Half year trading update

About this update from Seeing Machines Limited

RNS Number : 5406C Seeing Machines Limited 23 February 2022     Seeing Machines Limited   23 February 2022 Half year trading update   Strong growth in both revenue and ARR drive confidence in meeting full year expectations   Seeing Machines Limited (AIM: SEE, "Seeing Machines" or the "Company"), the advanced computer vision technology company that designs AI-powered operator monitoring systems to improve transport safety, publishes a trading update for the six months to 31 December 2021 ("H1 2021").   The Company expects to report revenue for H1 2022 of A$21.7m (H1 2021: A$18.1m), representing a 19.4% increase year-on-year and an underlying growth rate[1] of 24.6%. Total connected Guardian units at 31 December 2021 was 36,933, securing forward Annualised Recurring Revenues including royalties of A$18.8m (H1 2021: A$15.5m). Cash position at 31 December 2021 of A$79.7m (H1 2021: A$52.7m).   The Driver Monitoring System (DMS) technology market has matured over the past two years accelerating the market opportunity for Seeing Machines significantly across all transport sectors. With that, the global landscape is changing as the Automotive industry starts production on a range of vehicles, featuring semi-automated features, underpinned by DMS as an enabling and safety technology, working closely with advanced driver assistance systems. Aftermarket opportunities have begun to resonate with large multi-national companies concerned with enhanced safety and the Aviation industry has started to commercialise engagement with the Company as the benefits of eye-tracking are acknowledged and implemented.   Government and industry bodies globally are demanding a focus on safety and that is being accompanied by regulation that will see DMS widely mandated, already set for Europe and now backed up by the USA, signaling more global activity.     To support this momentum and maintain its leadership position, Seeing Machines has renewed focus on its technology roadmap and, following the successful fundraise in November 2021, will accelerate the development of new core software and systems features, expand sales channels and overall product portfolio to maximise its win rate of automotive programs in a significant sales pipeline and speed up growth in aftermarket revenue.   OEM (Automotive and Aviation) Highlights:  ...

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