StockMarketWire.com - Computer vision technology company Seeing Machines posted a deeper first-half loss and said it would raise £34.3m from a share issue.

New shares in the company were offered at 3p each.

Pre-tax losses for the six months through December amounted to A$24.6m (£13.3m), compared to losses of A$16.7m on-year.

The company had already warned last year that supply delays and cost overruns would hurt its revenue and margins.

Revenue fell 4.1% to $14.0m, while R&D costs doubled and marketing and financing expenses also rose.

Seeing Machines said it had raised £27.5m through a placing and subscription would seek an extra £6.8m from an additional share offer.

'We are continuing to benefit from global regulatory drivers that are accelerating the implementation of driver monitoring systems across all vehicle types,' chief executive Ken Kroeger said.

'We have agreed several further partnership deals with leading global OEMs and now have six agreements in total, including with two premium German and three US-based global automakers.'

'The restructuring of our fleet business is almost complete, and we are now focused on targeting geographic markets and industry categories that will deliver profitable business.'

'We remain well placed to meet the rising demand for our technology from the global automotive sector, as DMS is increasingly acknowledged a key element required for transport safety in all vehicles.'




At 1:18pm: [LON:SEE] Seeing Machines Ltd share price was -1.35p at 3.25p



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