30th Jun 2014 09:22
LONDON (Alliance News) - Seeing Machines Ltd said it will post a pretax loss for the year ending Monday, and also in the financial year 2015, as a result of "significant investment" over the next year to two years.
Seeing Machines produces technology for the monitoring of equipment operators, such as detecting fatigue and distraction in drivers.
The AIM-listed company said revenue for the recent full year will be 40% ahead of the previous year, as it saw strong sales to mining and transport customers.
For the half year ended December 31, 2013, Seeing Machines logged a pretax loss of AUD844,903, widened from AUD317,919 in the previous year, despite a 19% increase in revenues to AUD5.6 million from AUD4.7 million a year before.
Following its GBP16 million fund raising last November, the company is seeking to invest in the mining, automotive, commercial road transport, rail, and simulators including aviation.
The company said it also plans to continue investing in its technology platform and wider sensing abilities, as it investigates further industry opportunities outside of operator monitoring and intervention that are aligned more to licensing and royalty relationships.
It also plans to extend its real-time monitoring products to include a broader range of intelligent sensing technologies and interpretation capability.
"Seeing Machines has made the conscious decision to enter only markets where it can achieve and maintain a leadership position," said Chief Executive Ken Kroeger in a statement. "This will be achieved through selection of the right partners, working with them to develop a clear understanding of the market's requirements and expectations, and by taking new joint solutions to market the best way possible."
Shares in Seeing Machines were trading down 5.6 at 5.43 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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