|
Seeing Machines Ltd on Monday highlighted its growth prospects for the future, after narrowing its pretax loss in the first half on improved sales and an investment from Magna International. For the six months ended December 31, the London-based advanced computer vision technology company, which uses AI systems to improve transport safety, narrowed its pre-tax loss by 47% to $5.3 million from $10.0 million a year prior. Revenue rose to $24.4 million from $15.8 million, reflecting a comparative growth of 54% from the previous year. During the period, the company continued to grow with a reported total of 701,049 cars on the road at the end of December 2022, up from 243,722 for the same period a year prior, despite supply chain challenges in automotive manufacturing. Seeing Machines attributed this uplift to an exclusive collaboration with Magna International, which provided additional investment through a convertible note of up to $47.5 million. It said that this has strengthened its balance sheet and is now fully funded to deliver its business plan for the foreseeable future. Looking ahead, Seeing Machines expected financial performance for the year as a whole in line with consensus expectations. It also emphasized that its total addressable market was expanding, presenting ‘an exciting opportunity to grow market share and deliver long-term growth’. ‘We are pleased with the continued progress made during the first half of the year,’ said Chief Executive Officer Paul McGlone. ‘Transport safety has moved meaningfully up the regulatory agenda around the world, and our market leadership, scalability and balance sheet strength means we are ideally positioned to deliver on our business objectives.’ The company did not declare an interim dividend, unchanged from last year. Seeing Machines shares were trading 3.3% lower at 7.19 pence. Copyright 2023 Alliance News Ltd. All Rights Reserved.
|
