Business
Post Close Trading Update
Post Close Trading Update.
About this update from Seeing Machines Limited
[{"type":"text","content":"\n \nRNS Number : 4122H Seeing Machines Limited 01 August 2019 \n\n1 August 2019\nSeeing Machines Limited\n \nPost Close Trading Update\n \nSeeing Machines Limited (AIM: SEE) (\"Seeing Machines\" or the \"Company\"), the leading provider of AI-enabled driver monitoring technology for improved transport safety, provides a trading update for the financial year ended 30 June 2019 (\"FY2019\" or \"the period\"). \n \nNew automotive OEM awards, improved Fleet results, developments in Aviation and a successful equity fundraising were key successes during the period. \n \nFY2019 Financial Highlights:\n \n● Revenues for FY2019 are expected to be A$31.8 million, slightly ahead of FY2018 (A$30.7) and the Board expectations as outlined on 20 March 2019. \n \n● Revenue for SaaS (software as a service), the monthly monitoring fee from the Company's fleet solution, Guardian, increased by over 89% to A$5.7 million during the period and, coupled with contracted recurring royalty payments in mining, represents annualised recurring revenue of more than A$12 million as at 30 June 2019.\n \n● Following a number of further OEM contract wins during the period, the total projected value of contracted revenue for the Automotive business is now in the range of A$170 million to A$200 million, up from A$110 million at the end of FY2018, with the majority of this expected to be recognised in the 2021-2024 period based on projected lifetime OEM volumes.\n \n● Successful A$58.1 million (£31.57 million) fundraise completed in April 2019 to continue investment into the Company's driver monitoring platform which will underpin successful execution on existing awarded programs as well as accelerate the development of its technology to maintain a leadership position on future, global opportunities.\n \n● Cash position at 30 June 2019 was A$64.3 million.\n \nFY2019 Operational Highlights\n \n· In the Automotive division, two new production awards secured with OEM customers, one based in China and another in North America, both to be delivered on the FOVIO Driver Monitoring Chip. \n \n· Expanded...