Smart Parking Limited announces FY18 First Half Results
Smart Parking Limited (ASX:SPZ) has announced record first half results for the 2018 financial year, where their 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 9.7% from 13.9% to 23.6%
-Operating cash flow $3.1m up 1,376%
Operational highlights
-Continued installation of Smart Parking technology around the world.
-Continued investment in technology, including new smart city IoT platform.
Management services
-Revenue of 12.9m up 19% on H1 FY17.
-EBITDA increased 38% to $4.8m vs H1 FY17.
-EBITDA margin growth of 5% to 37% demonstrates the quality of new business and focus on customer service
-Continues to deliver earnings growth through installation of Automatic
-Number Plate Recognition [ANPR] technology in line with company strategy
CEO commentary
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.”