25 May 2012

Seeing Machines issues warning

23/06/2011 Miles Nolan

Shares in Seeing Machines (SEE) have slumped by 30 per cent, after the vision based systems developer issued a warning that results will fall short of expectations.

The AIM listed company blames the delayed rollout of its DSS product, used to deliver information on operator fatigue. Seeing had hoped to book revenue from a contract at a mining site within its current year to June 20122, however the installation will now slip to August.

Earlier this month it was announced that chief executive Dr Nick Cerneaz was to leave the company in July, largely due to his commute from Canberra to his home in Sydney. A replacement is still being sought. Despite the warning Seeing argues that it has secured a number of significant new DSS mining customers during 2011, a move that should drive future growth.

Following the share price fall to 1.75p Seeing is valued at £7.2 million. At the end of December the loss making company had cash of A$2.5 million. Though it boasts a range of clever technology, the shares are likely to remain friendless in the short term.

Tags: AIM market, Australia, Dr Nick Cerneaz, Driver fatigue, Penny shares

Sector: Technology Hardware & Equipment

Companies: Seeing Machines

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