18th Jul 2016 08:22
LONDON (Alliance News) - Seeing Machines Ltd on Monday said it expects to report results in line with market expectations in its recently-ended financial year.
The vehicle operator technology company said revenue in the year ended June 30 grew by more than three-quarters to AUD33.6 million from AUD18.9 million the year before, including licence fees of AUD21.8 million from US construction and machinery company Caterpillar Inc.
Under Seeing Machines' agreement with Caterpillar, the latter takes over all costs and commercial responsibilities for the manufacturing, marketing, sales, field support and remote monitoring of the DSS rugged off-road product suite.
Caterpillar also provides Seeing Machines with a royalty stream for both hardware sales and all DSS supporting services. Royalties for the final quarter were USD150,000 lower than the previous quarter due to longer-than-expected sales cycles with certain customers, Seeing Machines said, however, the number of technology trials and overall volume of sales opportunities continues to increase, it added.
Seeing Machines will release its full-year results in late September.
Seeing Machines shares were down 0.7% to 3.85 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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