Smart Parking Limited (ASX:SPZ) announces FY18 First Half Results
Smart Parking Limited (ASX:SPZ) announces FY18 First Half Results
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Smart Parking Limited (ASX:SPZ) is delighted to announce record first half results for the 2018 financial year, where growth trend continues with increased margins and significant technology wins.
Financial highlights
- Group revenue $16.1m up 26%
- Adjusted EBITDA $3.8m up 115%
- NPAT $2.2m up 509%
- Adjusted EBITDA margin up 7% from 13.9% to 23.6%
- Operating cash flow $3.1m up 1,376%
Operational highlights
- Continued installation of Smart Parking technology around the
- Continued investment in technology, including new smart city IoT
Management services
- Revenue of 12.9m up 19% on H1
- EBITDA increased 38% to $4.8m vs H1
- EBITDA margin growth of 5% to 37% demonstrates the quality of new business and focus on customer
- Continues to deliver earnings growth through installation of Automatic Number Plate Recognition [ANPR] technology in line with company
- Business transformation continues following the loss of legacy contracts of Asda and Matalan in H2 FY16 and
- VAT adjustment – despite the changes to VAT the UK business continues to demonstrate strong
Technology
- Revenue of 3.9m up 79%
- EBITDA improved 56% on H1
- New smart city platform, SmartCloud, delivered and
- Additional capabilities launched to market and orders
- Public WiFi added to the SmartCloud platform for Moonee Valley, demonstrating true smart city & IoT
- New SmartParking app delivered and operational, with orders to deliver
CEO commemntary
Smart Parking CEO Paul Gillespie: “We are pleased to announce that we have managed to increase Adjusted EBITDA before non-recurring items for the half year ending 31 December 2017 by 115%. Strong growth in our Parking Management business, significant Smart City contract wins in the Technology division and strategic partnerships with Telstra and Google are providing positive momentum heading into the second half of FY18.”
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Smart Parking Limited (ASX:SPZ) | A Global Parking Business
Smart Parking is leading the way in the delivery of proven, fully integrated end- to-end information technology that results in a transformation of the complete parking experience. This is based upon the ongoing exclusive innovations being progressively delivered and the extensive experience which it has developed.
With over 40,000 vehicle detection sensors installed in 17 countries, in some of the industry’s largest deployments Smart Parking has achieved the position of holding the largest market share of the global intelligent parking sensor and integrated smart parking services market.