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Seeing Machines predicts second half revenues will “significantly” exceed first six months

CEO Paul McGlone attributed the expected boost to a pipeline developed across the group's fleet division in the first half of the year

Seeing Machines Ltd. - Seeing Machines predicts second half revenues will “significantly” exceed first six months

Seeing Machines Limited (LON:SEE) is expecting that revenues for its second half will “significantly” exceed those from the first six months of its current year.

In a trading update for the six months ended 31 December, Paul McGlone, chief executive of the driver monitoring specialist, said the revenue boost will originate from the pipeline developed across its fleet division in the first half, with installations of its systems “accelerating month by month to support the connected unit target for the full year”.

READ: Seeing Machines unveils renewed supplier agreement with US chip firm Xilinx for its FOVIO Chip

For the first half itself, the company expects to report sales revenue of A$15.8mln, up from A$13.5mln in the prior year, while installations of its Guardian driver monitoring system rose by 4,500 units to a total of 20,551, securing annualised recurring revenues of A$13.2mln.

Looking ahead, McGlone said the company was “in advanced discussions with multiple parties” as part of its licensing strategy while executing it ongoing programs remained a “top priority”.

The shares were up 0.8% at 4.8p in early deals on Thursday.

Quick facts: Seeing Machines Ltd.

Price: 1.725 GBX

Market: AIM
Market Cap: £58.05 m

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