19th Sep 2018 10:03
LONDON (Alliance News) - Seeing Machines Ltd on Wednesday reported a widened annual loss despite doubling its revenue.
For the year ended June, the computer vision technology company reported an increase in its pretax loss to AUD36.0 million from AUD28.5 million.
Seeing Machines' revenue doubled to AUD30.7 million from AUD14.2 million.
The technology company said the 89% revenue growth in its Fleet business drove overall revenue higher.
The company's cost of sales increased 71% to AUD23.1 million from AUD13.5 million. The company's expenses also rose, increasing 27% to AUD20.2 million from AUD15.9 million.
Seeing Machines said the increase in costs stemmed from the company's higher investment in its capability and resources to "develop and commercialise its technology in its global target industries". The costs were mainly in R&D, marketing, facility and corporate service costs.
Looking ahead, the company said its revenue expectations for the financial year 2019 are in line the revenue figure achieved in financial year 2018.
Chief Executive Officer Ken Kroeger said: "A move to mandatory safety regulation across all transport sectors around the world is gaining strong momentum - this provides us with extensive opportunities to supply driver monitoring systems to global original equipment manufacturers and tier 1 partners across all vehicle classes.
"As a result of our internal review, we are transforming the business model of our Fleet business to improve the deployment of capital and resources across the group. At the same time, we are seeing substantial and growing demand from the global automotive sector for our driver monitoring systems technology, which recognises the key role it is playing in transport, as autonomy and safety continue to drive the global agenda."
Shares in Seeing Machines were down 2.1% at 6.68 pence each Wednesday.
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