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(Sharecast News) - Australia's Seeing Machines has forecast further growth in 2020 after full-year revenues jumped.
The AIM-listed company, which specialises in AI-enabled driver monitoring technology, said revenues in the 12 months to 30 June rose 4% to A$31.9m.
Sales of Seeing Machine's core Guardian product, which is used by transport and logistics companies, more than doubled during the year to A$13.7m, though that remained 20% down on 2018, which the company attributed to supply constraints.
"Given production and supply chain constraints with...Guardian, this result is pleasing," it said.
Guardian uses in-cab sensors to monitor a driver's levels of fatigue and distraction. The loss-making company, which was founded in 2000, claims the technology has already intervened in more than 70,000 "fatigue events".
Overall, gross profits surged 246% to A$18.7m, after a greater proportion of total sales revenue was generated by its higher margin automotive and off-road division, while pre-tax losses widened to AS41.7m from A$36.0m.
Chief executive Paul McGlone said: "We are very pleased with progress in the business. 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."
Seeing Machines said it expected revenues to be in the range of A$45m to A$50m in the current year, a more than 40% improvement on 2019. It also predicted the number of connected Guardian units would be in the range of between 27,000 to 30,000 by the year end, a 68% increased on the previous year, with annual recurring revenue between A$18m and A$20m. Annualised recurring revenue in 2019 was A$12m.
Seeing Machines also announced the appointment of Naomi Rule as its new chief financial officer. Rule's most recent role was chief financial officer at Blue Sky Alternative Investments.
As at 1430 BST, shares in Seeing Machines were flat at 4.08p.
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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