StockMarketWire.com - Self-driving vehicle technology group Seeing Machines warned that supply delays and cost overruns would cause its revenues in the 2019 financial year to be 'materially' below current market expectations.

The company had already warned last month that the supply shortages of certain components coupled with higher-than-expected production costs would hurt margins in the 2018 financial year.

'Having now conducted an initial review, the Board recognises that the impact of the production delays will have an ongoing adverse effect on growth of its connected base in financial year 2019,' the company said.

Seeing Machines also said that previously anticipated cost reductions were unlikely to be achieved in the short to medium-term.

The company said it had initiated a detailed internal review of its fleet business.

The review would include examining steps necessary to remove cost and guarantee inventory availability, with improved manufacturing arrangements.

At 1:30pm: [LON:SEE] Seeing Machines Ltd share price was -3.6p at 6.6p



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