Seeing Machines shares rise as it looks back on a positive year

Shares in AIM-listed driver monitoring technology specialist Seeing Machines (LON:SEE) climbed 1.69% to 4.50p (as of 12:00 BST) after the company reported that revenues for the year ended 30th June grew by 3.5%. Recurring revenues for the company’s software as a service proposition were up by 89%.

CEO Paul McGlone commented: “These results are very pleasing and I’m happy to say, slightly ahead of expectations. 2019 was somewhat challenging for Fleet but a deep dive into the business has seen us turn that division around. We have worked particularly hard at increasing the high-quality recurring revenues in both Fleet and Mining. Management believe the current value of those contracted revenues alone underpin the existing market valuation of Seeing Machines, before appreciating the self-evident value of the considerable and growing order book in our Automotive division. We are also seeing increasing activity in the Aviation division and opportunities to leverage our IP across all transport sectors“.