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Share Price Information for Seeing Machines (SEE)

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Share Price: 4.92
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Change: -0.09 (-1.80%)
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Open: 4.98
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Seeing Machines Optimistic About Future After Annual Results Progress

Mon, 23rd Sep 2019 09:52

(Alliance News) - Driver monitoring systems firm Seeing Machines Ltd said Monday it was "optimistic" for the future amid progress within its product portfolio, despite annual losses deepening due to higher development costs.

Meanwhile, the firm hired a new finance head after the former incumbent left in July.

For the financial year ended June, pretax loss widened to AUD41.7 million from AUD36.0 million the year prior. This was despite revenue rising 3.9% to AUD31.9 million from AUD30.7 million the year before, and gross profit more than doubling to AUD18.7 million from AUD7.6 million the year prior.

Profit performance was hurt by research & development expenses surging to AUD35.9 million from AUD20.2 million the year before.

"We are very pleased with progress in the business," Chief Executive Officer Paul McGlone said. "We have worked hard internally and with our external partners to optimise work processes, minimise costs and seek out new opportunities, which will ensure we turn many years of hard work into value for shareholders."

During the year, Seeing Machines signed two original equipment manufacturer awards for its autonomous driving FOVIO chip. Similarly, its Guardian product was connected to 16,000 vehicles globally at the end of the year.

"I am optimistic about 2020 and beyond as we harness the growing opportunities for our driver monitoring technology across very engaged transport sectors and bring the advanced discussions around IP licensing to life, which will underpin our ability to meet the ongoing and growing demands of our customers", McGlone continued.

For the financial year ending June 2020, Seeing Machines expects revenue between AUD45 million and AUD50 million, which would be up as much as 57% from financial 2019. Of this, between AUD18 million and AUD20 million is expected to be derived from annualised recurring revenue.

By the end of financial 2020, Seeing Machines expects Guardian connected vehicles to be between 27,000 and 30,000 units. Guardian is a driver fatigue and distraction monitoring system, which helps to prevent accidents.

In addition, Seeing Machines hired Naomi Rule as its new chief financial officer from the start of October. She was previously the finance chief of Sydney-listed Blue Sky Alternative Investments Ltd.

"I am delighted to welcome Naomi to the team, and I'm confident she will add significant value to the management team," McGlone said.

Rule replaces interim finance chief Michael Cameron, who took up the role after former numbers chief Luke Oxenham left the firm in July.

Seeing Machines was down 0.4% at 4.0650 pence Monday morning in London.

More News
18 Mar 2024 14:32

IN BRIEF: Seeing Machines loss widens on higher costs but optimistic

Seeing Machines Ltd - Canberra, Australia-based artificial intelligence driver monitoring specialist - Pretax loss widens to USD19.8 million in the six months to December 31 from USD4.5 million a year prior. Revenue edges up 5.5% to USD25.7 million from USD24.4 million. Cost of sales however increases 70% to USD15.2 million from USD8.9 million. Expenses increase 31% to USD27.9 million from USD21.3 million. Looking ahead, Seeing Machines says it is well placed to deliver continued progress in the year ahead with a typical weighting to the second half. Chief Executive Officer Paul McGlone cites "balance sheet strength and proven technology supported by regulatory changes." The company anticipates that its financial performance for financial year 2024 will be in line with consensus. Says consensus is revenue of USD66.3 million, up 15% from USD57.8 million in financial 2023, cash loss before interest, tax, depreciation and amortisation of USD28.4 million, and a cash position of USD26.1 million, 28% lower compared to net cash of USD36.1 million at June 30, 2023.

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11 Mar 2024 15:41

UK earnings, trading statements calendar - next 7 days

Tuesday 12 March 
BATM Advanced Communications LtdFull Year Results
Costain Group PLCFull Year Results
Domino's Pizza Group PLCFull Year Results
Fonix Mobile PLCHalf Year Results
Foresight Solar Fund LtdFull Year Results
Genuit PLCFull Year Results
H&T Group PLCFull Year Results
Hill & Smith PLCFull Year Results
MaxCyte IncFull Year Results
Persimmon PLCFull Year Results
Synthomer PLCFull Year Results
Target Healthcare REIT PLCHalf Year Results
TI Fluid Systems PLCFull Year Results
TP ICAP Group PLCFull Year Results
Wednesday 13 March 
4imprint Group PLCFull Year Results
Advanced Medical Solutions Group PLCFull Year Results
Balfour Beatty PLCFull Year Results
Centaur Media PLCFull Year Results
Faron Pharmaceuticals LtdFull Year Results
Ferrexpo PLCFull Year Results
Gym Group PLCFull Year Results
Hochschild Mining PLCFull Year Results
IP Group PLCFull Year Results
Keywords Studios PLCFull Year Results
Kin & Carta PLCHalf Year Results
Metro Bank Holdings PLCFull Year Results
Nexteq PLCFull Year Results
PensionBee Group PLCFull Year Results
Public Policy Holding Co IncFull Year Results
Seraphim Space Investment Trust PLCHalf Year Results
Supermarket Income REIT PLCHalf Year Results
Trainline PLCTrading Statement
Vaalco Energy IncFull Year Results
Thursday 14 March 
Abingdon Health PLCHalf Year Results
Alfa Financial Software Holdings PLCFull Year Results
Bridgepoint Group PLCFull Year Results
Burford Capital LtdFull Year Results
Capricorn Energy PLCFull Year Results
Deliveroo PLCFull Year Results
Empiric Student Property PLCFull Year Results
Gem Diamonds LtdFull Year Results
Halma PLCTrading Statement
Helios Towers PLCFull Year Results
IG Group Holdings PLCTrading Statement
Moonpig Group PLCTrading Statement
Morgan Advanced Materials PLCFull Year Results
Oakley Capital Investments LtdFull Year Results
OSB Group PLCFull Year Results
Restore PLCFull Year Results
Trainline PLCTrading Statement
Savills PLCFull Year Results
Vistry Group PLCFull Year Results
Friday 15 March 
Berkeley Group Holdings PLCTrading Statement
Volution Group PLCHalf Year Results
Monday 18 March 
Marshalls PLCFull Year Results
Seeing Machines LtdHalf Year Results
Serinus Energy PLCFull Year Results
SigmaRoc PLCFull Year Results
Team Internet Group PLCFull Year Results
  
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8 Feb 2024 20:13

TRADING UPDATES: Seeing Machines revenue grows; Baron Oil strikes deal

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

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8 Feb 2024 11:55

Seeing Machines underlying revenue rises 28pc

(Sharecast News) - Driver monitoring technology company Seeing Machines reported an underlying revenue growth rate of 28% for the first half on Thursday, amounting to $25.6m, excluding one-off Magna exclusivity payments.

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10 Jan 2024 14:19

Seeing Machines to supply Guardian Generation 3 in UK and Europe

(Alliance News) - Seeing Machines Ltd on Wednesday said it has won an order to supply its Guardian Generation 3 technology to unnamed UK and European bus manufacturers following its launch on Tuesday.

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10 Jan 2024 12:34

Seeing Machines inks contracts with three vehicle manufacturers

(Sharecast News) - Driver monitoring technology specialist Seeing Machines has secured contracts with three prominent commercial and bus manufacturers in Europe and the UK, it announced on Wednesday.

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9 Jan 2024 12:46

Seeing Machines takes wraps off next-gen driver monitoring system

(Sharecast News) - Driver monitoring technology specialist Seeing Machines unveiled Guardian Generation 3, the newest iteration of its aftermarket driver monitoring system (DMS), on Tuesday.

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9 Jan 2024 11:25

Seeing Machines launches latest EU-compliant driver monitoring system

(Alliance News) - Seeing Machines Ltd on Tuesday unveiled its latest AI-powered driver monitoring system, in line with new regulations on vehicle safety.

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20 Dec 2023 13:06

IN BRIEF: Seeing Machines to deliver USD30 million automotive program

Seeing Machines Ltd - Canberra-based vision-based monitoring technology - Wins automotive program award with an existing European Tier-1 customer for a new European original equipment manufacturer. Says the program will be delivered via the company's FOVIO e-DME software library. It is scheduled to start production in 2026, carrying an initial lifetime value of USD30 million.

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20 Dec 2023 07:36

Seeing Machines secures 17th automotive program award

(Sharecast News) - Monitoring systems technology developer Seeing Machines has secured its 17th automotive program award with an existing European Tier-1 customer.

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13 Dec 2023 15:29

TRADING UPDATES: Tekcapital says Lucyd upgrades eyewear with ChatGPT

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:

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13 Dec 2023 09:51

Seeing Machines upbeat on proposed US driver safety rules

(Sharecast News) - Driver monitoring technology specialist Seeing Machines updated the market on Wednesday, on an announcement from the US National Highway Traffic Safety Administration (NHTSA).

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22 Nov 2023 15:53

UK shareholder meetings calendar - next 7 days

Thursday 23 November 
abrdn UK Smaller Companies Growth Trust PLCAGM
Avation PLCAGM
Bradda Head Lithium LtdAGM
DX Group PLCAGM
Europa Oil & Gas Holdings PLCAGM
Fiske PLCAGM
JPMorgan UK Smaller Cos Investment Trust PLCAGM
Hotel Chocolat Group PLCAGM
Pacific Horizon Investment Trust PLCAGM
Pan African Resources PLCAGM
PZ Cussons PLCAGM
Rosslyn Data Technologies PLCAGM
Friday 24 November 
Base Resources LtdAGM
Cloudbreak Discovery PLCAGM
Esken LtdEGM re Esken Renewables disposal
Neometals LtdAGM
Sovereign Metals LtdAGM
Sylvania Platinum LtdAGM
Monday 27 November 
Chelverton Growth Trust PLCGM re voluntary liquidation
European Smaller Cos Trust PLCAGM
JPMorgan Global Emerging Markets Income Trust PLCAGM
Quadrise PLCAGM
Tribal Group PLCGM re cash offer by Tiger Bidco 1 Ltd
Tuesday 28 November 
Bluefield Solar Income Fund LtdAGM
London Finance & Investment Group PLCAGM
Nanoco Group PLCAGM
Oakley Capital Investments LtdAGM
Wednesday 29 November 
Artemis Resources LtdAGM
Aura Energy LtdAGM
Contango Holdings PLCAGM
CVS Group PLCAGM
Fidelity Asian Values PLCAGM
Ikigai Ventures LtdAGM
Panthera Resources PLCAGM
Reconstruction Capital II LtdAGM
Renishaw PLCAGM
RiverFort Global Opportunities PLCAGM
Sabien Technology Group PLCAGM
Scancell Holdings PLCAGM
Seeing Machines LtdAGM
SLF Realisation Fund LtdAGM
Target Healthcare REIT PLCAGM
Thor Energy PLCAGM
Transense Technologies PLCAGM
Vast Resources PLCAGM
  
Copyright 2023 Alliance News Ltd. All Rights Reserved.

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8 Nov 2023 14:16

TRADING UPDATES: Trident buys royalty; Coro sells Italian portfolio

The following is a round-up of trading updates by London-listed companies, issued on Wednesday, and not separately reported by Alliance News:

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8 Nov 2023 10:29

Seeing Machines secures new automotive programme

(Sharecast News) - Driver monitoring technology specialist Seeing Machines has secured a new automotive programme award, announced on Wednesday, as it also released its quarterly key performance indicators (KPIs) for the September quarter.

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