Business
Interim Results
Interim Results.
About this update from Seeing Machines Limited
[{"type":"text","content":"\n RNS Number : 9123I Seeing Machines Limited 22 March 2010 \n \n\n22 March 2010\n \n \n \nREVIEWED INTERIM RESULTS FOR THE Six months to 31 DECEMBER 2009\nSeeing Machines Limited (\"the Company\"), a leading developer of advanced vision based industrial systems, announces its reviewed, unaudited interim results for the six months to 31 December 2009.\n \nFinancial Results\n· Strong expenditure controls resulting in cash reserves being maintained throughout the period.\n· Revenue growth of 25% compared to the previous 6 months to 30 June 2009.\n· Net loss for the period A$402,568 (2008: Profit A$358,099). Note that the 2009 figure includes A$600,164 of expensed development costs. In 2008, A$907,705 of development costs were capitalised, however if these had been expensed the Company would have reported a net loss of A$549,606 for the six months to 31 December 2008.\n· Other income of A$79,646 down from A$402,011 primarily as a result of higher foreign exchange losses. \n \nOperational Highlights since 31 December 2009\n \n· Continued emergence of the resources sector as a strong market for the DSS Driver Monitoring Equipment (\"DSS\") product suite. \n· Signed Master Purchasing Agreement with Freeport McMoRan Copper and Gold Inc. (\"Freeport\") establishing the master terms and conditions for the supply of the DSS to Freeport's group of operating companies (as announced on AIM on 12 February 2010). \n· Contract gain to supply DSS to subsidiary of Freeport (as announced on AIM on 15 March 2010). \n· Contract gain to supply DSS to subsidiaries of BHP Billiton (as announced on AIM on 17 March 2010). \n \nDespite the six months to 31 December 2009 being a difficult trading period the Company did achieve revenue growth over the prior six months and managed to sustain its cash levels, reflecting the benefits of decisive restructuring steps taken by management in early 2009. Notwithstanding this good progress the full year results to 30 June 2010 are not expected to achieve current market expectations due to delayed revenue growth and changes ...