London-listed Seeing Machines (AIM:SEE) told investors that it expects revenues from the second half of 2020 to surpass those from its first half.
In a half-year trading statement for the six months to 31 December 2019, the monitoring technology provider said it expects to see “continued momentum” across all business units throughout 2020.
The group expects to report a total A$15.8m of sales revenue for the first half of 2020, up from A$13.5m in the first half of 2019.
Paul McGlone, CEO of Seeing Machines, expects that the group’s pipeline developed across its fleet division in the first half will result in a revenue boost to “significantly” exceed that of H1.
Installations of the company’s systems have accelerated “month by month” McGlone noted by raising 4.500 units to 20,551 to support the “connected unit target” for the full year with an annualised recurring revenue total of A$13.2mln.
Shares in Seeing Machines were trading 3.68% lower at 4.575p on Thursday morning.
The statement also outlined the company’s success with its recent DMS technology partnerships, including those procured with BMW and Qualcomm which, according to McGlone, reinforce the view of expected growth.
As a result of the dealings, McGlone said the company expects an increase in RFQs and program expansion “over the coming months.”
Meanwhile, McGlone added that the company was in “advanced discussions” with multiple parties as part of its licensing strategy with the execution of ongoing programs remaining “a top priority.”
Seeing Machines expects to publish its half year results in March 2020.
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