Seeing Machines Share News (SEE)

AIM-quoted Seeing Machines significantly increased its revenues at the interim stage thanks to sales of its DSS driver monitoring system. Revenues jumped from A$2.32m to A$4.02m in the six months to December 2010. R&D spending was increased from A$682,000 to A$1.24m and that was one of the main reasons behind a rise in the interim loss from A$403,000 to A$749,000. Revenues from DSS rose 650% to A$2.6m as more mining companies install the system in their vehicles. Customers include Freeport-McMoRan and BHP Billiton. There was A$2.48m in the bank at the end of December 2010. House broker Daniel Stewart forecasts a small loss in the year to June 2011 and a £900,000 profit the following year. The timing of new contracts will have a part to play in the final outcome. Revenues can be lumpy but a new contract with Chinese 3D screen technology company SuperD should help to change that. This is a royalty-based agreement so the flow of revenues should be steadier. Production of screen's by SuperD's main customer will start to ramp up later in 2011 and this could make a more significant contribution in the next financial year.