25 May 2012

Seeing clearly

17/10/2011 Ben Jaglom

Australian facial tracking specialist Seeing Machines (SEE) widened losses to A$2.2 million (2010: A$1.8 million) amidst an increase in R&D costs.

The AIM-quoted minnow declared the loss on sales that rose from A$4 million to A$6.5 million for the year to June 2011. Cash stood at A$1.65 million (2010: A$3.9 million) as a result of the increase in R&D spending.

In an interview with Growth Company Investor chief executive officer Ken Kroeger enthused that the company is a 'stellar research house' adding that its Driver State Solutions (DSS) technology - used to track the eyeball motion of truckers working in the mining industry and alerts them if they're fatigued - had increased revenues from A$1.1 million to A$4.3 million.

Looking ahead he argued that DSS had been 'heavily vetted' by 'mining experts' over the last year and that the opportunity 'now exists to truly capitalise on it' adding that he wanted to consider the application of DSS across the trucking sector.

Analysts at Daniel Stewart had forecast a maiden profit of A$900,000 (EPS: 0.12 cents) on sales of A$10.6 million for the year to June 2012 prior to today's results.

Seeing Machines has traded in a narrow range between 1.88p and 3.88p over the last four years on AIM, currently trading at 2.88p. While the group is continuing to make losses there was little in the results to have shocked investors. Last recommended by Growth Company Investor at 2.75p this July we retain our speculative buy rating on the Austalian concern.

Tags: AIM minnows, Australian technology, Business in Australia, Trucking business

Sector: Technology Hardware & Equipment

Companies: Seeing Machines

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