reduce cost as a percentage of recurring revenue. we expect to start to see the benefits of these initiatives as we progress through fy26.   group indirect operating expenses were tightly controlled and were reduced by £2.5m in the year, as a result of a lower bonus payment due to performance, together with ongoing efficiency programmes following the nrs contract loss and on-going transition to a si model. part of the cost savings have been reinvested back in the business, primarily by increased investment in sales and marketing to drive our win. average headcount reduced to 250 (fy24: 257). this cost control also resulted in adjusted ebitda increasing by 8% to £12.2m (fy24: £11.3m) with margin improving to 25% (fy24: 24%).   our cost management program continues into fy26 to target our medium team goal of at least 30% ebitda and a fy26 ebitda exit run rate position of 20%, despite the impact on revenue from client churn. cost reduction initiatives regarding the contract loss are now complete and we are focused on the following areas for margin enhancement: ·      shift to an si model that will reduce % of revenue from professional service than has a lower direct margin; ·      platform enhancement to be 'oem & partnership ready' will reduce % of gcp cost to revenue; ·      cost synergies that are in progress from pps on an already high margin ebitda business will add to margin enhancement; ·      continued assessment of productivity & effectiveness of cost base of our people and tools; ·      operational leverage from fixed cost elements with growth.   adjusted ebita, which excludes only amortisation of acquired intangibles, along with share based payments, interest and costs associated with acquisitions and restructuring from profit before tax to which it is reconciled in note 6, improved by 43% to £6.6m with margin increasing to 14% (fy24: 10%) primarily reflecting a reduction in amortisation of costs capitalised under ifrs 15 as the business transitions to the si model, along with the improved underlying ebitda performance.   we have continued to invest in the product, where total spend in the period was £9.0m (fy24: £9.7m). capitalised product development costs were £2.9m (fy24: £2.9m), whilst amortisation of capitalised development costs was £3.2m (fy24: £2.9m). contract costs (including costs to obtain contracts and contract fulfilment costs), recognised as assets under ifrs 15, were £2.9m (fy24: £3.8m) and amortisation of contract costs was £2.3m (fy24: £3.6m).   £0.8m of costs related to the acquisition costs for promotional payments solutions along with restructuring costs to reflect the use of sis and following the nrs contract loss, are excluded from the reported alternative performance measures due to their one-off natures, which do not reflect underlying trading performance.   profit before tax rose to £3.0m (fy24: £0.7m). finalisation of the fy24 tax computations allowed the group to finalise its losses available for deduction against future taxable profits in the uk and france. in order to reflect the actual losses available, the tax credit for fy24 has been restated to £3.8m, benefitting from the recognition of a deferred tax asset for historic losses brought forward now being recognised, given the improvements in underlying profitability seen by the group. after tax, profit was £1.6m (fy24 restated: £4.5m), resulting in basic earnings per share of 5.49p (fy24 restated: 15.45p).   cashflow, net cash, and balance sheet the group had net assets of £32.7m at 30 june 2025 (30 june 2024 restated: £32.9m), including capitalised intellectual property of £6.1m (30 june 2024: £5.4m). the movement in net assets primarily reflects the underlying profit made during the year and the impact of the acquisition of promotional payments solutions on 27 june 2025, offset by a reduction in the deferred tax net asset reflecting the utilisation of losses and the impact of the movement in the company's share price on the share-based payment deferred tax asset.   the group generated net cash from operations up 42% to £13.5m (fy24: £9.5m), supported by improved collections efficiency and operating profitability. capital investment in ip, product platform, and contract fulfilment costs totalled £6.0m, and net €5.5m was spent to complete the promotional payments solutions acquisition.   eagle eye closed the year with a net cash balance of £12.3m (fy24: £10.4m), ahead of consensus expectations despite acquisition-related outflows. the group's £10m revolving credit facility, extended during the year, is undrawn. the group maintains significant cash and liquidity headroom to support ongoing investment and product enhancement.   the group hedges elements of foreign currency net receipts to ensure that it is protected from significant and sudden adverse movements in foreign currency exchange rates. there were no open hedges at 30 june 2025 (30 june 2024: none).   share buyback programme the board announced after year end a £1.0m share buyback programme. as at 12 september 2025 the company has acquired 60,000 ordinary shares which are held in treasury for a total consideration of £0.1m. the board will continue to deploy the remainder of the £1.0m buyback in due course.   dividend the board has determined that no dividend will be paid in the period (fy24: £nil). the group is primarily seeking to achieve capital growth for shareholders and believes that in the current phase of the group's development, it is in the best interest to retain distributable profits to prioritise investment growth and provide optionality on m&a, alongside the implementation of the share buyback programme.     consolidated statement of profit or loss and total comprehensive income for the year ended 30 june 2025        restated and re-presented   continuing operations note            2025 £000 2024 £000   revenue 2   48,196 47,733 direct costs    (13,695) (12,903)       direct profit    34,501 34,830       indirect operating expenses    (31,690) (34,194) other income    162 195         adjusted ebitda (1)    12,193 11,260 acquisition costs    (423) - restructuring costs    (418) - change in fair value of contingent consideration    - 1,303 share-based payment charge    (539) (2,835) depreciation and amortisation    (7,840) (8,897)       operating profit    2,973 831       finance income    98 41 finance expense    (84) (153)       profit before taxation    2,987 719       taxation 3   (1,358) 3,831   profit after taxation for the financial year    1,629 4,550   foreign exchange adjustments    (779) (333)       total comprehensive profit attributable to the owners of the parent for the financial year    850 4,217   (1) adjusted ebitda excludes share-based payment charge, depreciation and amortisation from the measure of profit along with restructuring costs and the costs associated with the acquisition of promotional payments solutions in 2025 and changes in fair value of contingent consideration due on the 2023 acquisition of eagleai.   earnings per share        from continuing operations        basic   4     5.49p   15.45p diluted 4   4.89p 13.78p      consolidated statement of financial position as at 30 june 2025              2025 restated 2024  note   £000 £000 non-current assets     intangible assets    20,748 17,804 contract fulfilment costs    2,884 2,610 property, plant and equipment    793 1,175 non-current tax receivable    306 - deferred taxation 5   4,821 8,449           29,552 30,038   current assets      trade and other receivables    9,673 10,349 current tax receivable    467 183 cash and cash equivalents    12,327 10,576           22,467 21,108       total assets    52,019 51,146       current liabilities trade and other payables current tax payable    (12,375) (176) (10,583) - ifrs 15 deferred income    (2,358) (3,002) financial liabilities    (51) (122)     (14,960)   (13,707)   non-current liabilities      other payables    (303) (412) ifrs 15 deferred income    (3,299) (2,927) deferred taxation    (789) (1,178) financial liabilities    - (50)       (4,391) (4,567)   total liabilities    (19,351) (18,274)       net assets    32,668 32,872       equity attributable to owners of the parent      share capital    297 296 share premium    30,135 30,089 merger reserve    3,278 3,278 share option reserve    9,189 9,084 retained losses    (10,231) (9,875)       total equity    32,668 32,872           consolidated statement of changes in equity for the year ended 30 june 2025   share capital share premium merger reserve share option reserve retained losses total  £000   £000   £000   £000   £000   £000   balance at 1 july 2023 293 29,925 3,278 7,291 (16,747) 24,040        profit for the financial year- restated - - - - 4,550 4,550   other comprehensive income       foreign exchange adjustments - - - - (333) (333)     -   -   -   -   4,217   4,217   transactions with owners recognised in equity              exercise of share options 3 164 - - - 167 fair value of share options exercised in the year - - - (1,042) 1,042 - share-based payment charge - - - 2,835 - 2,835 deferred tax on share-based payments - - - - 1,549 1,549 deferred tax on losses - - - - 64 64     3 164 - 1,793 2,655 4,615   balance at 30 june 2024- restated 296 30,089 3,278 9,084 (9,875) 32,872        profit for the financial year - - - - 1,629 1,629   other comprehensive income       foreign exchange adjustments - - - - (779) (779)     -   -   -   -   850   850   transactions with owners recognised in equity       exercise of share options 1 46 - - - 47 fair value of share options exercised in the year - - - (430) 430 - fair value of share options lapsed in the year - - - (4) 4 - share-based payment charge - - - 539 - 539 deferred tax on share-based payments - - - - (1,640) (1,640)     1 46 - 105 (1,206) (1,054)   balance at 30 june 2025 297 30,135 3,278 9,189 (10,231) 32,668   included in retained losses is a cumulative foreign exchange profit of £1,009,000 (2024: loss of £230,000).    consolidated statement of cash flows for the year ended 30 june 2025     2025 2024    £000   £000   cash flows from operating activities    profit before taxation   2,987 719 adjustments for:     depreciation   702 718 amortisation   7,137 8,180 share-based payment charge   539 2,835 finance income   (98) (41) finance expense   84 153 decrease in trade and other receivables 798 544 increase/(decrease) in trade and other payables 966 (2,019) movement on contingent consideration for acquisition of eagleai - (1,303) income tax paid (509) (313) income tax received 896 10   net cash flows from operating activities 13,502 9,483      cash flows from investing activities     payments to acquire property, plant and equipment (155) (346) payments to acquire intangible assets and contract fulfilment costs   (6,024) (6,711) interest received   53 41 acquisitions, net of cash and cash equivalents acquired   (4,184) (654)   net cash flows used in investing activities (10,310) (7,670)      cash flows from financing activities     net proceeds from issue of equity   46 167 repayment of borrowings   (121) (1,123) capital payments in respect of leases   (526) (545) interest paid in respect of leases   (52) (80) interest paid   (32) (73)   net cash flows used in financing activities   (685) (1,654)      net increase in cash and cash equivalents in the year 2,507 159 foreign exchange adjustments (756) (198) cash and cash equivalents at beginning of year   10,576 10,615   cash and cash equivalents at end of year   12,327 10,576    notes to the consolidated financial statements   1      accounting policies basis of preparation   the financial information set out herein does not constitute statutory accounts as defined in section 434 of the companies act 2006. the financial information for the year ended 30 june 2025 has been extracted from the group's audited financial statements which were approved by the board of directors on 16 september 2025 and which, if adopted by the members at the annual general meeting, will be delivered to the registrar of companies for england and wales.    the financial information for the year ended 30 june 2024 has been extracted from the group's audited financial statements which were approved by the board of directors on 17 september 2024 and which have been delivered to the registrar of companies for england and wales.   the reports of the auditor on both these financial statements were unqualified, did not include any references to any matters to which the auditors drew attention by way of emphasis without qualifying their report and did not contain a statement under section 498(2) or section 498(3) of the companies act 2006.   the information included in this preliminary announcement has been prepared on a going concern basis under the historical cost convention, and in accordance with uk-adopted international accounting standards in conformity with the requirements of the companies act 2006 and the international financial reporting interpretations committee (ifric) interpretations issued by the international accounting standards board ("iasb") that are effective as at the date of these financial statements.   the company is a public limited company incorporated and domiciled in england & wales and whose shares are quoted on aim, a market operated by the london stock exchange.   going concern   as part of their going concern review the directors have followed the guidelines published by the financial reporting council entitled "guidance on the going concern basis of accounting and reporting on solvency and liquidity risks- guidance for directors of companies that do not apply the uk corporate governance code".   the directors have prepared detailed financial forecasts and cash flows looking 3 years beyond the date of these consolidated financial statements. in developing these forecasts, the directors have made assumptions based upon their view of the current and future economic conditions that will prevail over the forecast period.   on the basis of the above projections, the directors are confident that the group has sufficient working capital and available funds to honour all of its obligations to creditors as and when they fall due. in reaching this conclusion, the directors have considered the forecast cash headroom, including the impact of the revolving credit facility with hsbc innovation bank and the covenants associated with it, the resources available to the group and the potential impact of changes in forecast growth and other assumptions, including the potential to avoid or defer certain costs and to reduce discretionary spend as mitigating actions in the event of such changes. accordingly, the directors continue to adopt the going concern basis in preparing these consolidated financial statements.   2      segmental analysis the group is organised into two principal operating divisions for management purposes. these reflect the organic eagle eye business and the eagleai business acquired in 2023. all non-current assets are held in the organic eagle eye business in the united kingdom, other than the right of use asset relating to the lease for the paris office of eagleai and capitalised intellectual property of eagleai of £1.0m.   organic 2025 eagleai 2025 total 2025 organic 2024 (re-presented) eagleai 2024 (re-presented) total  2024 (re-presented)  £000   £000   £000   £000   £000   £000 revenue 42,452 5,744 48,196 43,309 4,424 47,733 direct costs (12,759) (936) (13,695) (11,848) (1,055) (12,903)   direct profit 29,693 4,808 34,501 31,461 3,369 34,830 adjusted indirect operating costs (18,347) (3,961) (22,308) (20,472) (3,098) (23,570)   adjusted ebitda 11,346 847 12,193 10,989 271 11,260     revenue is analysed as follows:   service   2025 2024    £000   £000   development and set up fees   7,501 10,249 subscription and transaction fees   40,695 37,484       48,196 47,733   product   2025 2024    £000   £000   air revenue   41,948 41,911 eagleai revenue   5,744 4,424 messaging revenue   504 1,398       48,196 47,733          3      taxation         2025 restated 2024        £000 £000   current tax        uk corporation tax at 25.00% (2024: 25.00%)    - - overseas tax    443 164 adjustments in respect of prior years    (438) 37       5 201        deferred tax        in respect of current year    1,120 (3,230) in respect of prior years    233 (802)       1,353 (4,032)   tax charge/(credit) on profit for the period    1,358 (3,831)         tax reconciliation          profit before tax   2,987 719      tax using uk corporation tax rate of 25.00% (2024: 25.00%) 747 180 non-deductible expenses   40 213 variance in overseas tax rates   64 268 share-based payments, net of employee share acquisition relief 708 352 overseas tax  - (1,455) unrelieved tax losses  25 (2,150) adjustment in respect of prior years  (205) (1,090) research and development tax credit claim (21) (149)      tax charge/(credit) on profit for the period  1,358 (3,831)     4      earnings per share the calculation of basic earnings per share is based on the result attributable to ordinary shareholders divided by the weighted average number of ordinary shares in issue during the year. the calculation of diluted earnings per share is based on the result attributable to ordinary shareholders divided by the weighted average number of shares in issue during the year, diluted for the effect of options being converted to ordinary shares. basic and diluted earnings per share from continuing operations is calculated as follows:   earnings per share pence profit £000 2025 weighted average number of ordinary shares restated earnings per share pence restated profit £000 2024 weighted average number of ordinary shares basic earnings per share 5.49 1,629 29,658,581 15.45 4,550 29,447,934 diluted earnings per share 4.89 1,629 33,290,154 13.78 4,550 33,023,177     5      deferred tax                                the elements of deferred taxation are as follows:     2025 restated 2024    £000 £000     accelerated capital allowances and intellectual property 1,406 1,658 tax losses (4,201) (5,200) share-based payments (1,432) (3,699) other timing differences 208 (14) ifrs 16 right of use assets 132 217 ifrs 16 lease liabilities (145) (233)    (4,032)   (7,271)   movement in deferred tax:   other timing differences share based payments accelerated  capital allowances & intellectual  property tax losses total  £000 £000 £000 £000 £000   at 1 july 2023- restated -   - 2,311 (3,937) (1,626) credited to income statement (3)                    (2,150) (517) (560) (3,230) prior year adjustments- restated (11)    - (152) (639) (802) deferred tax in equity -   (1,549) - (64) (1,613)   at 30 june 2024- restated (14)  (3,699) 1,642 (5,200) (7,271) (credited)/charged to income statement 218 607 (550) 845 1,120 prior year adjustments 4 20 55 154 233 deferred tax in equity - 1,640 - - 1,640 acquisitions - - 246 - 246   at 30 june 2025 208 (1,432) 1,393 (4,201) (4,032)   deferred tax assets and liabilities can only be offset, inter alia, to the extent they occur in the same jurisdiction. the following is the analysis of deferred tax balances after offset:     2025 restated 2024    £000 £000     deferred tax assets 4,821 8,449 deferred tax liabilities (789) (1,178)    (4,032)   (7,271)     6      alternative performance measures                                adjusted ebitda and adjusted ebita are key performance measures for the group and are derived as follows:     2025 2024    £000 £000     profit before taxation 2,987 719 add back:   net finance income and expense (credit)/charge (14) 112 share-based payments 539 2,835 restructuring costs 418 - change in fair value of contingent consideration - (1,303) acquisition costs 423 - ifrs 3 amortisation 2,212 2,212   adjusted ebita 6,565 4,575 depreciation and ias 38/ifrs 15 amortisation 5,628 6,685   adjusted ebitda   12,193   11,260   direct profit is a new performance measure for the group which is more comparable to the gross profit measure of other saas companies and is derived as follows:     2025 2024    £000 £000     profit before taxation 2,987 719 add back:   net finance income and expense (credit)/charge (14) 112 share-based payments 539 2,835 depreciation and amortisation acquisition costs 7,840 423 8,897   restructuring costs 418 - change in fair value of contingent consideration - (1,303) other income (162) (195) indirect operating expenses 22,470 23,785   direct profit   34,501   34,850        7      net cash net cash is a key performance measure for the group and is defined as follows:  30 june  2024 cash flow foreign exchange adjustments 30 june 2025    £000 £000 £000 £000        cash and cash equivalents 10,576 2,693 (942) 12,327 financial liabilities (172) 121 - (51)   net cash   10,404 2,814 (942)   12,276   8      prior period adjustments                          re-presentation the consolidated statement of profit and loss and total comprehensive income has been represented for the prior year to provide consistency of margin reporting with other saas businesses by reporting our direct margin rather than gross profit. as the business has grown and technology has evolved, the infrastructure of saas businesses has moved from being fixed in actual data centres to being in the cloud and more variable in line with transactional volumes and data stored. in addition, eagle eye has moved away from the low margin sms business which traditionally would have represented the majority of cost of sales. the group's direct costs now include costs directly attributable to sales including the cost of the group's cloud infrastructure, the customer success team, sending sms messages, revenue share agreements and bespoke development and implementation work. there is no change to adjusted ebitda, profit before tax or any other lines within the statement of profit and loss and total comprehensive income.   restatement during the year the directors finalised the fy24 tax computations and the losses available for deduction against future taxable profits in the uk and france. since the consolidated financial statements were finalised, there had been revisions to the classification of deferred tax balances by category and the total amount of losses available for utilisation in the future has been updated. these changes resulted in a reduction of the deferred tax asset relating to trading losses of £1.2 million compared with the amounts previously reported.   in addition to this reduction, a change has been made to present deferred tax liabilities arising on acquired intangibles separately from deferred tax assets related to trading losses of acquired entities. in the prior year, such deferred tax balances were presented on a net basis within non-current assets.   the impact of these changes on the consolidated statement of profit or loss and total comprehensive income, the consolidated statement of financial position and earnings per share are shown in the table below for the prior year. there was no impact to the cash flows of the group.        the impact of these changes are shown below.     as previously reported 2024 re-presentation restated re-presented and restated 2024   £000 £000 £000 £000 changes to the consolidated statement of profit or loss and total comprehensive income         revenue 47,733 - - 47,733     previous presentation cost of sales (1,283) 1,283 - -   gross profit 46,450 1,283 - -   revised presentation direct costs - (12,903) - (12,903)   direct margin - (11,620) - 34,830       (indirect) operating expenses (45,814) 11,620 - (34,194) other income 195 - - 195   operating profit 831 - -   831   finance income 41 - - 41 finance expense (153) - - (153)   profit before taxation 719 - - 719   taxation 5,015 - (1,184) 3,831   profit after taxation 5,734 - (1,184) 4,550   changes to earnings per share   basic earnings per share 19.47p - (4.02)p 15.45p diluted earnings per share 17.36p - (3.58)p 13.78p   changes to the consolidated statement of financial position      non current assets deferred tax asset 8,455 - (6) 8,449   non-current liabilities deferred tax liability - - (1,178) (1,178)      net assets 34,056 - (1,184) 32,872      retained losses (8,691) - (1,184) (9,875) total equity 34,056 - (1,184) 32,872   gross profit in the year to 30 june 2025 under the previous presentation would have been £47.6 million.   there is no impact on cash flows as reported for the year ended 30 june 2024.        9      business combinations on 27 june 2025, eagle eye holdings limited, a 100% subsidiary of the company, completed the acquisition of 100% of the issued share capital of promotional payments solutions limited. the consideration for the acquisition comprised of an initial cash consideration of €7.5m, which includes receipt of c€2 million of unrestricted cash on promotional payments solutions' balance sheet, plus further estimated deferred consideration of €0.2m which is due to be paid over the 3 year period to 30 june 2028, upon receipt of finalised research and development tax credits related to claims filed in periods prior to the acquisition.     book value provisional fair value adjustment provisional fair value   £000 £000 £000      intangible assets 2,481 (798) 1,683 trade and other receivables 774 - 774 non-current tax receivable 72 - 72 current tax receivable 78 - 78 cash and cash equivalents 2,210 - 2,210 trade and other payables (647) - (647) deferred tax liability - (246) (246) provisional fair value of identified net assets   3,924 provisional goodwill   2,620 fair value of consideration   6,544   satisfied by:       cash   6,394   contingent consideration   150      6,544   10   report and accounts a copy of the annual report and accounts for the year ended 30 june 2025 will be sent to all shareholders in due course, together with notice of the annual general meeting, and will be available to view and download from the company's website at www.eagleeye.com.   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