News blog

Seeing Machines

  • BY: Andrew Hore |
  • POSTED: 04/07/2010 |

Seeing Machines have been awarded a DSS driver monitoring system contract at the Morenci mine in Arizona, which is majority owned by Freeport McMoRan Copper and Gold Inc.

This is the third contract with Freeport and the biggest one so far. Seeing Machines already has contracts with Freeport at the Grasberg mine in Indonesia and the Safford mine in Arizona. A contract has also been gained from BHP Billiton.

Seeing Machines designs integrated software and digital camera technology that tracks facial movement and reactions. DSS systems are devices fitted in vehicles to assess driver distraction and drowsiness.

Seeing Machines has warned that its results for the year to June 2010 will be well below original expectations because contracts were late coming through. A loss of £1.8m is forecast for the year to June 2010, followed by a profit of £1.4m in 2010-11.

In April, the company raised £3.3m at 3.5p a share in order to help build up the DSS business.

Daniel Stewart has been appointed nominated adviser as well as broker.

At 2.75p a share, Seeing Machines is valued at £11.2m. The shares are trading on 14 times prospective earnings for 2010-11. 

© 2024 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Browse by issue
All issues
Popular tags
All tags

betbrokers, financial, gold, health, leisure, media, mobile, resources, services, technology

AIM Micro feeds

Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds