Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Seeing Machines reports strong third quarter
(Sharecast News) - Shares in driver monitoring technology company Seeing Machines were rising on Tuesday, after it reported a strong set of performance indicators for its third quarter. The AIM-traded firm said the number of cars on the road equipped with its technology surged 109% year-on-year to 1,830,207 units, while quarterly production reached 313,662 units, up 51% from the prior quarter.
It said the growth was fuelled by the launch of the world's first interior cabin monitoring solution, which started production in March
The company said it saw a robust year-on-year increase of 80% in automotive production volumes, with its technology now integrated into over 1.8 million vehicles.
In the aftermarket segment, monitored 'Guardian' connections saw a notable uptick, rising 22% over the last 12 months to reach 59,706 units by the end of March.
That increase excluded Guardian units sold to customers who had transitioned from the first to the second generation of the technology.
Notably, Australia's transition from 3G to 4G networks prompted a surge in upgrade sales, with 1,216 units sold during the third quarter of the 2024 financial year.
The board said the third quarter also saw the successful launch of an $82m interior cabin monitoring programme for a prominent German auto manufacturer.
Looking ahead, Seeing Machines said it expected sustained growth in automotive production as additional programmes started production and new safety regulations took effect in the fourth quarter of the financial year.
"As expected at the time of our last KPI announcement, we have seen strong growth return in our third quarter vs second quarter production volumes, and with over 744,000 units in automotive production year-to=date, we can confidently expect our annual run rate to exceed one million this financial year and expand beyond that as more programmes start production across our current won business," said chief executive officer Paul McGlone.
"We've made good operational progress, with a particular highlight being the largest volume programme won to date by Seeing Machines.
"This programme also represents a technically challenging and groundbreaking technological solution, introducing the world's first interior cabin monitoring solution via a single camera system, which makes us very proud and reaffirms our status as a pioneer when it comes to innovation."
McGlone said new, well documented safety regulations, led by Europe, were driving demand across the company's automotive and aftermarket businesses, adding that the firm was tracking well with demonstrated growth as it helped its tier-one supplier and automotive manufacturer customers navigate the "new territory".
"The safety and regulatory momentum that has continued to build across the globe is supporting increased long-term demand for the company's differentiated DMS technology.
"We have worked hard this past quarter to remove cost from our business as part of our disciplined approach and rigorous operational focus.
"As we see our high-margin royalty revenues increase, we reiterate we are on track to meet 2024 financial year expectations and achieve a cash break-even run rate during 2025."
At 1234 BST, shares in Seeing Machines were up 14.74% at 5.46p.
Reporting by Josh White for Sharecast.com.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity, Equity & Inclusion | Doing Business with Fidelity | Diversity, Equity & Inclusion Reports | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Staying secure | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.