StockMarketWire.com - Sydney and London listed computer vision group Seeing Machines said it expected to report an 18% rise in annual revenue, driven by automotive royalty payments.

Revenue for the year through June was seen increasing to A$47.3 million (£25.2 million), which the company said was in line with market consensus

'Seeing Machines has continued its growth path despite the challenges posed by the Covid-19 pandemic,' the company said.

'Importantly, the 2021 financial year has marked the long-anticipated commencement of automotive royalty revenues as over 100,000 new vehicles have hit the roads with Seeing Machines' driver monitoring system technology embedded.'

'These royalty revenues are expected to increase sharply over the next two-to-three years as production of vehicles carrying the company's DMS technology ramps up.'

Seeing Machines said it also continued to experience significant growth in its aftermarket business.


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