Trading Update & New SVP Sales Appointed

RNS Number : 5626S

Seeing Machines Limited

09 July 2015

 

Record Full Year Revenue

New SVP Sales Appointed to Drive Fleet Sales

9 July 2015

Seeing Machines (AIM: SEE), the AIM-listed company with a focus on operator monitoring and intervention sensing technologies and services, is pleased to confirm that it expects to achieve record revenue for the year to 30 June 2015.

With a particularly strong fourth quarter sales result, full year revenue is expected to be approximately AUD 18.9 million, 12 percent higher than the previous financial year (FY2014: AUD 16.8 million).  This figure excludes other income research and development tax credit of AUD 2.1 million as previously reported in the Company's half year results.

This revenue was based largely on sales of products and services to the mining industry, with some sales of the Company's new Fleet product in the fourth quarter.  The Company expects Fleet sales to become a much more significant component of ongoing sales revenue in the new financial year.  In the year to 30 June 2015 the Company shipped approximately 1,700 units, across the mining and Fleet products (FY2014: 1,059 units), another record for the Company.

In parallel, heavily driven by automotive and aviation sector opportunities, the Company made major advances in core technology performance and its commercial position in both fields.

The Company expects to report financial results for the full year in line with market expectations.  Consistent with its past practice, the Company expects to release unaudited financial results by the end of August and audited accounts in September.

In order to continue to drive sales, the Company is pleased to announce the appointment of Mr Mark Penman as the Company's new Senior Vice President, Sales.

Mr. Penman is based in the Company's Tucson office and will provide the overall guidance and leadership to the Company's global Business Development Team and develop and manage Seeing Machine's channel relationships for its recently launched Fleet product.  

Most recently, Mr. Penman was the Director of Business Development at TomTom Licensing, the global leader in navigation and mapping products. While in this role, he was responsible for driving sales and grew his customer base from US$500,000 annually to more than US$20 million in just four years. He worked with brands including Garmin, Magellan, MapQuest/AOL and Cobra and also was responsible for securing MapQuest's global business, the industry's sought-after premiere customer. 

"With our relationship with Caterpillar expanding and the launch of the new Fleet product, we are looking to Mark to spearhead our sales efforts," said Ken Kroeger, CEO, Seeing Machines. "With his experience in navigation systems, working with OEMs and the automotive sectors, and his networks in the U.S. transport industry, we think that his skill set perfectly aligns with what we are looking for in order to further drive our sales."

Enquiries:

Seeing Machines Limited
Ken Kroeger, Managing Director and CEO	[phone] [e-mail]
James Walker, Finance Director	[phone] [e-mail]
US media inquiries: Anne Donohoe	[phone] [e-mail]
finnCap Ltd, Broker for Seeing Machines
Ed Frisby / Emily Watts Corporate Finance	[phone]
Joanna Weaving, Corporate Broking
Newgate, Investment Communications for Seeing Machines
Robyn McConnachie Tim Thompson Lois Engstrand	Tel: [phone] / Mob: [phone] [e-mail] Tel: [phone] / Mob: [phone] [e-mail] Tel: [phone] / Mob: [phone] [e-mail]

About Seeing Machines

Seeing Machines, (AIM: SEE) is focused on operator monitoring and intervention sensing technologies and services. With more than 15 years of experience, Seeing Machines uses advanced detection and prevention safety assistance technologies to track eye and facial movement in order to monitor fatigue, drowsiness and distraction events, such as microsleeps, texting and cell phone use as they occur, while providing for a real-time intervention strategy, which improves operator, driver and environmental safety, preserves assets, and reduces risk. Seeing Machines' technology is used worldwide across the automotive, mining, transport and aviation industries; as well as many of the leading academic research groups and transportation authorities. Seeing Machines is headquartered in Australia and has offices in Tucson, Arizona, Mountain View, California and Santiago, Chile. The Company has strategic alliances with Caterpillar, Electro Motive Diesel, Boeing, Takata, SEMCo and Eye Tracking Inc.

 

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