Business
Half Year Results to 31 December 2017
Half Year Results to 31 December 2017.
About this update from Seeing Machines Limited
[{"type":"text","content":"\n \nRNS Number : 3382H Seeing Machines Limited 12 March 2018 \n\nSeeing Machines Limited\nHalf Year Results to 31 December 2017\n \n12 March 2018\nSeeing Machines Limited (AIM: SEE) (\"Seeing Machines\" or the \"Company\"), an industry leader in computer vision technologies which enable machines to see, understand and assist people, is pleased to announce financial results for the six months to 31 December 2017 and the publication of the H1 2018 Directors' Report.\nThe half-year financial report is available for download from the Company's website: www.seeingmachines.com/announcements\nFinancial Highlights:\n- Revenues for the half-year ended 31 December 2017 of A$14.6m - a record for the Company.1\n- Total revenue from operations was A$14,646,538 - compared to A$3,995,748 for the same period last year - an increase of 267%.\n- Revenue from the Automotive segment of A$6,882,223 (2017: A$992,934) represents an almost seven-fold increase compared to the same period last year. This was a record half-year revenue for the Automotive segment mainly as a result of milestone payments arising from the program win, as announced on 30 October 2017, with a premium German Automotive OEM in conjunction with a major Tier 1 automotive partner, to provide our FOVIO Driver Monitoring System (DMS) technology into new automobile models. \n- Revenue from the Fleet segment of A$5,868,572 (2017: A$1,637,875) represents a 258% increase on the same period last year. Total value of contracts signed with Guardian customers in the first half was A$21m. This takes Fleet total contract value (\"TCV\") signed with customers, but not yet delivered nor recognised as revenue from A$21.5 million at 30 June 2017 to A$36.4 million at 31 December 2017. It is expected that this value will be brought to revenue as product and services are delivered approximately one third in H2FY18, and then progressively over the life of the contracts which typically range from 3 to 5 years. The FY18 full year result is expected to be weighted to H2 due to Generation 2.0 of Guardian hardware being released.\n- Revenue from the Off-Road ...