Profits surge to €24m at VAR and Hawk Eye firm as revenues top €93m

Pre-tax profits at the sports tech firm that decides questionable points in top GAA games and is behind the controversial VAR technology in football this year increased by 19 per cent to £20.28 million (€24.08m).

New accounts for Hawk Eye Innovations Ltd show that the business recorded the increase in pre-tax profits as revenues increased by 27 per cent from £62.05m to £78.74m (€93.1 million) in the 12 months to the end of March this year.

The pre-tax profits of £20.28 million this year followed pre-tax profits of £16.99 million in the prior year.

The Hawk-Eye score detection technology has become an integral part of the big GAA match occasions at Croke Park over the last number of years and the directors state that revenue growth of 27 per cent was driven by new and expanded contracts, World Cup events that took place during the financial year and the introduction of new, innovative products.

Operating profits decreased marginally from £17.09 million to £16.99 million and the directors state that inflationary pressures and competitive market conditions have driven an overall reduction in gross margin.

Pre-tax profits increased to £20.28 million due to a contingent consideration gain of £4.28 million offset by net interest charges of £993,000.

Research and development costs this year more than doubled from £2.97 million to £7.3 million and directors state that “the investment in R&D is a conscious business decision to help drive longer term growth”.

The directors state the Hawk-Eye business renewed and expanded several strategic partnerships with major sports organisations and rights holders in Europe, the Middle East and North America.

The directors state that Hawk Eye “is now proud to work with 23 of the top 25 sports