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Seeing Machines Returns To Profitability With 66% Jump In Revenues

Published 08/25/2013, 04:51 AM
Updated 07/09/2023, 06:31 AM
CAT
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FTNMX551030
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DSS growth

Seeing Machines Ltd. (SEE.L) announced a 66% jump in FY13 revenues to A$11.7m and a return to profitability. The growth was driven by strong demand for the group’s Driver State System (DSS) fatigue- and distraction-monitoring systems by mining haul truck operators, with the DSS division’s revenue up 84% to A$9.2m. The outlook is supported by a pipeline of more than A$20m. In May, SM announced a global alliance with Caterpillar, the blue-chip manufacturer of construction and mining equipment, which is set to transform the group’s approach in tackling the global haul truck market. Meanwhile, SM is working on longer-term opportunities in the road transport and consumer electronics sectors. We are reviewing our forecasts and will publish a longer note in due course.
Seeing
Group revenue rose 66% to A$11.7m (we forecasted A$12.0m) as pre-tax profit jumped to A$0.6m (A$0.9m). The group ended the period with cash of A$0.8m (A$2.9m) and no debt, which is below our forecasts, mainly due to a A$2.1m increase in debtors to A$3.7m. DSS revenues were A$1.2m below our forecasts due to working capital constraints, and there was a backlog of 132 DSS units at the end of the financial year. SM has received orders for an additional 138 DSS units since the end of the period, meaning a total of 270 units already for FY14. We note that in the longer term, all mining sector deals will be via Caterpillar. faceLAB revenues were flat at A$1.6m, but this was A$0.5m better than we expected. faceAPI was in line at A$0.4m and there was a further A$0.4m in integration services revenues for third parties, which we had not forecasted.

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