It said that whilst its existing DSS mining business had remained profitable as it saw "significant growth in demand" from mining and resource companies, its hefty investment in additional research and development and resources to move into new markets led to a net loss.
Looking forward, it noted that this investment is expected to generate a consolidated loss in the coming year.
The company posted a pretax loss of AUD2.7 million, swung from a profit of AUD554,343, despite seeing revenue rise to AUD16.8 million from AUD11.7 million, as its operational expenses rose 72%.
The Driver Safety System business saw revenue rise 57% as clients took up the third generation of its product. It has started to see revenue from Caterpillar Mining deals it had signed throughout the year, as well as securing new clients. Executing the first phase of its strategic alliance with
During the year it sold 1,059 systems, taking the total number of systems installed in Haul Trucks, other mining relating and commercial road vehicles to more than 3,500 units.
Revenues from its faceAPI and faceLAB market research products declined to AU1.2 million from AUD2.0 million. During the year it re-branded the products under its FOVIO core technology banner, and appointed
For 2014, it said that revenue growth, combined with funds raised during the year, are expected to accelerate the commercialisation of its technology across a range of industry sectors. As it continues its alliance with
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