Business
Preliminary Results
Preliminary Results.
About this update from Seeing Machines Limited
[{"type":"text","content":"\n \nRNS Number : 2928Q Seeing Machines Limited 29 August 2014 \n \n\n \nSeeing Machines Limited: Preliminary unaudited results for year ended 30 June 2014\n\nSeeing Machines (AIM: SEE) is pleased to announce its preliminary results for the year ended 30 June 2014.\nHighlights\n· Total revenue increase of 39% to A$17,762,246 (2013: A$12,735,741); \n· Gross profit increased by 34% to A$10,012,894 (2013: A$7,492,697) due primarily to: \no a change in product mix resulting from higher DSS sales;\no the sale of services, including engineering consulting services;\no decline in faceLAB® and faceAPI™ sales.\n· The existing DSS mining business remained profitable.\n· With significant investment in additional R&D and resourcing the business for its growth into new markets, the consolidated results for the year delivered a net loss of A$2,706,380, representing a decline of A$3,261,331 from last year's profit of A$558,951.\n· Cash at 30 June 2014 increased to A$22,764,774 (30 June 2013: A$835,001) due to:\n§ proceeds from capital raised in December 2013 and January 2014 (A$27,977,575); \n§ increased investment in inventory to fulfil the customer orders;\n§ initial investment in expanding entry into an extended set of industry sectors;\n§ developing scalable infrastructure to enable increased scaling of field support capabilities within the Company's main Driver Safety Solution (\"DSS\") markets;\n§ increased investment in R&D.\n\nCommenting on the Preliminary Results, Seeing Machines Chairman, Terry Winters said: \nOverview\nSeeing Machines achieved record sales in the year ended 30 June 2014, with particularly strong performance delivered from the Company's continued roll-out of its DSS products and services to the global mining sector. This growth has been aided by our strong relationship with Caterpillar and growing relationships with the Caterpillar Global Dealer Network and the increased reach these dealers bring to our distribution capabilities.\nIn parallel with the successes being derived from our DSS product range, we are experiencing significant interest from other much larger markets, including the long distance road freight transport industry and rail networks.\n \nThis has reinforced the Co...