Seeing Machines (SEE) , the AI-enabled driver monitoring technology company, released interim results on Monday, revealing revenues of A$31.9 million, up 4% from A$30.7 million.
It’s automotive division delivered contracted revenues of approximately A$200 million up, driven by a growing order book within the business, to be recognised between 2021 and 2024.
The company’s fleet division, Guardian, experienced revenues that doubled from A$4.2 million in H1 to A$9.5m in H2 for a full year of A$13.7 million.
Overall Gross Profit increased 246% to A$18.7m, and the company anticipates a 40% growth in revenue, providing FY2020 guidance between A$45 and A$50 million.
Seeing Machines also appointed Naomi Rule as CFO starting 1 October 2019. She was previously at Blue Sky Alternative Investments (ASX:BLA) where she was engaged to conduct an investigation into the business' financial function and provide a comprehensive analysis and transformation roadmap to repair legacy issues and conduct a business turnaround.
Paul McGlone, CEO of Seeing Machines commented: "We are very pleased with progress in the business. We have worked hard internally and with our external partners to optimise work processes, minimise costs and seek out new opportunities, which will ensure we turn many years of hard work into value for shareholders."
"I am delighted to welcome Naomi to the team and I'm confident she will add significant value to the management team. I am optimistic about 2020 and beyond as we harness the growing opportunities for our driver monitoring technology across very engaged transport sectors and bring the advanced discussions around IP licensing to life, which will underpin our ability to meet the ongoing and growing demands of our customers."
The aviation division made significant progress, securing its first two commercial deals with the Royal Australian Air Force, and airline pilot training provider L3 Commercial Aviation.
The Australian based company is gaining traction globally, after being awarded a contract with National Express to install its technology across its coach and ferry fleet in July.
It was also awarded an expanded program with a European Original Equipment Manufacturer earlier in September.
Lombard Odier, the 51 billion CHF asset manager, has been gradually increasing its stake in the AIM listed company over recent months, to 13.28% as of September 23.
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