Seeing Machines’s vision has momentum

AIM-listed operator monitoring technology specialist Seeing Machines (LON:SEE) has installed more than 1,500 monitoring devices through its fleets division since the end of January, bringing the total number in operation above 14,500. Management said that the rate of installation was continuing to accelerate and they were confident in hitting the 16,000 mark by the end of June this year and reaching 27,000 over the following 12 months.

SVP Paul McGlone commented: “After analysing the financial performance of each contract we have modified the Fleet business model to bring forward recurring revenue, the biggest driver of value. Sales momentum is building in all our major markets through initiatives to expand geographic footprint with global customers, new distributors and the addition of new channel partners like leading Australian truck insurer, NTI.

“Combined with improvements in direct costs, hardware simplification and cost reduction, as well as efficiencies in monitoring services, we expect to deliver scale benefits from 2020“.

The price of Seeing Machines shares rose by 17.83% to 3.80p (as of 14:00 BST).