Reminder27 Jun 2017 15:38
from RNS 30th Sept 2016
"Current Trading and Future Prospects
At the time of our Final Results in June, we reported that a number of trials for the new IVG product were underway. I am pleased to report that we recently supplied a first order of 28 IVGs for a new project in China and a new order earlier this month for seventy IVGs that will be deployed on police vehicles in Tegucigalpa, Honduras. To date, none of the trials have been abandoned and with IVG pilots ongoing in Israel, the UK, Holland, Botswana, Mexico and Chile, among other countries, the Board is confident of further orders to come in the second half.
Looking further ahead, to next year and beyond; we have recently begun IVG pilots with a number of bus companies, both in the UK and around the world. The directors believe that the global bus market present a good opportunity and SerVision will be exhibiting at the EURO Bus Expo in November 2016.
As previously announced, our new integration with Mobileye has enabled SerVision to move beyond the transport security market and to offer an outstanding solution for smart transportation and road safety applications. We are now pursuing a number of commercial opportunities with Mobileye channel partners, both in Israel and abroad. Based on initial feedback from the market, Mobileye customers are very keen to have access to a remote monitoring platform that can log driving behaviour, capture and store video clips of Mobileye alerts, and provide fleet managers with real time notifications when large numbers of driving infractions occur, which SerVision's products achieve.
We are also working closely with a partner in Turkey to establish a new framework of cooperation with Vodafone, and we are doing the same in Israel with Partner, the country's second largest mobile operator.
Conclusion
While revenues from the six months ended 30 June 2016 are similar to the comparative figures from the equivalent period last year, there has been a substantial reduction in operating loss. Trading for the third quarter has been consistent with the first half and the Directors are cautiously optimistic of an improved result for the year when compared to 2015 and while it will take a little longer for us to realise profits from newly set up business in the UK, our recurring revenue model there is growing regularly. We have a large number of trials ongoing, some of which are of a significant size, and our focus now is to convert these to orders."
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