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Seeing Machines Ltd - Year End Trading Update

RNS Number : 3905E
Seeing Machines Limited
18 July 2016
 

Seeing Machines Limited

("Seeing Machines" or "the Company")

 

Year End Trading Update

18 July 2016

Seeing Machines (AIM: SEE), the AIM-listed company with a focus on operator monitoring and intervention sensing technologies and services, is pleased to confirm that it expects to report pre and post tax trading for the full year to 30 June 2016 in line with market expectations, with revenue for the year of AUD 33.6 million.

This revenue figure is 77 percent higher than the previous financial year's total revenue of AUD 18.9 million.  These revenue figures exclude the research and development tax incentive received from the Australian government which is reported in 'Other income'.  This incentive, which is received as a cash refund based on eligible R&D expenditure, totaled AUD 2.4 million for FY16 (FY15 AUD 2.2 million).

The revenue was earned from the sale of goods and services and license fees.  As previously reported, included in the license fees, was an amount of AUD 21.8 million from Caterpillar Inc. due on signing a global product development, licensing and distribution agreement. Caterpillar takes over all costs and commercial responsibilities for the manufacturing, marketing, sales, field support and remote monitoring of the DSS rugged off-road product suite. Caterpillar continues to commercially engage Seeing Machines in supporting the engineering of their next generation DSS technology.

The Caterpillar agreement also provides Seeing Machines with a royalty stream for both hardware sales and all DSS supporting services. Royalties for the quarter ending 30 June were USD150,000 lower than the previous quarter due to longer than expected sales cycles with certain customers. However, Caterpillar's forecasting confirms that the number of technology trials and the overall volume of sales opportunities continues to increase. 

Discussions continue well with the lead and other investors following the signing of the automotive business term sheet, as previously announced.

The Company expects to release its final results and audited accounts in late September.

 

Enquiries:

Seeing Machines Limited

www.seeingmachines.com  / +61 2 6103 4700

Ken Kroeger, Managing Director and CEO

[email protected]

Media inquiries

[email protected]

 

 

finnCap Ltd, Broker for Seeing Machines

 

Ed Frisby / Emily Watts, Corporate Finance

+44 20 7220 0500

 

Joanna Scott, Corporate Broking

 


 

Newgate, Investment Communications for Seeing Machines

 

Bob Huxford

 

 

Helena Bogle

 

 

Adam Lloyd

Tel: +44 20 7653 9848 / Mob: +44 7469 154 806

[email protected]

 

Tel: +44 20 7680 6563 / Mob: +44 7714 756 246

[email protected]

 

Tel: +44 20 7653 9842 / Mob: +44 7966 609 084

[email protected]

 

About Seeing Machines

Seeing Machines, (AIM: SEE) is focused on operator monitoring and intervention sensing technologies and services. With more than 15 years of experience, Seeing Machines uses advanced detection and prevention safety assistance technologies to track eye and facial movement in order to monitor fatigue, drowsiness and distraction events, such as microsleeps, texting and cell phone use as they occur, while providing for a real-time intervention strategy, which improves operator, driver and environmental safety, preserves assets, and reduces risk. Seeing Machines' technology is used worldwide across the automotive, mining, transport and aviation industries; as well as many of the leading academic research groups and transportation authorities. Seeing Machines is headquartered in Australia and has offices in Tucson, Arizona and Mountain View, California. The Company counts Caterpillar, Electro Motive Diesel, Progress Rail, Boeing, Takata, SEMCo, and Eye Tracking Inc among its partners. 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Quick facts: Seeing Machines Ltd.

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Market: AIM
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