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Seeing Machines beats expectations for annual income and cash

Seeing Machines Ltd (LON:SEE) said revenue, profit and cash all came in ahead of target for the year to end-June, and it is looking forward to the launch of two new vehicles featuring its technology in the coming months.

Annual revenue is expected to be A$39.7mln, versus guidance of A$36.6mln and up around 24% on the previous year in spite of the challenges of the coronavirus pandemic on its core markets, while total income is expected to be A$42.6mln, up 30% on the previous period, the provider of driver monitoring systems said in a trading statement.

The company's Guardian technology platform was connected to 23,415 vehicles globally by the end of June, a 46% increase over the year.

Chief executive Paul McGlone hailed this result in the face of the great limitations facing transport companies by the pandemic.

“As global economies return to some semblance of normality, we expect connections to accelerate through our growing distribution network,” he added.

Seeing Machines net cash position was A$38.7mln at year-end, which was 22% above guidance.

"We are pleased with our results given the unique challenges we faced in the second half of FY2020,” said McGlone.

“Our business is focused on transport industries and it is clear that the sector has been under unprecedented pressure since COVID-19 emerged.”

He added: “InRead More – Source

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