Seeing Machines PLC (LON:SEE) said it expects to report a 14.6% year-on-year increase in revenue for the six months to December 31, 2020.
The technology company, which designs artificial-intelligence-powered operator monitoring systems to improve transport safety, said the first half of its current fiscal year had been a period of growth. Despite the effects of the coronavirus pandemic, the company said it continues to trade in line with expectations for the full-year.
Revenue for the six months to the end of December 2020 rose to A$18.1mln from A$15.8mln in the same period of 2019. Annualised recurring revenues, including royalties, rose 17.4% to A$15.5mln from A$13.2mln.
Fleet revenue rose 16% to A$15mln during the period. Seeing Machines’ company fleet product, Guardian, is expected to generate significantly increased revenue in the second half of the current fiscal year.
“Despite the obvious ongoing challenges around the world, we are still seeing growth in our Aftermarket (Fleet) business and our engagement across the OEM [original equipment manufacturer] business and associated industries (Automotive and Aviation), has never been stronger,” said Paul McGlone, the chief executive officer of Seeing Machines in a statement.
“We are encouraged by our continued engagement across a number of ongoing RFQs [requests for quotes], which have increased significantly in both number and value, since 1 July 2020, to deliver driver and occupant monitoring system technology to car markers globally,” he added.
“Our expanding ecosystem of partners across the Automotive sector, in particular, is extremely encouraging and we are very positive about the tie-ups with large, global semi-conductor companies that will enable Seeing Machines to provide options and cost-savings for OEMs, especially as regulation really starts to impact delivery schedules and 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,” McGlone concluded.