Seeing Machines FY revenues in line, cash position beats guidance

Technology company Seeing Machines said on Monday that full-year revenues were in line with expectations and that the group's cash position had bested forecasts.

Seeing Machines said full-year reported revenues were expected to be AUD $54.2m (£31.67m), representing a 15% year-on-year increase, with annualised recurring revenues growing 20% to AUD $20.7m (£12.1m).

Underlying operational growth, on a like-for-like basis, excluding one-off license revenue in 2021, came to 22% on a constant currency basis. Non-recurring engineering revenue was up 61% on the prior year and high-margin automotive royalty revenues were 139% higher.

The AIM-listed firm said it had a cumulative automotive order book of AUD $395m (£230.85m), up 97.5% year-on-year, based on expected initial lifetime volumes

Cash as of 30 June was expected to be AUD $59.3m (£34.66m) - 29% above market consensus.

Seeing Machines also highlighted that there were now more than 447,000 cars on the road with its driver monitoring system technology installed, up 246% from the prior year, and noted that its aftermarket business continued to grow throughout the year.

As of 0820 BST, Seeing Machines shares were up 4.51% at 6.35p.

Reporting by Iain Gilbert at Sharecast.com