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Seeing Machines trading in line

2018 is shaping up to be an important year for the driverless cars technology firm after it successfully raised £37.4mln to develop the business
Big lorry
Seeing Machines raised funds to enable further investment in the ongoing development of the FOVIO driver monitoring platform technology

Driver fatigue monitoring technology developer Seeing Machines Limited (LON:SEE) said it is trading in line with expectations for the current financial year.

Fleet total contract value signed with customers, but not yet delivered nor recognised as revenue, has increased from A$21.5mln at 30 June 2017 to A$36.4mln at the end of 2017.

WATCH: Seeing Machines: Growing distributors and larger deals in the pipeline

The company expects to report group revenue for the six months to 31 December 2017 in excess of A$14mln.

House broker finnCap noted that the trading update follows the surprise departure of the chief executive officer at the beginning of last week, and shows that business continues unaffected.

"Reassuringly, trading in H1 (results due in March) was consistent with FY expectations of a step-change in revenue from over A$13.6mln to c.A$40mln, driven by the rapid growth in recurring revenue from the Fleet business. Over A$14mln will be delivered in H1 (more than the entire FY 2017) with H2 expected to be boosted by new Guardian devices. Fleet total contract value (TCV) – signed with customers but not yet delivered / recognised as revenue – has increased from A$21.5mln at June to A$36.4mln at December," finnCap said.


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