The chief executive of software group Eagle Eye Solutions has hailed a “transformational year” as the business published its annual financial results.

The AIM-listed company generated a 71 per cent increase in revenue to £11.1 million for the financial year ended 30 June 2017.

As a result, pre-tax losses narrowed to £3.9m from £4.1m.

Eagle Eye is a software-as-a-service (SaaS) technology company that validates and redeems digital promotions for the grocery, retail and hospitality industries.

It has created digital marketing platform, AIR, which allow retailers to offer promotions, coupons and rewards to customers in real-time.

"2017 has been a transformational year for Eagle Eye,” said chief executive Tim Mason.

“We've successfully delivered on our strategy of winning new customers, increasing transactions through our platform and deepening existing customer relationships. As a result we exceeded our expectations during the year, strengthened our platform and are poised for accelerated progress in 2018.

"Retailers and brands are looking for more innovative and cost effective ways to engage with consumers, and we have the proven and scalable technology to power their digital marketing capabilities and support their commercial requirements.”

Among Eagle Eye’s corporate highlights for the year was signing a three-year contract with John Lewis in May 2017 and renewing a two-year contract with Toshiba Global Commerce Solutions for ASDA.

Mason added: "Renewing and winning new contracts with major retailers such as John Lewis and Asda demonstrates the relevance of our offering to tier 1 retailers, and we are excited about continuing on our journey to be a leading global digital marketing platform."

Eagle Eye Solutions operates from offices in Guildford and Manchester.