(Sharecast News) - Computer vision technology group Seeing Machines said on Monday that it had traded ahead of consensus over the year ended 30 June.
Seeing Machines said total income was projected to be roughly 30% higher year-on-year at AUD $42.6m (£23.17m) and revenues were expected to be 8.5% ahead of consensus at AUD $39.7m (£21.59m).
Cash at 30 June was AUD $38.7m (£21.04m) - up 22% on the analyst consensus.
Chief executive Paul McGlone said: "We are pleased with our results given the unique challenges we faced in the second half of FY2020. Our business is focused on transport industries and it is clear that the sector has been under unprecedented pressure since COVID-19 emerged.
"Guardian connections have increased in FY2020 by more than 46% despite the limitations posed by grounded transport companies and pressure on commercial fleets to work around the clock to deliver supplies across vast geographies. As global economies return to some semblance of normality, we expect connections to accelerate through our growing distribution network."
As of 1010 BST, Seeing Machines shares were up 6.42% at 3.30p.
Seeing Machines (SEE)18 Mar 2024 14:32
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