TIDMSEE
RNS Number : 2450N
Seeing Machines Limited
23 September 2019
23 September 2019
Seeing Machines Limited
Year End Results
Seeing Machines Limited (AIM: SEE) ("Seeing Machines" or the
"Company"), the leading provider of AI-enabled driver monitoring
technology for improved transport safety, has published its audited
financial results for the year ended 30 June 2019 ("FY2019" or "the
period").
Operational Highlights:
-- Further validation of Seeing Machines' Driver Monitoring
System (DMS) technology with two new Automotive OEM program awards,
one in China and one in North America, both to be delivered via the
FOVIO Chip.
-- Expanded Automotive program awards confirmed with two
existing large Automotive OEM customers, one in North America and,
post-period, one in Germany.
-- European Parliament voted to mandate driver monitoring
technology in all cars, vans, trucks and buses, adding weight to
direction from the European New Car Assessment Program (NCAP) which
has confirmed it will mandate driver monitoring technology, among
other features, to incorporate additional safety features in new
cars, starting from 2022.
-- Guardian is connected to over 16,000 vehicles globally and,
further to the divisional review and subsequent changes, is set to
deliver scale benefits to the Company from 2020 with improvements
in direct costs, hardware simplification and efficiencies in its
delivery of monitoring services.
-- The Aviation Division launched its Crew Training System (CTS)
using the Company's eye-tracking technology, and successfully
completed two commercial deals to install CTS into Full Flight
Simulators for the Royal Australian Air Force and L3 Harris
Training Solutions.
-- The Guardian Backup-driver Monitoring System was launched to
the market and is now being installed into the autonomous fleet of
one of the world's leading self-driving car companies based in
North America.
Financial Highlights:
-- Revenue increased 4% to A$31.9m (2018: A$30.7m)
-- Guardian revenue (A$13.7) for FY19 more than doubled from H1
FY19 (A$4.2m) to H2 FY19 (A$9.5m)
-- Gross Profit increased 246% to A$18.7m (2018: A$7.6m)
-- Annualised Recurring Revenue of A$12 million at 30 June 2019
-- Total contracted revenue for the Automotive business of
approximately A$200m, with the majority to be recognised in the
2021-2024 period based on projected lifetime OEM volumes
-- Completed A$58.1m (GBP31.57m) equity placing and open offer in April 2019
-- Cash (including term deposits) at 30 June 2019 of A$64.3m (2018: A$42.8m)
Strategic Highlights:
-- Seeing Machines' strategic focus is on leveraging the value
of its expansive Intellectual Property (IP) asset. The Company is
now in advanced discussions across a range of transport sectors
regarding exclusive licensing arrangements with the aim of
expediting mass-market deployment in strategic markets, through
industry-leading partnerships.
-- Costs associated with the manufacture of Guardian hardware
have been closely reviewed and, with the support of Seeing
Machines' supply chain partner, the Company expects to deliver a
material reduction in costs which will significantly improve the
gross profit of Guardian hardware sales. The outcomes of these
discussions are expected to be agreed before the end of Q2
FY2020.
-- Seeing Machines signed an extended exclusive Agreement with
long-standing mining customer, Caterpillar Inc. on 19 August 2019.
The Agreement is extended for a further five years and outlines
proposal for further development of the Company's IP into the
Guardian and mining product (Driver Safety System) to co-develop
next generation technology to enhance customer experience. The
Agreement has also redefined exclusive Fields of Use for
Caterpillar and has opened up a range of Fields now accessible
directly by Seeing Machines and its channel and distribution
partners.
-- Seeing Machines has appointed Naomi Rule as CFO who will
commence with the Company on 1 October 2019 as a member of the
senior management team reporting to the CEO. Naomi has a strong
track record of transforming finance operations and teams and is an
experienced CFO.
o Naomi has worked in Europe, US and Asia with exposure to
global and large corporations.
o Her most recent role was CFO at Blue Sky Alternative
Investments (ASX:BLA) where she was engaged to conduct an
investigation into the business' financial function and provide the
CEO and Board with a comprehensive analysis and transformation
roadmap to repair legacy issues and conduct a business
turnaround.
o Prior to this Naomi has held a range of senior finance and
operational roles across a range of businesses.
o Naomi is currently a non-executive director of the 100%
Project, an organisation influencing workplace cultures on gender
equality in leadership and providing solutions for sustainable
change.
Outlook:
-- FY2020 Company revenue is expected to be in the range A$45 to
A$50m, reflecting an increase of over 40% on FY2019
-- Connected Guardian units are expected to be in the range
27,000 to 30,000 units by 30 June 2020, reflecting 68% growth on
FY2019
-- Annualised Recurring Revenue as at 30 June 2020 expected to
be in the range of A$18m to A$20m, representing growth of 50% on
FY2019.
Paul McGlone, CEO of Seeing Machines commented: "We are very
pleased with progress in the business. We have worked hard
internally and with our external partners to optimise work
processes, minimise costs and seek out new opportunities, which
will ensure we turn many years of hard work into value for
shareholders.
"I am delighted to welcome Naomi to the team and I'm confident
she will add significant value to the management team. I am
optimistic about 2020 and beyond as we harness the growing
opportunities for our driver monitoring technology across very
engaged transport sectors and bring the advanced discussions around
IP licensing to life, which will underpin our ability to meet the
ongoing and growing demands of our customers."
Enquiries:
+61 2 6103
Seeing Machines Limited 4700
Paul McGlone - CEO
Sophie Nicoll - SVP, Corporate Communications
Cenkos Securities plc (Nominated Adviser and Broker)
Neil McDonald +44 131 220
Pete Lynch 6939
Antenna Group for Seeing Machines (Media Enquiries)
SeeingMachines@antennagroup.com
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation
(EU) No. 596/2014. Upon the publication of this announcement,
this inside information is now considered to
be in the public domain.
Seeing Machines has also published its Director's Report on its
website. See here:
https://www.seeingmachines.com/investors/financial-reports/
About Seeing Machines - www.seeingmachines.com
Seeing Machines (LSE: SEE), a global company headquartered in
Australia, is an industry leader in computer vision technologies
which enable machines to see, understand and assist people. The
Company's machine learning vision platform has the know-how to
deliver real-time identification and understanding of drivers
through Artificial Intelligence (AI) analysis of heads, faces and
eyes. This insight enables Driver Monitoring Systems (DMS), which
monitor driver/operator identification and attention and can detect
drowsiness and distraction across multiple transport sectors.
Seeing Machines develops DMS for the Automotive, Commercial
Fleet, Aviation, Rail and Off-Road markets. The Company has offices
in Australia, USA, Europe and Asia, and delivers multi-platform
solutions to industry leaders in each vertical.
DMS is becoming a core safety technology integrated into ADAS
offerings for the automotive industry, particularly with the
development of semi-autonomous and self-driving cars. DMS is also
increasingly seen to be an integral safety feature across the
Commercial Transport & Logistics industry and is set to be
become a regulatory requirement for all cars, vans, trucks and
buses in Europe from 2022, with the rest of the world expected to
follow soon after.
Review of Operations
Financial Results
The Company's total sales revenue from continuing operations for
the financial year (excluding foreign exchange gains and finance
income) was A$31.9m compared to the 2018 revenue of A$30.7m.
Product FY19 FY18 Variance
$'000 $'000 %
Automotive 9,416 8,084 16
Offroad 7,067 3,725 90
Fleet 13,714 17,218 (20)
Aviation 304 189 61
Scientific Advances 1,387 1,500 (8)
Sales Revenue 31,888 30,716 4
Total sales revenue was A$31.9m, a moderate increase of 4%
year-on-year (2018: A$30.7m) as projected by the Board at the end
of the first half of FY2019. Given production and supply chain
constraints with the Company's Fleet product, Guardian, this result
is pleasing. Revenue momentum accelerated through the second half
of the year with Fleet revenue in H2 increasing by over 300% on H1
results to A$13.7m (H1: A$4.2m). Gross profit increased from A$7.6m
in FY2018 to A$18.7m this year, principally attributable to a
greater proportion of total sales revenue being generated by the
Automotive and Offroad business segments, which have lower cost of
sales and therefore higher gross margins. Fleet margin also
improved year-on-year due to the high-margin fleet monitoring
Monthly Recurring Revenue ("MRR") from its growing connected
customer base.
Automotive sales continue to increase moderately year on year,
due to non-recurring engineering payments for newly awarded
business and as pre-production technology samples are delivered to
customers. Automotive revenue is expected to dramatically increase
over the period between 2021 to 2026 where Original Equipment
Manufacturers ("OEMs") will start mass production on vehicles under
existing Driver Monitoring System ("DMS") awards. As we are now
working with an increasing number of automotive Tier 1 customers
globally and are actively engaged on programs with six OEMs in
North America, Europe and China, we are considered the leader in
DMS technology for automotive applications. We are also continuing
to develop significant opportunities with global market leaders in
the Aviation and Offroad segments.
Revenue from Scientific Advances in FY19 totalled A$1.4m (2018:
A$1.5m) and represented revenue from research project grants funded
by the Australian Government, including the Advanced Safe Truck
Concept ("ASTC") program in collaboration with leading fleet
operators and OEMs and the CAN-Drive semi-autonomous driving
program. This amount has decreased as both programs are in their
final stages and due for completion in the 2019 calendar year.
Finance income was A$0.8m in FY2019, up from A$0.5m in FY2018.
This was due to increased interest revenue on financed Fleet
Guardian sales.
Research and development expenses rose from A$20.2m to A$35.9m
due to increased investment in our capability and resources to
commercialise our technology in our global target industries:
Automotive, Offroad, Fleet and Aviation. This resulted in increased
R&D (mainly staff costs), marketing, facility and corporate
services costs. Included in the R&D staff costs is an amount of
A$9.1m which represents the non-cash amortisation of a one off
grant of performance rights to certain founders and key engineering
staff who have played a critical role in the development of the
Group to its current position.
This investment meant the Company made a net loss from
continuing operations of A$41.8m for the FY19 financial year,
compared to A$36.0m for the previous year.
Cash and cash equivalents at 30 June 2019 totalled A$54.8m
(2018: A$42.8m).
In April 2019, Seeing Machines completed a GBP27.77m (approx
A$51.3m)(gross) equity placing and an open offer to raise a further
GBP3.8m (approx A$6.9m) to continue its investment into the
Company's driver monitoring platform which will underpin successful
execution on existing awarded programs as well as accelerate the
development and scale its infrastructure and global footprint in
order to meet sustained customer demand for its leading edge Driver
Monitoring Systems ("DMS") solutions and maintain its leadership
position.
Operational Highlights
The pleasing results, exceeding market expectations in the
2018-19 Financial Year, were underpinned by four program awards in
the Automotive business, improved Fleet performance with a
significant focus on strategy reset and cost minimisation,
inaugural commercial deals for Aviation and a meaningful equity
fundraising to underpin ongoing and strategic technology
advancement for the Company.
Seeing Machines now boasts over 2.7 billion kilometres of
naturalistic driving data, due to its extensive list of Guardian
customers globally. This unrivalled data set is critical to the
Human Factors research and development and provides the platform
from which the Seeing Machines automotive grade driver monitoring
technology has been developed and refined. This real world, on road
data enables Seeing Machines to offer market leading driver
monitoring technology based on highly comprehensive and meaningful
information.
The Seeing Machines executive has evolved with confirmed CEO
Paul McGlone and management team, a refreshed Board of Directors
and Kate Hill recently confirmed as Chair - in place to steer the
Company as it leverages the increasing momentum across its focused
transportation sectors of Fleet, Automotive, Aviation and
Offroad.
Under new leadership, the value of Seeing Machines' Intellectual
Property (IP) has been closely examined and ways to better leverage
this significant asset across transport sectors and with key
customers is now a strategic focus for the Company.
Automotive
Seeing Machines' market position as leader in DMS technology has
been further validated by two program awards confirmed with new
automotive OEM customers as well as two expanded programs with
existing OEM customers (one of the latter awarded post period end)
throughout the year. These awards signify the growing adoption of
camera-based DMS as trends continue and global regulatory bodies
point to mandated technology within the coming years, starting from
2022.
The Company announced its fifth Automotive program award in July
2018, working with a major Tier 1 partner to deliver its FOVIO DMS
technology, via its FOVIO Chip, to a Chinese OEM, with mass
production scheduled from late 2019. Its sixth OEM program for DMS
technology was awarded in February 2019, again via FOVIO Chip for a
North American OEM, with production expected to begin in late
2020.
Two expansion programs with existing OEMs were subsequently
confirmed, one with a North American customer for additional models
to be manufactured from 2020, and one, post period, with an
existing German OEM customer for a new generation of DMS
technology, targeting requirements yet to be set by Euro NCAP, the
European New Car Assessment Program, further indicating OEM
acknowledgement of regulatory pressure.
Seeing Machines now boasts nine ongoing programs across six OEM
customers and remains in a strong position to support the
technology evolution across the automotive industry with safety
technology that forms a key part of the Advanced Driver Assistance
System (ADAS), leveraging its FOVIO driver monitoring platform.
Projected automotive revenue from this booked business to be
recognised from 2019 to 2026 is in the range of US$170m based on
initial models included in the corresponding agreements.
Finally, the Automotive division launched its Guardian
Backup-driver Monitoring System (Guardian BdMS) during the year and
signed a A$2.2 million contract with one of the world's leading
self-driving car companies, based in North America. Guardian BdMS
leverages Seeing Machines' automotive-grade FOVIO driver monitoring
technology in a retrofit system for semi- and fully- automated
vehicles. It is designed to help the backup driver in autonomous
driving stay alert, aware and ready to take control of the driving
task as necessary.
Fleet
The Company's Fleet product, Guardian, is now connected to over
16,000 vehicles globally with continued demand expanding across its
direct, distributor and channel based networks.
A divisional review of Fleet has resulted in improved direct
costs, hardware simplification and cost reduction, as well as
efficiencies in monitoring services. Fleet is now on track to
deliver scale benefits to the Company from 2020 onwards with
renewed focus on installation rates and accelerated generation of
recurring monthly revenues. Revenue from monthly services has, over
the past 3 years, increased by more than 330% and is now generating
over 50% gross margin, a great contributor to the overall Guardian
result.
Seeing Machines has largely transitioned its business to
distributor and channel sales, working closely with its partners
across ten countries. A small number of flagship multi-national
accounts are still managed directly. These accounts are mostly
focused on passenger transportation, which is higher value and
includes major international brands such as Coach USA, Toll Group,
National Express, Total and First.
For the first time in its history, Seeing Machines has partnered
with NTI, Australia's leading truck insurer, to advocate the use of
Guardian in its insured fleets to enhance safety and improve risk
management approaches. The NTI-Seeing Machines proposal has been
launched to the Australian market and will be delivered through the
large NTI broker network and via the Company's distribution
partners. Mutual customers will enjoy significant insurance policy
benefits and financial incentives.
Aviation
FY2019 saw the Seeing Machines Aviation division sign two
commercial deals for its Crew Training System using the Company's
eye-tracking technology.
Working with the Royal Australian Air Force, the Aviation
division marked its first commercial program agreement where the
technology is currently being installed into two Pilatus PC-21
advanced flight training simulators. The second program was
confirmed in December 2018 with L3 Commercial Aviation, now L3
Harris following a major merger, which will see the technology
installed into a new Boeing 787 Full Flight Simulator, scheduled to
be delivered to a major Australian airline this calendar year.
Further to these commercial programs, the global interest and
collaboration in eye-tracking technology for efficiences and safety
outcomes in the Aviation industry continues to increase. Seeing
Machines is working closely with a number of key simulator
manufacturers, airlines, aviation OEMs and air traffic
organisations to shape solutions that will help the industry
grapple with the growth and expansion expected across the
industry.
Offroad
Seeing Machines continues to work closely with Caterpillar to
grow the Offroad market for Guardian and the ruggedised mining
product, Driver Safety System (DSS). The Company reports
significant growth in revenue over the year and is pleased to see
growing demand for fatigue and distraction management technology
across the sector.
Both Caterpillar and Seeing Machines intend to extend the
collaboration into the future and leverage Seeing Machines'
Intellectual Property to co-develop next generation technology that
will enhance customer experience, reduce cost of manufacture and
leverage the Company's automotive grade Driver Monitoring
Engine.
Human Factors
Human Factors has two main areas of focus. The first is the core
research performed internally and with research partners to advance
understanding of driver state across all transport sectors, using
scientific solution design and validation for optimum Human Machine
interfaces, generating valuable datasets for use across all
industry sectors. The second is around customer-focused research
with our automotive, fleet and aviation customers, working with
them to design programs that showcase how the Seeing Machines
technology can be used to measure operator state in real-world
operational settings.
Seeing Machines, in partnership with Monash University's
Accident Research Centre and Ron Finemore Transport, was awarded an
Australian Government CRC-Project Grant for A$2.25m over three
years to work on a project that builds on the Company's Guardian
technology platform. FY19 marked the project's final year. This
project (Advanced Safe Truck Concept) will advance Seeing Machines'
goal to deliver the next generation of fatigue prevention and
driver monitoring technology for the commercial transport sector in
Australia and around the world.
Seeing Machines is also leading the world's first automated
vehicle trial with a primary focus on
the driver - CANdrive. The Australian Capital Territory (ACT)
Government has committed A$1.35m to the trial, which uses the
Company's driver monitoring technology to build information on the
connection between driver behaviour and automated vehicles. The
final phase of the project is being undertaken in conjuction with
the University of Canberra to assess behaviour of mature drivers
and their interaction with semi-automated vehicle technology.
Consolidated Statement of Financial Position
2019 2018
AS AT 30 June 2019 Note A$ A$
----------------------------------- ----- -------------- -------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents 14 54,808,736 42,786,447
Trade and other receivables 15 15,670,344 19,757,648
Inventories 16 8,212,229 4,300,895
Current financial assets 20 9,560,716 578,575
Other current assets 17 4,759,997 876,131
TOTAL CURRENT ASSETS 93,012,022 68,299,696
-------------- -------------
NON-CURRENT ASSETS
Property, plant and equipment 18 3,176,348 3,659,310
Intangible assets 19 2,539,357 3,529,297
TOTAL NON-CURRENT ASSETS 5,715,705 7,188,607
TOTAL ASSETS 98,727,727 75,488,303
-------------- -------------
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 21 3,620,382 6,300,402
Provisions 22 2,832,018 2,644,173
Contract liabilities 24 672,590 873,735
Current financial liabilities 25 1,427,335 387,590
Other liabilities 26 289,361 152,830
TOTAL CURRENT LIABILITIES 8,841,686 10,358,730
-------------- -------------
NON-CURRENT LIABILITIES
Provisions 22 153,028 29,864
Non-current financial liabilities 25 609,039 575,964
Other liabilities 26 1,044,340 1,197,170
TOTAL NON-CURRENT LIABILITIES 1,806,407 1,802,998
-------------- -------------
TOTAL LIABILITIES 10,648,093 12,161,728
-------------- -------------
NET ASSETS 88,079,634 63,326,575
============== =============
EQUITY
Contributed equity 27 217,203,578 158,031,370
Treasury shares 27 (1,108,511) (1,108,511)
Accumulated losses (137,327,728) (95,439,981)
Other reserves 9,312,295 1,843,697
Equity attributable to the owners
of the parent 88,079,634 63,326,575
-------------- -------------
TOTAL EQUITY 88,079,634 63,326,575
============== =============
Consolidated Statement of Comprehensive Income
2019 2018
FOR THE YEARED 30 June 2019 Note A$ A$
------------------------------------------- ----- ------------- -------------
Sale of goods and licence fees 15,840,057 19,428,991
Rendering of services 14,440,872 9,787,378
Research revenue 1,607,417 1,500,000
Revenue 7 31,888,346 30,716,369
------------- -------------
Cost of sales (13,155,301) (23,089,204)
Gross profit 18,733,045 7,627,165
------------- -------------
Net gain/(loss) in foreign exchange 8 178,040 2,477,518
Net gain/(loss) on disposal of investment 8 39,487 (140,191)
Other income 8 262,793 242,986
Finance income 777,622 456,051
Expenses
Research and development expenses (35,894,954) (20,220,605)
Customer support and marketing expenses (9,007,213) (9,851,247)
Occupancy and facilities expenses (2,964,594) (6,438,393)
Corporate services expenses (13,604,633) (10,024,977)
Finance costs (264,861) (109,339)
Other expenses 9 (3,712) (4,425)
Loss before income tax (41,748,980) (35,985,457)
------------- -------------
Income tax expense 10 (45,960) (28,404)
------------- -------------
Loss after income tax (41,794,940) (36,013,861)
Loss for the period attributable
to:
Equity holders of parent (41,794,940) (36,013,861)
(41,794,940) (36,013,861)
------------- -------------
Other comprehensive loss - to be
reclassified subsequently to profit
and loss
Exchange differences on translation
of foreign operations (592,015) (381,147)
------------- -------------
Other comprehensive loss net of tax (592,015) (381,147)
Total comprehensive loss (42,386,955) (36,395,008)
------------- -------------
Total comprehensive loss attributable
to:
Equity holders of parent (42,386,955) (36,395,008)
------------- -------------
Total comprehensive loss for the
year (42,386,955) (36,395,008)
============= =============
Earnings per share for loss attributable
to the ordinary
equity holders of the parent:
-- Basic earnings per share 12 (0.0169) (0.0221)
-- Diluted earnings per share 12 (0.0169) (0.0221)
Consolidated Statement of Changes in Equity
Contributed Treasury Accumulated Foreign Employee Total Equity
Equity Shares Losses Currency Equity
Translation Benefits
FOR THE YEARED Reserve Reserve
30 June 2019 A$ A$ A$ A$ A$ A$
------------ ------------ -------------- ------------- ----------- -------------
At 1 July 2017 96,482,665 (1,191,078) (59,426,120) (765,054) 2,472,471 37,572,884
(Loss) for the half
year - - (36,013,861) - - (36,013,861)
Other comprehensive
income - - - (381,147) - (381,147)
Total comprehensive
income - - (36,013,861) (381,147) - (36,395,008)
------------ ------------ -------------- ------------- ----------- -------------
Transactions with
owners in their
capacity as owners:
Shares issued 64,627,100 - - - - 64,627,100
Capital raising
costs (3,078,395) - - - - (3,078,395)
Treasury shares - 82,567 - - - 82,567
Share based payments - - - - 517,427 517,427
At 30 June 18 158,031,370 (1,108,511) (95,439,981) (1,146,201) 2,989,898 63,326,575
============ ============ ============== ============= =========== =============
At 1 July 18 158,031,370 (1,108,511) (95,439,981) (1,146,201) 2,989,898 63,326,575
Effect of adoption
of new accounting
standard (AASB 9) - - (92,807) - - (92,807)
At 1 July 2018 (restated) 158,031,370 (1,108,511) (95,532,788) (1,146,201) 2,989,898 63,233,768
(Loss) for the year - - (41,794,940) - - (41,794,940)
Other comprehensive
income - - - (592,015) - (592,015)
Total comprehensive
income - - (41,794,940) (592,015) - (42,386,955)
------------ ------------ -------------- ------------- ----------- -------------
Transactions with
owners in their
capacity as owners:
Shares issued 61,737,060 - - - - 61,737,060
Capital raising
costs (2,564,852) - - - - (2,564,852)
Treasury shares - - - - - -
Share based payments - - - - 8,060,613 8,060,613
At 30 June 19 217,203,578 (1,108,511) (137,327,728) (1,738,216) 11,050,511 88,079,634
============ ============ ============== ============= =========== =============
Consolidated Statement of Cash Flows
2019 2018
FOR THE YEAR ENDED 30 June 2019 Note A$ A$
------------------------------------------- ----- ------------- -------------
Operating activities
Receipts from customers (inclusive
of GST) 33,090,862 24,388,913
Payments to suppliers and employees
(inclusive of GST) (67,068,843) (66,733,811)
Interest received 230,559 148,597
Interest paid (264,861) (109,339)
Income tax paid (45,960) (28,404)
Payments received for research and development
tax incentive - 4,700,825
Net cash flows used in operating
activities (34,058,243) (37,633,219)
------------- -------------
Investing activities
Purchase of plant and equipment (389,742) (3,864,280)
Payments for intangible assets (454,506) (299,253)
Purchase of term deposits (8,982,141) (3,782)
Proceeds on sale of investments 39,487 -
Net cash flows used in investing
activities (9,786,902) (4,167,315)
------------- -------------
Financing activities
Proceeds from issue of new shares 58,780,558 64,627,100
Cost of capital raising (2,564,852) (3,078,395)
Proceeds from borrowings 3,333,194 3,208,348
Repayment of borrowings (3,015,125) (2,272,561)
Net cash flows from financing activities 56,533,775 62,484,492
------------- -------------
Net decrease in cash and cash equivalents 12,688,630 20,683,958
Net foreign exchange differences (666,341) 664,464
Cash and cash equivalents at beginning
of period 42,786,447 21,438,025
Cash and cash equivalents at end
of period 14 54,808,736 42,786,447
============= =============
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FR EXLBLKKFXBBZ
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