29th Aug 2014 12:40
LONDON (Alliance News) - Seeing Machines Ltd Friday swung to a loss in the year to the end of June as it made significant investments in its Driver Safety Solution products, despite seeing revenues rise 39%.
Seeing Machines produces operator monitoring and intervention technologies and services.
It said that whilst its existing DSS mining business had remained profitable as it saw "significant growth in demand" from mining and resource companies, its hefty investment in additional research and development and resources to move into new markets led to a net loss.
Looking forward, it noted that this investment is expected to generate a consolidated loss in the coming year.
The company posted a pretax loss of AUD2.7 million, swung from a profit of AUD554,343, despite seeing revenue rise to AUD16.8 million from AUD11.7 million, as its operational expenses rose 72%.
Seeing Machines is seeking to broaden the sensing capabilities of its technology to include other forms of measurement outside of facial data capture via a camera sensor, and investing heavily in research projects. Its research projects include investigating new tracking technologies, how to optimise for automotive hardware applications, data analytics, and industry sector relevant human factors.
The Driver Safety System business saw revenue rise 57% as clients took up the third generation of its product. It has started to see revenue from Caterpillar Mining deals it had signed throughout the year, as well as securing new clients. Executing the first phase of its strategic alliance with Caterpillar Global Mining strategic alliance is a key focus for the year.
During the year it sold 1,059 systems, taking the total number of systems installed in Haul Trucks, other mining relating and commercial road vehicles to more than 3,500 units.
Revenues from its faceAPI and faceLAB market research products declined to AU1.2 million from AUD2.0 million. During the year it re-branded the products under its FOVIO core technology banner, and appointed Eye Tracking Inc to be its global distributor.
For 2014, it said that revenue growth, combined with funds raised during the year, are expected to accelerate the commercialisation of its technology across a range of industry sectors. As it continues its alliance with Caterpillar, it expressed confidence in another year of revenue growth from the mining sector.
Shares in Seeing Machines were trading down 0.8% at 4.96 pence Friday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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