21st Sep 2015 08:40
LONDON (Alliance News) - Seeing Machines Ltd on Monday reported a much wider pretax loss for its recently ended financial year as it invested heavily in its research, development, sales and marketing to drive growth, which offset a rise in revenue.
Seeing Machines develops and sells head and eye-tracking technology to manage driver fatigue and distraction.
Seeing Machines reported a pretax loss of AUD10.2 million for the year to end-June, widened from a pretax loss of AUD2.7 million a year before, as a rise in revenue to AUD19.0 million from AUD16.8 million and a AUD3.1 million gain on foreign exchange was offset by a step-up in research and development expenses, and in customer support and marketing costs.
Revenue growth was driven by a strong performance from the company's Driver Safety System products and services to the mining industry. It shipped 1,828 units across the mining and Fleet products during the year, increased from 1,059 units a year before.
Operating expenses increased to AUD24.3 million from AUD13.2 million a year before, as the company undertook investment as part of its aim to enter an extended set of industry sectors.
"Seeing Machines set ambitious goals for the 2015 year. While the significant downturn in global mining markets meant that we didn't achieve the upper level of our growth objectives, we still shipped a record number of products, achieved record full year revenues and better than budgeted net income results," said Chairman Terry Winters in a statement.
"Your company ended the financial year with a strong balance sheet and a significant pipeline of opportunities that are expected to lead to further revenue growth in the 2016 financial year," Winters added.
Shares in Seeing Machines were down 9.1% at 4.43 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Seeing Machines