Seeing Machines (SM) has announced that, as a result of a strong Q4 trading period, FY15 revenues are expected to be c A$18.9m (we are forecasting A$18.1m). Revenues were predominantly driven by sales of products and services to the mining industry, as well as some sales of the company’s new fleet product late in the period. We expect FY16 revenue growth to accelerate as the Caterpillar alliance matures and the group rolls out its new fleet product. We continue to believe the shares look attractive, given the strong growth forecast for inward-facing cameras in vehicles, and SM’s commanding market position in this space.
