Update: Strong Q4 sales
Seeing Machines (SM) has announced that, as a result of a strong Q4 trading period, FY15 revenues are expected to be c A$18.9m (we are forecasting A$18.1m). Revenues were predominantly driven by sales of products and services to the mining industry, as well as some sales of the company’s new fleet product late in the period. We expect FY16 revenue growth to accelerate as the Caterpillar alliance matures and the group rolls out its new fleet product. We continue to believe the shares look attractive, given the strong growth forecast for inward-facing cameras in vehicles, and SM’s commanding market position in this space.Seeing Machines is engaged in developing, selling and licensing products, services and technology to detect and manage driver fatigue and distraction; developing driver-monitoring technology to be incorporated into passenger cars; entering commercial agreements with partners for the development, manufacturing and sale of products into key target markets; and research and development of Co.'s core vision processing technologies to support the development and refinement of Co.'s products.
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