Seeing Machines is expected to turn its first profit in 2019, with revenue expected to triple in the three years from 2016.
Companies: Seeing Machines Limited
Early trading saw computer vision tech company Seeing Machines (LON:SEE) up 12% this morning after the company released its report for the full year to 30 June 2017 ahead of market
expectations.
Although Seeing Machines is a loss making company, therefore rendering the PE ratio irrelevant, analysts expect them to turn a profit by 2019 with sales set to triple over the three years from 2016. The Company expects to release its final FY17 results and audited accounts in late September 2017.
Total revenue achieved for the year was in excess of A$13 million, while revenue was more than double that of FY16 on a like-for-like basis. Revenue momentum accelerated through the year with second half sales being more than 250% that of first half sales, with the key growth driver being the Fleet business with sales more than 250% that of the previous year. Automotive sales also grew strongly year on year by more than 50%. Trading this morning has since settled at around up 4%.
Seeing Machines CEO, Mike McAuliffe commented:
"These results show the strong traction in our core transport business segments and are a testament to the hard work of the entire team. We are confident that our leading technology platform being adopted by our rapidly growing customer base will continue to fuel our growth. We are building the Go-To company for full-stack DMS solutions, Eye-tracking solutions and more broadly vision AI (artificial intelligence) human sensing and assistance solutions - which we believe will deliver exceptional growth and long-term value creation for our shareholders."