27th Feb 2014 13:40
LONDON (Alliance News) - Seeing Machines Ltd Thursday said its pretax loss widened in its first-half on costs and expenses despite increased revenues during the period.
The AIM-listed technology company said its pretax loss widened to AUD844,903 for the six months ended December 31 from AUD317,919 in the previous year despite a 19% increase in revenues to AUD5.6 million from AUD4.7 million in 2012.
The company said its revenues increased due to particular improvements from its DSS units, which provide driver safety warnings for the automotive, mining, transport and aviation industries, DSS saw a 17% increase in sales to AUD4.3 million from AUD3.7 million.
Seeing Machines cost of sales increased 28% to AUD2.3 million from AUD1.8 million the previous year, its administrative expenses increased 27% to AUD1.9 million from AUD1.5 million in 2012 and its research and development expenses increased 82% to AUD1.4 million from AUD774,711 the previous year.
The company said that its losses were also down to tight cash flow ahead of a capital raising which prevented the company from paying for inventory that would otherwise have shipped in the first half.
In January the company shipped the majority of its backlog, delivering strong revenues for the month of AUD2.1 million.
Seeing Machines shares were down 3% to 7.40 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Seeing Machines