StockMarketWire.com - Seeing Machines has posted a wider FY pretax loss to A$10.2m, from a loss of A$2.7m. Revenue was A$18.98m, from A$16,76m. There were substantial, multi-million dollar hikes in R&D and customer support and marketing expenses.

Chairman Terry Winters said:

"Seeing Machines set ambitious goals for the 2015 year. While the significant downturn in global mining markets meant that we didn't achieve the upper level of our growth objectives, we still shipped a record number of products, achieved record full year revenues and better than budgeted net income results for the year ended 30 June 2015.

"Strong demand continued for the Company's DSS products and services for the global mining sector. Our DSS sales performance has been aided by our strong relationship with Caterpillar and our growing relationships with the Caterpillar Global Dealer Network and the increased reach these Dealers bring to our distribution capabilities.

"We were also very pleased to see manufacturing commenced and the first new lower cost road fleet products shipped into this new and very large market segment. We are very excited about the level of interest we are receiving from long distance fleet transport operators and note that this market is larger than the mining segment by orders of magnitude.

"The company's clear leadership in designing and developing driver monitoring systems (DMS) technology has led to a very significant contract to supply our technology to one of the largest global car manufacturers and substantial interest from other leading global car producers.

"We delivered revenue growth on our 2014 results of 20% to A$21.2 million (excluding foreign exchange gains). With our planned increase in operational costs in order to execute our business plans in several industry sectors, the Company made a net loss of A$10.2 million for the 2015 financial year, compared to a net loss of A$2.7 million for the previous year.

"Your Company ended the financial year with a strong balance sheet and a significant pipeline of opportunities that are expected to lead to further revenue growth in the 2016 financial year."





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