Smart Parking achieves profitability milestone

Smart Parking expanding global footprint

Paul Gillespie: Smart Parking Limited (ASX:SPZ) is a technology and service provider to the parking industry. We have three locations, three office locations; One in the UK, in Midlands, one in Melbourne, where our corporate headquarters are and also our technology hub which is in Auckland New Zealand.

In terms of our footprint and where we are active right now, we’ve got technology installations throughout New Zealand, Australia, the UK, in particular with the City of Westminster. We’ve got a number of different trials running across the world, he have a significant presence in Cape Town, South Africa as well as a thousand of our sensors applied throughout Saudi Arabia.

So we’ve got a significant footprint, or a significant presence, around the globe in our industry right now.

Smart Parking achieves EBITDA profitability

Paul Gillespie: The highlights of FY16, the first half of FY16, have been the fact that the business is now profitable, EBITDA profitable, for the first time in its history, which we’re very pleased about. We are up 47% in our revenue in the first half, this represents a $3 million improvement on the prior period. So for us, we’re over the moon with our performance in this first half.

UK Management Services growth continues

Paul Gillespie: Management Services has really been the growth of our business over the first half of FY16. We continue to win new projects in the UK with some fantastic customers, retail customers, land owners and also property agents. This really is the engine to our group right now and is showing some fantastic growth and looking to continue.

Technology validated with project wins

Paul Gillespie: In the first half of FY16 Smart Parking’s technology division won some fantastic orders, from Wellington, Canberra, the ACT here in Australia, we’re expanding our contract with Westminster, as well as a number of other contracts around the UK, Australia and New Zealand.

Paul Gillespie: Second half of FY16 we’re genuinely excited about at Smart Parking. The UK services continues to grow and that remains the number one focus for us. The technology business will be deploying the contracts we’ve won in the first half and we’ve also got a very robust pipeline looking forward for the next six months.

About Smart Parking 

Formed in 1993, Smart Parking is now one of the largest and fastest-growing bay sensor technology companies in the world. Smart Parking specialises in some of the most technically innovative real-world solutions available within the market and continually leads the way in the development and application of these technologies, under the 'Smart' systems brand. They develop industry-leading technology and provide their clients with the very best parking management solutions.