StockMarketWire.com - Seeing Machines said company revenue was up 122% to $A13.6m versus A$6.1m in FY16 on like-for-like basis, but reported revenue was down 60% due mainly to the one-off CAT license fee in FY16.

FINANCIAL HIGHLIGHTS:

- Second half sales were more than 250% that of first half sales, with the key growth driver being Fleet revenue

- Fleet business revenue achieved was A$9.1m for the year, almost triple the A$3.3m in FY16

- Automotive business, whilst in its early stages, still saw revenue increase by 49%, from A$1.1m in FY16 to A$1.6m in FY17

- Caterpillar agreed to pay $7m earlier than per original agreement timing in return for product development consulting project

- Indirect operating expenses rose from A$32.5m in FY16 to A$37.1m in FY17 due to increased investment in capability and resources to commercialize the company's technology for core industry targets

- Net loss before tax from continuing operations in FY17 increased to A$28.5m from A$1.6m for FY16 as a result of the increased investment described above and the one-off $21.8m license fee from Caterpillar booked in FY16

- Cash reserves at 30 June 2017 were A$22m compared to A$16.9m at 30 June 2016

Executive Chairman Ken Kroeger commented: "The tremendous success in the Fleet business clearly demonstrates that the company has established its departure from concentration on low volume, high value mining business to a multi-pillar approach covering the major global transport sectors.

"Leveraging partners like MiX Telematics and Geotab, as well as our regional distributors will continue to accelerate growth and build the market opportunities for Fleet around the world.

"While the Automotive business by nature requires long development times, we are hugely encouraged by our close engagements with a rapidly expanding roster of global OEMs and expanding Tier1 ecosystem to support their programs.

"This year also represented a passing of the leadership baton to Mike as CEO and I look forward now as Chairman, to supporting him and the team as they execute on the major opportunities ahead."

CEO Mike McAuliffe commented: "The big strides we have made this year gives us increasing confidence in our business prospects for our core transport markets.

"We have the right technology in the right place and at the right time.

"It has been a break-through growth year for the Fleet business which achieved widespread market recognition of the effectiveness of our pioneering Guardian solution.

"We believe that the FOVIO DMS platform and processor will be a major long-term growth driver for the company, driven by the adoption of DMS which is increasingly integral to ADAS and Autonomous driving technology.

"We have big opportunities and plans ahead this year and the team looks forward to making it happen."


At 8:05am: [LON:SEE] Seeing Machines Ltd share price was +0.13p at 3.25p



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