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Revenues rise at Seeing Machines, despite Covid hit
1st Feb 2021 09:35
(Sharecast News) - Seeing Machines said on Monday that interim revenues were on course to rise by 15%, despite the impact of the Covid-19 pandemic.
The Australian artificial intelligence specialist, which is listed on London's Aim market, said revenues for the six months to 31 December were expected to come in at A$18.1m, a 14.6% improvement on the same period a year earlier.
As at 31 December, the total number of connected Guardian units was 26,597, an increase of 3,182, while forward annualised recurring revenues, including royalties, were A$15.5m, up 17.4% year-on-year. The firm's Guardian driving monitoring system is intended to avoid accidents by tracking driver alertness and fatigue.
Looking ahead, Seeing Machines, which develops its technology for the automotive, commercial fleet and aviation industries, said it was trading in line with expectations for the full year. It added: "Seeing Machines continues to grow despite the ongoing disruption caused to its key transport sectors by the Covid-19 pandemic."
Chief executive Paul McGlone said: "The first half of 2021 has been significant for the company and the results are pleasing. Despite the obvious ongoing challenges around the world, we are still seeing growth in our aftermarket (fleet) business and our engagement across the original equipment manfacturer business and associated industries (automotive and aviation) has never been stronger.
"Despite the obstacles we face with momentum in the aviation industry due to Covid-19, I remain confident that our long-standing collaborations will bear fruit and that Seeing Machines will see growth across this business in the near-term."
As at 1115 GMT, shares in Seeing Machines were off 7% at 10.59p.
The Australian artificial intelligence specialist, which is listed on London's Aim market, said revenues for the six months to 31 December were expected to come in at A$18.1m, a 14.6% improvement on the same period a year earlier.
As at 31 December, the total number of connected Guardian units was 26,597, an increase of 3,182, while forward annualised recurring revenues, including royalties, were A$15.5m, up 17.4% year-on-year. The firm's Guardian driving monitoring system is intended to avoid accidents by tracking driver alertness and fatigue.
Looking ahead, Seeing Machines, which develops its technology for the automotive, commercial fleet and aviation industries, said it was trading in line with expectations for the full year. It added: "Seeing Machines continues to grow despite the ongoing disruption caused to its key transport sectors by the Covid-19 pandemic."
Chief executive Paul McGlone said: "The first half of 2021 has been significant for the company and the results are pleasing. Despite the obvious ongoing challenges around the world, we are still seeing growth in our aftermarket (fleet) business and our engagement across the original equipment manfacturer business and associated industries (automotive and aviation) has never been stronger.
"Despite the obstacles we face with momentum in the aviation industry due to Covid-19, I remain confident that our long-standing collaborations will bear fruit and that Seeing Machines will see growth across this business in the near-term."
As at 1115 GMT, shares in Seeing Machines were off 7% at 10.59p.