Seeing Machines surpasses all FY2020 expectations
Francesca Morgan
RNS Newswire
09:36, 3rd August 2020

Seeing Machines (AIM: SEE) FOLLOW has said total income, revenue and cash are ahead of target for the period ended 30 June 2020 and that it continues to deliver its driver monitoring system (“DMS”) technology across several industries despite the effects of the COVID-19 pandemic.

In the FY20 trading update, the advanced computer vision technology company said revenue for FY2020 is expected to be $39.7m, around 8.5% ahead of consensus guidance A$36.6m.

The company’s Guardian technology platform was connected to 23,415 vehicles globally by the end of June, a 46% increase over the year despite several limitations in the industry.

Total income for the period is expected to be A$42.6m, representing a 30% increase on the previous period while the group remains significantly ahead in regard to its net cash position with cash at 30 June 2020 at A$38.7m, up by 22% on consensus guidance of A$31.8m.

“We are pleased with our results given the unique challenges we faced in the second half of FY2020,” said Paul McGlone, Chief Executive of Seeing Machines.

The company said it continues to successfully deliver driver monitoring system (DMS) technology across the Automotive, Fleet / Offroad and Aviation industries globally despite the transport industries having faced “unprecedented pressure” as a result of COVID-19.

Shares in Seeing Machines have recovered strongly from lows of 1.5p, seen at the peak of the COVID-19 crisis, to open 5.65% higher this morning at 3.3p.

“As global economies return to some semblance of normality, we expect connections to accelerate through our growing distribution network,” said Chief Executive, Paul McGlone, “In the Auto sector, Seeing Machines has much to look forward to in the coming months as we await the launch of two production vehicles featuring our DMS technology.”

Paul added regulatory momentum in Europe and North America is having additional, positive impact across the group’s Automotive and Fleet opportunities and that despite certain economic pressures within the Aviation industry that ongoing negotiations remain intact.

The Company expects to publish its audited year end results in late October.

Follow News & Updates from Seeing Machines here: FOLLOW

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