Seeing Machines revenue rises as it renews technology focus

23rd Feb 2022 10:29

(Sharecast News) - Driver monitoring technology company Seeing Machines said in a trading update on Wednesday that it was expecting to report first-half revenue of AUD 21.7m (£11.61m), representing a year-on-year improvement of 19.4%, and an underlying growth rate of 24.6%.

The AIM-traded firm said connected 'Guardian' units at 31 December totalled 36,933, securing forward annualised recurring revenues, including royalties, of AUD 18.8m, up from AUD 15.5m.

Its cash position at 31 December totalled AUD 79.7m, compared to AUD 52.7m a year earlier.

The company said the driver monitoring system (DMS) technology market had matured over the past two years, "significantly" accelerating its market opportunity across all transport sectors.

To support that momentum and maintain its leadership position, Seeing Machines said it was renewing its focus on its technology roadmap and, following the successful fundraise in November, would accelerate the development of new core software and systems features, expand sales channels and overall product portfolio to maximise its win rate of automotive programs in a significant sales pipeline and speed up growth in aftermarket revenue.

"The activity across our entire business, coupled with a remarkable increase in cars on the roads fitted with our DMS technology and generating automotive royalty revenues, together with the positive financial results for the first half of 2022, signal excellent momentum and a changing landscape for the business," said chief executive officer Paul McGlone.

"Our technology is well and truly established as industry leading and we are seeing that acknowledgement across all transport sectors as we continue to work with a growing number of the world's most prestigious brands."

McGlone said the firm's focus was on delivery and technology leadership.

"The team continues to evolve to achieve this and to meet the growing demand for driver and operator monitoring system technology.

"We are extremely confident of more progress in the second half of the financial year and I'm looking forward to more expansion, into more geographical markets, to maximise our growth aspirations and return value to our shareholders as we deliver against market expectations."

At 1310 GMT, shares in Seeing Machines were down 2.51% at 7.7p.