(Alliance News) - Seeing Machines Ltd on Tuesday reported double-digit revenue growth in the first half of its current financial year, thanks to increased demand for its products.
The monitoring systems developer said pretax loss widened to AUD25.0 million, around GBP12.6 million, in the six months to the end of 2019 from AUD24.7 million a year ago, despite revenue growing by 13% to AUD15.8 million from AUD14.0 million. Seeing Machines noted that cost of sales almost doubled to AUD10.2 million from AUD5.2 million year-on-year.
"We continue to work through significant opportunities across each business unit and leverage the growing momentum for driver monitoring technology in Europe, the US and around the world," said Chief Executive Paul McGlone.
Seeing Machines said momentum continues to accelerate across all transport sectors for the company, as driver monitoring and eye-tracking technology become a requirement for safety in Automotive, Commercial Fleet and increasingly across the Aviation industry to enhance training capabilities and efficiencies.
McGlone added: "Our focus remains on meeting the expectations of our customers and delivering on current programs, while responding to a growing number of opportunities in Automotive, Fleet and Aviation."
AIM-listed Seeing Machines shares were trading 1.7% higher in London on Tuesday at 3.18 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Seeing Machines (SEE)