Seeing Machines (LON:SEE) chairman Terry Winters has hailed record sales of the group’s driver safety device despite a significant downturn in the mining industry, a key market for the product.
Winters, at the company’s AGM earlier today in Canberra, Australia, said there was strong demand for the system which monitors drivers for fatigue.
He highlighted continued success working with Caterpillar, which is now taking over responsibility for manufacturing, marketing and sales of the group’s rugged off-road product. And it is also marketing the Fleet product as well across all of Caterpillar's industries, not only mining.
Fleet, a lower cost version of the product, is also seeing interest from long distance fleet transport operators.
And the group’s technology has also attracted what Winters describes as a “very significant” contract from one of ‘one of the largest global car manufacturers’.
Seeing Machines had 20% revenue growth in the 2014 financial year, and Winters highlights that the company ended the period with a strong balance sheet and a “significant” pipeline of opportunities.