Seeing Machines' chairman Mobbs to resign; profit expected next year
Technology firm Seeing Machines (LON:SEE) announced today the resignation of chairman William Mobbs.
Mobbs will resign as chairman on December 31 this year, but continue as a non-executive director, the company said in a statement.
Long standing director David Gaul will take on the role of chairman from January 1 next year until a replacement is found, it added.
At today's AGM chief executive Ken Kroeger said the focus in the coming year will be on building stronger marketing and sales capability in order to capitalise on the many opportunities "we are currently encountering".
As a result of the current pipeline Kroeger is confident that Seeing Machines will move into profitability in 2012.
The company develops face, eye and facial feature tracking systems for the consumer electronics, scientific and driver safety markets and in October this year, it reported a 60 per cent increase to its revenue for the year to the end of June 2011 to A$7.2 million from A$4.5 million a year earlier.
Gross profit for the firm's 2011 financial year also improved, to A$4.9 million from A$3.2 million but operational expenses incurred increased to A$6.7 million from A$5.2 million.
The expenses rise was ascribed mainly to increased investments in R&D for its Drive State Solution offering that uses face-tracking techniques to deliver information on driver (or operator) fatigue and distraction, as well as investments in the firm's sales and marketing function and support staff.
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