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Seeing Machines reports double-digit revenue growth in first half

The revenue uplift had been driven by what the firm said was “accelerating growth” of vehicles connected to its Guardian driver monitoring system

Seeing Machines Ltd. - Seeing Machines reports double-digit revenue growth in first half

Seeing Machines Limited (LON:SEE) has reported double-digit growth in operational revenues for its first half amid accelerating demand for its driver monitoring technology.

For the six months ended 31 December, the AIM-listed firm reported operational revenues of A$15.8mln, 12.8% higher year-on-year, while net losses edged up to A$24.9mln from A$24.7mln.

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The revenue uplift had been driven by what the firm said was “accelerating growth” of vehicles connected to its Guardian driver monitoring system (DMS), as well as 67% growth in revenues from its monitoring services arm.

Annualised recurring revenue also grew to A$13.2mln from A$12mln last year.

Looking ahead, Seeing Machines said the regulatory drivers underpinning demand drivers for its technology from automakers were “becoming ever more compelling” and they saw the trend continuing.

“We are encouraged by the strong level of our order book and the nine programs we have through our six Automotive [original equipment manufacturer] relationships. Discussions continue with both existing and additional OEMs and we are optimistic of being able to increase the number of programs and, in turn, order book”, the group added.

The company’s new Aviation division had also made “a promising start”, and that while sales lead times were expected to be lengthy, contract values were predicted to be “significant”.

Seeing Machines also said it did not “foresee any short-term supply issues” resulting from the coronavirus outbreak.

"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. 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”, said chief executive Paul McGlone.

“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", he added.

Quick facts: Seeing Machines Ltd.

Price: 3.05 GBX

AIM:SEE
Market: AIM
Market Cap: £102.64 m
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