9th Jul 2015 09:24
LONDON (Alliance News) - Seeing Machines Ltd Thursday said it expects to record 12% revenue growth when it reports results for its recently completed financial year, citing sales of products and service to the mining industry, which should enable its earnings to be in line with market expectations.
The AIM-listed company, which produces technology designed to recognised fatigue and help prevent accidents for drivers, said it expects revenue for the year ended June 30 to amount to AUD18.9 million, an increase on the AUD16.8 million recorded in the prior year. The company said that its revenue excludes a research and development tax credit of AUD2.1 million, which was disclosed in its first-half results.
Seeing Machines targets the automotive, mining, transport and aviation markets with its technology.
Seeing Machines said there were "some sales" of its new fleet product in the fourth quarter. It expects fleet sales to become a "much more significant component of ongoing sales revenue" in the new financial year, and it said it has appointed Mark Penman as the company's new senior vice president for sales to focus on fleet sales. Penman is the former director of business development of navigation and mapping products company TomTom Licensing.
"With our relationship with Caterpillar expanding and the launch of the new Fleet product, we are looking to Mark to spearhead our sales efforts," Chief Executive Ken Kroeger said in a statement.
Seeing Machines shares were up 4.9% at 5.38 pence on Thursday morning.
By Samuel Agini; [email protected]; @samuelagini
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