Seeing Machines updates investors following 'exciting and pivotal' year
By Iain Gilbert
Date: Wednesday 14 Nov 2018
(Sharecast News) - Seeing Machines provided investors with details from its "exciting and pivotal" year at its annual general meeting on Wednesday.
The AIM-listed firm, which develops AI-powered driver monitoring technology, said its position as a leader in "camera-based driver monitoring technology" had been validated after winning five new programme awards with original equipment manufacturers throughout the year.
Seeing Machines said it was also "very well placed" to leverage recent regulatory developments across Europe and North America following the recommended inclusion of its driver management software by both the European Commission and the United States' National Transport Safety Board.
Over at its fleet unit, the Australian-based outfit said it had been forced to make some "difficult decisions" after costs for its Guardian technology had increased throughout the period, meaning it would now take "time" to align the Guardian model with the firm's "broader automotive direction".
In its Aviation wing, Seeing Machines reported "significant progress" which would also be affirmed with multiple new commercial engagements, while it was also looking forward to "increased progress" in its rail and transport division on the back of its successful roll out of its transport bus and tram programs.
Seeing Machines said it had also added "significant new customers" in South East Asia, Russia, the Americas, and Africa as a result of an uptick in the global mining industry.
Boyer also said the company was looking forward to "increased progress" in its rail and transport business following the first.
"We have now established a clear strategy for the group that will see the entire business transition to a pure OEM and Tier 1 supplier, offering value-added services to deliver safety solutions to customers in automotive, fleet, rail, mining and aviation," said chairman Jack Boyer.
As of 1200 GMT, Seeing Machines shares had picked up 1.88% to 5.95p.
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