Business
Final Results
Final Results.
About this update from Seeing Machines Limited
[{"type":"text","content":"\n \nRNS Number : 3318Q Seeing Machines Limited 11 September 2017 \n\nSeeing Machines Limited\n(\"Seeing Machines\" or the \"Company\")\n \n2017 Financial Results and Directors Report\n \n11 September 2017\n \nSeeing Machines (AIM: SEE), an industry leader in computer vision based technologies which enable machines to see, understand and assist people, is pleased to announce its audited financial results for the year to 30 June 2017 and the publication of its 2017 Directors Report.\n \nThe Report is available for download from the Company's website: www.seeingmachines.com/investors.\n \nKey Points:\n \nFinancial\n \n· Company revenue was up 122% to $A13.6m versus A$6.1m in FY16 on like-for-like basis, though reported revenue was down 60% due mainly to the one-off CAT license fee in FY16. \n· Second half sales were more than 250% that of first half sales, with the key growth driver being Fleet revenue.\n· Fleet business revenue achieved was A$9.1m for the year, almost triple the A$3.3m in FY16.\n· Automotive business, whilst in its early stages, still saw revenue increase by 49%, from A$1.1m in FY16 to A$1.6m in FY17.\n· Caterpillar agreed to pay US$7m earlier than per original agreement timing in return for product development consulting project.\n· Indirect operating expenses rose from A$32.5m in FY16 to A$37.1m in FY17 due to increased investment in capability and resources to commercialize the Company's technology for core industry targets.\n· Net loss before tax from continuing operations in FY17 increased to A$28.5m from A$1.6m for FY16 as a result of the increased investment described above and the one-off $21.8m license fee from Caterpillar booked in FY16. \n· Cash reserves at 30 June 2017 were A$22m compared to A$16.9m at 30 June 2016.\n \nOperational\n \n· After a strategic review, Seeing Machines implemented a new integrated strategy retaining the Automotive business within the Company to leverage a common platform strategy, cross-funding and growing synergies across the five key transport industry pillars.\n· The Company advanc...