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Seeing Machines shares rise even as losses widen
10th Mar 2020 15:26
(Sharecast News) - Computer vision technology company Seeing Machines reported operational revenue of AUD 15.8m (?7.94m) in its first half on Tuesday, making for comparative growth of 12.8%.
The AIM-traded firm said its fleet and off-road division saw revenues of AUD 12.9m in the six months ended 31 December, up from AUD 8.8m, with the board putting down the increase to accelerating growth in connected units, and improved pricing for 'Guardian' hardware implemented throughout the first half.
It said monitoring services revenue grew by more than 67% year-on-year to AUD 4.1m.
Annualised recurring revenue, including royalties, totalled AUD 13.2m as at 31 December, up from AUD 12m at the end of the 2019 financial year.
Seeing Machines said its gross profit slipped to AUD 5.7m year-on-year, from AUD 8.9m, while its net loss before tax widened to AUD 24.9m from AUD 24.7m.
Cash as at 31 December totalled AUD 47.3m, up from AUD 26.9m.
"We continue to work through significant opportunities across each business unit and leverage the growing momentum for driver monitoring technology in Europe, the US and around the world," said chief executive officer Paul McGlone.
"Our teams are working with some of the world's biggest brands in automotive and aviation, and these deep relationships will secure our long-term competitive position across each of our transport sectors."
McGlone said Seeing Machines' focus remained on meeting the expectations of its customers and delivering on current programmes, while responding to a growing number of opportunities in automotive, fleet and aviation.
"It is clear that DMS is becoming increasingly more integral to improved safety on roads and there is growing recognition for its ability to improve efficiencies and safety in aviation.
"As this continues to be embraced globally, Seeing Machines is in an outstanding position as the world-leading provider of this technology."
At 1500 GMT, shares in Seeing Machines were up 6.83% at 3.34p.
The AIM-traded firm said its fleet and off-road division saw revenues of AUD 12.9m in the six months ended 31 December, up from AUD 8.8m, with the board putting down the increase to accelerating growth in connected units, and improved pricing for 'Guardian' hardware implemented throughout the first half.
It said monitoring services revenue grew by more than 67% year-on-year to AUD 4.1m.
Annualised recurring revenue, including royalties, totalled AUD 13.2m as at 31 December, up from AUD 12m at the end of the 2019 financial year.
Seeing Machines said its gross profit slipped to AUD 5.7m year-on-year, from AUD 8.9m, while its net loss before tax widened to AUD 24.9m from AUD 24.7m.
Cash as at 31 December totalled AUD 47.3m, up from AUD 26.9m.
"We continue to work through significant opportunities across each business unit and leverage the growing momentum for driver monitoring technology in Europe, the US and around the world," said chief executive officer Paul McGlone.
"Our teams are working with some of the world's biggest brands in automotive and aviation, and these deep relationships will secure our long-term competitive position across each of our transport sectors."
McGlone said Seeing Machines' focus remained on meeting the expectations of its customers and delivering on current programmes, while responding to a growing number of opportunities in automotive, fleet and aviation.
"It is clear that DMS is becoming increasingly more integral to improved safety on roads and there is growing recognition for its ability to improve efficiencies and safety in aviation.
"As this continues to be embraced globally, Seeing Machines is in an outstanding position as the world-leading provider of this technology."
At 1500 GMT, shares in Seeing Machines were up 6.83% at 3.34p.