Paul McGlone: We’re having a profound impact on driver safety every single day
London, September 2019 – Chief Executive Officer, Paul McGlone spoke with Proactive Investors to present Seeing Machines’ FY2018-2019 financial results in London last week. With a strategic shift and significant changes across the business, strong cash projected from the Fleet business from FY 2020, and the market responding positively to our business, the Company was able to deliver improved financial results.
Paul highlighted that the Company’s revenue was slightly increased, reaching AUD 31.9 million. “The total expected revenue from Automotive was 45% up to AUD 200 million which will begin to flow from this year over the next four years.” – said Paul, adding that the Company is now focused on performance and delivering against the numbers put forward.
After years of strong investment, the Company expects to see R&D investment taper off towards the second half of this year as Seeing Machines enters delivery phase of programs with major automotive Tier 1 customers and OEMs (Original Equipment Manufacturers).
Paul reiterated the importance of Seeing Machines’ Driver Monitoring technology, emphasising that “at our core, we’re having a profound impact on driver safety every day of the week.”
Paul also noted the important strategic transformation the company has undertaken in the past six months to ensure that the company is prepared to capitalise on its truly unique value proposition, “We are more operationally focused, we must deliver on the automotive programs that we’ve won, we must deliver efficiency throughout the organisation in order to arrest and manage the cost base which has been dramatically increasing and we are very focused on leveraging our Intellectual Property through licensing..” – he added.
The live webcast concluded with a short Q&A with questions posed by investors focused on all aspects of the business, including licensing deals, news in Aviation and the appointment of our new Chief Financial Officer, Naomi Rule
Click here to watch the full webcast.