15th Aug 2022 15:10
(Alliance News) - Seeing Machines Ltd on Monday announced significant growth in revenue and its order book, as well as a deal to grow its aviation business.
Seeing Machines is a Canberra, Australia-based company that delivers safety technology to transport industries.
For the financial year ending June 30, the company expects revenue to increase 15% to AUD54.2 million, around GBP31.5 million, from the prior year, in line with market consensus. This can be attributed to the production of additional automotive programs as over 447,000 cars on the road have the company's driver monitoring system technology installed, more than triple the amount a year before.
Seeing Machines anticipates automotive royalty revenue to more than doubled and non-recurring engineering revenue to increase by 61% for the year. This is due to the additional automotive programs and growth in its aftermarket business, Guardian.
Further, the Seeing Machines said its order book stands at almost double the initial expected volumes at AUD395 million, the majority of which will only be recognised in the period leading up to 2028.
Looking ahead, global supply chain issues have put pressure on the company's ability to secure adequate hardware supply to meet its demand, said Seeing Machines. As a result, all available stock was sold during the year and around AUD3.5 million forward orders will be recognised in the coming year.
The company said it has resolved supply chain issues with its manufacturer and guarantees to meet the growing demand for Guardian hardware.
Seeing Machines aviation business has opportunities for growth as the company signed a deal to deploy a pilot fatigue detection system in the cockpit for Air Ambulance Victoria.
Chief Executive Officer Paul McGlone said: "Our success in new business across all of our transport sectors, and notably in Automotive driven by our unique systems approach, is expected to continue as we work closely with our ecosystem to deliver our industry leading driver and occupant monitoring technology into the market."
Shares in Seeing Machines were up 4.8% at 6.37 pence in London on Monday.
By Dominique Pretorius; [email protected]
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