By Andrew Schonberg
Date: Thursday 16 Mar 2017
(ShareCast News) - Shares in Seeing Machines are down more than 12% after the company swung to a first-half loss on moving from a direct-to-market model in mining to a royalty arrangement with Caterpillar.
Seeing Machines said its pre-tax loss for the six months was A$14.1m, from a profit of A$11.3m. Total revenue was down to A$3.6m, from A$29.3m.
Its royalty arrangement with Caterpillar allowed Seeing Machines to refocus its efforts toward the Automotive, Fleet, Aviation and Rail markets and technologies.
"Overall, I am pleased with the progress towards the achievement of our long-term goals as our multi-sector strategy continues to gain momentum," said chief executive Ken Kroeger.
At 13:00 GMT, shares in AIM-listed Seeing Machines were up 12.12% to 3.62p each.
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