Seeing Machines grows fleet unit contract value 69%

Seeing Machines reported an uptick in total contract value from its fleet division on Thursday, as it published an update on the division, as well its rail and off-road wings ahead of the release of its interim results next month.

Seeing Machines, which has developed technology that monitors eye movements and can monitor driver alertness, said trading in its current financial years remained in line with expectations. Fleet total contract value signed with customers, but not yet delivered nor recognised as revenue, rose 69% to A$36.4m as of 31 December from the A$21.5m posted at the midway point of 2017.

The Canberra-based group, which successfully raised £37.4m through a placing with institutional investors and an offer to existing shareholders back in December, planned to use the funds to further develop its FOVIO driver monitoring platform technology and continue to improve products across all industry verticals to scale its global footprint and meet "increased customer demand."

As of 0920 GMT, shares had gained 0.88% to 5.70p.