Seeing Machines Share News (SEE)

(Sharecast News) - Driver monitoring technology company Seeing Machines said in an update on Wednesday that the number of cars with its tech on the road increased 204% over the 12 months through September, to 559,302 units.

The AIM-traded firm said 'Guardian' connections increased 19% over the same period to 41,415, while the number of Guardian units sold and yet to be connected totalled 9,698.

Going forward, Seeing Machines said it would publish updates to the key performance indicators on a quarterly basis.

"I'm delighted to provide this additional transparency of quarterly progress across the company," said chief executive officer Paul McGlone.

"Our technology is well entrenched as market leading and that is evidenced by the momentum we see in our dealings and importantly, the numbers.

"It is tremendous to see cars on the road, fitted with our technology, increasing with a significant year on year hike and 25% increase over the final quarter of fiscal 2022, as more of our ongoing programs progress into production."

McGlone said that in aftermarket, the firm's hardware sales had grown "more modestly" due to previously-reported supply constraints, but as it previously announced, now that the issued were resolved, it expected stronger growth towards the end of the year as a "significant" hardware delivery was received before the end of the 2022 calendar year.

"This stock is expected to meet the growing demand for Guardian, in its current generation, this financial year.

"The rate of connections has also been slower than hoped as our customers deal with timing of supply and effects of the pandemic, which are still impacting the transport and logistics sectors, but we have seen encouraging signs of a return to a more normalised growth rate so far in the current fiscal year."

At 1235 GMT, shares in Seeing Machines were down 4.29% at 6.7p.

Reporting by Josh White for Sharecast.com.