Seeing Machines Limited Trading Update & Fleet, Rail and Off-Road Update (2507E)

TIDMSEE

RNS Number : 2507E

Seeing Machines Limited

08 February 2018

Seeing Machines Limited

Trading Update

Publication of Fleet, Rail and Off-Road Update

8 February 2018

Seeing Machines Limited (AIM: SEE) ("Seeing Machines" or the "Company"), an industry leader in computer vision technologies which enable machines to see, understand and assist people, is today publishing a Fleet, Rail and Off-Road Update for the period ending 31 December 2017. For access to the latest Fleet, Rail and Off-Road Update, please click here or visit www.seeingmachines.com/announcements.

Seeing Machines' Group trading for the current financial year remains in line with expectations. Fleet total contract value ("TCV") signed with customers, but not yet delivered nor recognised as revenue, has increased from A$21.5 million at 30 June 2017 to A$36.4 million at 31 December 2017. Financial results for the six months to 31 December 2017 will be released on Tuesday 13 March 2018 in London. The Company expects to report Group revenue for the six months to 31 December 2017 in excess of A$14 million (unaudited).

The Company successfully raised GBP35m through a placing with institutional investors announced in December 2017 and a further GBP2.4 million through an offer to existing shareholders. These proceeds will enable further investment in the ongoing development of the FOVIO driver monitoring platform technology and continued product improvement across all industry verticals to scale the Company's global footprint and meet increased customer demand.

Enquiries:

 
 Seeing Machines Limited             www.seeingmachines.com 
                                      / [phone] 
 Ken Kroeger, Executive Chairman     [e-mail] 
  & Interim CEO                       [e-mail] 
  Media inquiries 
 
 finnCap Ltd (Nominated Adviser 
  and Joint Broker)                  [phone] 
 Ed Frisby / Emily Watts, 
  Corporate Finance 
  Tim Redfern / Richard Chambers, 
  Corporate Broking 
 
 Canaccord Genuity Limited 
  (Joint Broker)                     [phone] 
 Simon Bridges 
  Richard Andrews 
  Alexander Napier 
 

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

About Seeing Machines

Seeing Machines (LSE: SEE) is an industry leader in computer vision technologies which enable machines to see, understand and assist people. The Company deploys its FOVIO machine learning vision platform to deliver real-time understanding of drivers through AI analysis of heads, faces and eyes for Driver Monitoring Systems (DMS), which monitor driver attention state including drowsiness and distraction. DMS is increasingly considered a core automotive safety technology as well as an enabling technology for ADAS/Autonomous Driving. The Company's pioneering commercial fleet solution (Guardian) delivers an after-market, in-cabin safety intervention system with 24/7 monitoring and cloud analytics services delivered on a telematics SaaS basis. The Company also serves Aviation, Rail and Off-Road markets, and they are seeking to innovate in new markets. Based in Canberra, Australia with the intention to grow in the USA and Europe, the Company delivers multi-platform solutions from embedded software and processors to aftermarket system and service solutions to industry leaders globally. www.seeingmachines.com.

This information is provided by RNS

The company news service from the London Stock Exchange

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February 08, 2018 02:00 ET (07:00 GMT)