The financial year just ended saw a sharp increase in sales for Seeing Machines Limited (LON:SEE), the computer vision technology company.
Total sales revenue for the Aussie driver fatigue monitoring specialist in the year to the end of June was A$30.7 million, up 127% from A$13.5mln.
Revenue momentum accelerated through the year with sales in the second half being more than 9% higher than in the first half.
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Gross profit increased year-on-year, albeit from a negligible base point, with the increase attributed to a greater proportion of the revenue coming from the high-margin Automotive, Off-Road and Rail markets.
Fleet margin also improved year-on-year due to the high-margin fleet monitoring monthly recurring revenue from its growing connected customer base.
The margin for the group as a whole was affected by the previously announced delays to shipments of the Fleet Guardian Gen 2 driver monitoring product and the higher-than-expected hardware costs associated with the product.
Seeing Machines said that despite the delays to shipments, more than 5,500 units have now been shipped to distribution partners.
The group ended June with cash and cash equivalents of A$43.4mln, equivalent to £24.6mln.