(Alliance News) - Seeing Machines Ltd on Thursday said it expects to report higher sales revenue for its first half, with an increasing number of its Guardian driver monitoring units connected.
Shares in Seeing Machines were down 3.8% at 4.57 pence in London in midday trading.
In the six months ended December 31, sales revenue rose 17% to AUD15.8 million - about GBP8.1 million - from AUD13.5 million the year before. Revenue is set to be "significantly" higher in the second half of its year, which ends in June.
The Australia-headquartered company's Guardian technology is used by logistics and transport companies to prevent driver fatigue and distraction events. It uses algorithms to measure head position and eye closure and has alarms and seat vibration to alert drivers.
The number of connected Guardian units on December 31 totalled 20,551, a 50% rise from 3,000 units at the end of 2018.
Seeing Machine said its revenue and financial guidance for its 2020 financial year is unchanged.
Chief Executive Paul McGlone said: "We are very pleased with the results of the first half and we see continued momentum across all business units as the year progresses. As has been the trend over the past years, we expect that the pipeline developed across fleet during the first half will result in revenue through to June 2020 significantly exceeding that of the first half, with installations accelerating month by month to support the connected unit target for the full year."
McGlone added: "The previously announced licensing strategy continues to develop and the company remains in advanced discussions with multiple parties. Execution of ongoing programs in accordance with customer expectations remains a top priority, and we are eager to build on these as we respond to requests from customers and more strategic partners to drive enhanced safety across transport with our industry leading technology."
Seeing Machines said it expects to publish its interim results in March 2020.
By Anna Farley; annafarley@alliancenews.com
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Seeing Machines (SEE)