StockMarketWire.com - Driving monitoring technology provider Seeing Machines booked a deeper annual loss after it ramped up R&D spending.

Pre-tax losses for the year through June amounted to A$41.7m (£22.7m), compared to losses of A$36.0m on-year.

Revenue rose 4% to A$31.9m, but R&D costs rose to A$35.9m, up from A$20.2m.

Seeing Machines forecast revenue in the current financial year to grow to between A$45m and A$50m.

'We are very pleased with progress in the business,' chief executive Paul McGlone said.

'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.'




At 9:12am: [LON:SEE] Seeing Machines Ltd share price was +0.05p at 4.13p



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