The momentum is building behind Seeing Machines (LON:SEE), which has received another substantial order for its DSS driver monitoring equipment.
The system will be installed in a fleet of 32 haul trucks based at a mine in Chile. The company didn’t reveal the name of the customer.
Seeing Machines chief executive Nick Cerneaz said: "We are genuinely pleased to be announcing this new agreement in Chile and enthused by the level of interest in our DSS from right across South America.
“We are presently pursuing significant new mining opportunities in South America and to support our growing business in this region we are currently looking to finalise arrangements with local delivery and support partners across multiple South American countries.
“The pipeline in this region is strong and we expect to have a number of installations and local partners in place before the end of 2011."
The next year should be one of massive transformation for the technology firm. Analysts expect its sales to more than double in that period, which means the group will be cash generative and profitable.
Sales of these DSS systems are expected to power the group’s expansion.
The DSS, or driver state sensor, is able to automatically detect the warning signs of fatigue which set off an in-cab alert, while the data is also electronically monitored by the dispatcher.
Mining giant BHP Billiton (LON:BLT, ASX:BHP, NYSE:BHP & BBL) is a customer of Seeing Machines, as is America’s Freeport McMoRan (NYSE:FXC).
“The DSS is what’s transforming our business,” Cerneaz told Proactive Investors recently.
“The contracts we are getting are driving a very big change. In the first month of this new financial year we had exceeded the revenue for the entire previous year for the DSS business.
“This is a fairly transformational change. And it really is driving our belief that this year is going to be quite different to last year.
“What it comes out to be, well only time will tell. But it is a transformational year.
“Using last year’s numbers as a guide to this year is going to leave people lacking in detail.
“It is a different year and a different business now. The business is moving along very well.”
The company’s broker Daniel Stewart says revenues for the 12 months to June 30 2011 will jump US$5.2 million to US$9.2 million. This would give a pre-tax profit of US$1.4 million compared with a loss US$1.7 million.