Seeing Machines Ltd (LON:SEE) saw its revenue, profit and cash all come in ahead of target for the year to end-June, 2020, 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 (COVID-19) 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.
Seeing Machines' 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 in the statement.
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: “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.
“The continued and reinforced regulatory momentum in Europe and North America is already having additional, positive impact across our automotive and fleet opportunities, and while the aviation industry remains under more economic pressure than most, our ongoing negotiations remain intact.”
