25 May 2012

Seeing gains

08/08/2011 Ben Jaglom

Seeing Machines (SEE), the Australian developer of technology tracking facial movement has announced a contract with Asian logistics concern Toll Group.

The AIM-quoted company says it has won a contract for its DSS (Driver State System) technology, which monitors the eye movement of drivers and alerts them if they appear fatigued. The technology is of interest to mining companies whose truckers are at risk of falling asleep at the wheel and the technology is to be used at the CapCoal German Creek mine in Queensland, Australia. The contract is for an undisclosed amount

Seeing Machines' chief executive officer Ken Kroeger remarks the contract 'represents a transitionary step from mining's off-highway haul trucks to road-going haul vehicles'. He insists its DSS technology is 'quickly earning a reputation for reducing driver distraction and drowsiness events.'

Analysts at paid-for research house Edison are forecasting pre-tax profits of AUD $1.3 million (£850,000) on sales of AUD$ 8.7 million for the year to June 2011. In 2012 it forecasts profits of AUD $1.9 million on turnover of AUD $10.8million. Earnings of 0.3 cents (0.2p) and 0.4 cents (0.26p) a share are forecast for 2011 and 2012, respectively.

Last recommended by Growth Company Investor this July at 2.5p the shares currently trade at 2.75p. The tiny company, valued at £11.2 million, holds speculative appeal.

Tags: Australian businesses, Australian technology, Mining in Australia, Technology for mining

Sector: Technology Hardware & Equipment

Companies: Seeing Machines

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