Seeing Machines' shares tumble on H1 loss, move to Caterpillar royalty plan

Shares in Seeing Machines are down more than 12% after the company swung to a first-half loss on moving from a direct-to-market model in mining to a royalty arrangement with Caterpillar.

Seeing Machines said its pre-tax loss for the six months was A$14.1m, from a profit of A$11.3m. Total revenue was down to A$3.6m, from A$29.3m.

Its royalty arrangement with Caterpillar allowed Seeing Machines to refocus its efforts toward the Automotive, Fleet, Aviation and Rail markets and technologies.

"Overall, I am pleased with the progress towards the achievement of our long-term goals as our multi-sector strategy continues to gain momentum," said chief executive Ken Kroeger.

At 13:00 GMT, shares in AIM-listed Seeing Machines were up 12.12% to 3.62p each.