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Alliance News


Seeing Machines Fleet Business Accelerates Momentum, Revenue Rises

Thu, 16th May 2019 12:21


LONDON (Alliance News) - Seeing Machines Ltd on Thursday said its fleet business has accelerated its momentum in the year-to-date, recording a 23% increase in revenue.

The driver monitoring technology firm said: "The success of the Fleet business and its implementation of Guardian 24/7 monitoring services is fundamental to Seeing Machines."

As at April 30, more than 1,500 Guardian units had been installed since the end of January, with over 14,500 units now installed in vehicles globally.

"This recent momentum has strengthened as the Guardian installation rate continues to accelerate with expectations that the group will reach 16,000 Guardian units connected by June 30 and approximately 27,000 Guardian units connected by June 2020, which the group remains on track to achieve," Seeing Machines said.

In 2018, the combined Fleet Business Unit, including Guardian, Mining and Rail, revenue increased 23% to USD8.8 million over the same period of 2017, resulting in a gross profit of USD4.5 million, the company noted.

Seeing Machines shares were up 2.3% at 3.30 pence on Thursday.

By Elena Cherubini; elenacherubini@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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