Seeing Machines CFO James Palmer to step down

The advanced computer vision technology is in the financial stages of appointing a new CFO and expects to make an announcement shortly. Palmer will stay on at the group until mid-January to facilitate an orderly handover.

Chief executive officer Ken Kroeger said: "The last few years at Seeing Machines have been times of constant change and growth. This growth has been driven by a number of factors, including James' hard work and dedication to the business.

"I'd like to personally and publicly thank James for his tremendous contribution to the business, his support and his friendship during his time here and to offer him and his family our best wishes for the future."

The company pointed out that over the past four years, it has grown from 50 employees to over 200 and achieved a four-fold revenue increase. It said Palmer was "fundamental" in supporting this growth through new system implementation, business process improvement, office expansion to the UK, Germany and Japan, and the introduction of maiden debt to fund programme development in response to increased demand for Seeing Machines' technology.

At 0910 GMT, the shares were down 6.6% to 4.65p.