21st May 2018 12:46
LONDON (Alliance News) - Seeing Machines Ltd said Monday it has lowered it sales expectations for the year due to a delay in its fleet products resulting from a shortage of parts.
The six week delay will impact the company's Guardian Gen 2 fleet product. Although the sale of these units have been agreed, the revenue is expected to fall outside the current financial year.
Based on this, the driver monitoring technology company has revised its forecast for the year ending June and is projecting sales in the range of AUD30 million to AUD35 million, or GBP16.8 million to GBP19.7 million - compared to the previous outlook of AUD38 million to AUD43 million.
Seeing Machines is "disappointed" by this delay but said the revised guidance it still represented a doubling from the sales of the prior year.
The computer vision technology provider said it remains "optimistic and excited" by its market opportunities and has "very strong momentum" with a "strong pipeline" of sales opportunities.
Shares in Seeing Machines were down 9.2% Monday midday to 7.77 pence each.
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