Hawk-Eye Reports £81.67M Revenue, Driven by Football VAR Tech
Hawk-Eye Innovations Ltd has reported a 4% increase in revenues to £81.67 million, despite a 27% drop in pretax profits to £14.76 million. The company's employee count rose from 589 to 680, with staff costs up 19% to £40.16 million. Notably, football revenues, including VAR technology, accounted for 74.5% of total revenues.
The company's R&D spend nearly doubled from £7.3 million to £13 million, reflecting investments in new technologies. Revenues from the UK and Ireland grew from £15.85 million to £17.04 million. Hawk-Eye's GAA game revenues also increased from £1.45 million to £2.05 million.
Hawk-Eye's joint venture with Broadcast Solutions and EVS has led to a significant increase in football revenues, now at £60.89 million. The VAR technology, developed by these companies, is used globally in soccer leagues. Remuneration to directors also rose fourfold from £613,000 to £2.47 million.
Despite the decrease in pretax profits, Hawk-Eye's revenues grew due to new and expanded contracts with key clients. The company's investment in R&D and VAR technology has driven football revenues, which now account for a substantial portion of total revenues. However, the profits were affected by a one-off gain related to the Beyond Sports acquisition in 2024.
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