Seeing Machines losses widen

17th Oct 2011 09:21

Seeing Machines, the maker of equipment that tracks the facial movements of drivers to make sure they are awake, saw losses widen in the year to 30 June as it continued to invest in technology to boost sales.Revenue jumped to A$7.16m (£4.68m) from $4.5m the previous year, but net losses were up to $2.17m from $1.77m. Operational expenses rose to $6.75m from $5.16m.Seeing Machines technologies are used by drivers operating in the mining industry.Ken Kroeger, who took over as chief executive in July said he was shifting the focus of the company from "trying to everything by itself" to establishing partnerships with larger companies as a means to boost sales and outsourcing some of its manufacturing capabilities where intellectual property is not an issue. This approach will help to reduce operating expenses in the future, he said.Chairman William Mobbs said: "The company is witnessing an increasing number of opportunities and this in turn is leading to an improving pipeline. As such, Seeing Machines is confident of continued revenue growth in 2012 along with an improved financial performance."