Smart Parking Ltd (ASX:SPZ)
1. About
Smart Parking Limited (ASX:SPZ) is a global car parking technology business providing effective parking management solutions around the world. Our world leading technology for parking design, development and management is deployed across two core divisions.
Technology has a global presence and designs, develops and specialises in on-street and off-street bay sensor technology and data communication software, enabling clients to manage parking efficiently and cost effectively.
Management Services operates exclusively in the United Kingdom, specialises in managing car parks on behalf of retail customers, land owners and managing agents. Smart Parking is a global company with offices in the UK, New Zealand and Australia and listed on the Australian Securities Exchange. To learn more please visit: www.smartparking.com
2. Business model
|
Segments |
Revenue (A$) |
Profit drivers |
|
Management Services |
28,400,000 |
The number of managed sites and revenue continues to increase in the UK due to improved yield on existing estate through deployment of new technology and the development of streamlined processes. Civil Penalty income in the UK up up 33% on FY15. |
|
Technology |
5,600,000 |
The technology division continues to enhance its product portfolio and secure more contract wins across the globe with diverse clients. SPZ will continue with the strategy to identify strategic partners in new territories while expanding operations in those countries where Company currently have a presence. Increased revenue of 40% on FY15 |
3. Strategy
Management Services Division – The division utilises technology to manage car parks on behalf of retail customers, land owners and managing agents.
Technology Division – The division sells on street and off street technology to enable customers to better manage their parking assets. The technology also transforms the parking experience for individual drivers.
6. History
2003
Parking technology developer, Meter Eye Limited is established in Cambridge, New Zealand.
2007
Meter Eye deploys their first major multi-level overhead installations at Brisbane Airport and Optus, Sydney.
2008
Meter Eye deploys their first council on-street installation, including infringement in Cottesloe, Perth.
2011
The Australian publicly listed business, The Empire Beer Company, acquires Meter Eye and the Group is renamed Car Parking Technologies.
2012
Car Parking Technologies (CPT) acquires Town and City Parking.
July 2013
Car Parking Technologies (CPT) Ltd is rebranded as Smart Parking Limited (ASX:SPZ) to reflect a unified message to existing and prospective clients and commercial partners across the globe.
November 2013
Smart Parking secures Westminster Contract – the largest of its kind to date.
March 2014
Smart Parking raises $12.1m to leverage off recent wins in New Zealand, Australia and UK to expand its business development capability.
March 2014
Westminster City Council’s ground-breaking deployment of SmartPark, Smart Parking's solution that helps drivers find a parking space quickly and conveniently, wins the prestigious Parking Technology award at the 2014 British Parking Awards.
June 2014
Westminster and Smart Parking's bay sensor system is listed among top 100 innovations by Sustainia.
December 2014
Transport for London (TfL) choose Smart Parking to transform experience at London Underground car parks with our SmartPark system.
February 2015
Milton Keynes Council goes live with Smart Parking ’s SmartPark solution.
February 2015
Smart Parking's bay sensor technology expands to the London Borough of Barnet.
August 2015
The City of Cardiff Council launches SmartPark pilot to test how effective bay sensor technology is for the Welsh Capital.
November 2015
ACT Government Chief Minister Andrew Barr announces plans to deploy Smart Parking's SmartPark solution in Manuka, Canberra.
December 2015
Smart Parking is awarded a $1.4 million 5year contract for the provision of 3,000 parking sensors in Wellington CBD on-street parking areas.
December 2015
Westminster City Council unveil new pilot to test the effectivenenss of EPermits using RFID technology to eliminate the issue of inconsiderate drivers parking in disabled bays.
August 2016
Wellington City Council goes live with over 3,500 vehicle detection sensors in the CBD
December 2016
Smart Parking secures Cardiff Contract for the deployment of over 3,300 vehicle detaciton sensors in Europe's first citywide installation.
March 2017
Smart Parking launches new SmartSpot Gateway solution
May 2017
Smart Parking becomes preferred supplier of sensor and bay-finding technology for Wilson Parking, New Zealand
June 2017
Smart Parking receives order for the installation of 945 sensors in Hamilton, New Zealand
7. Team
Board of Directors
Chris Morris - Non-Executive Chairman
Paul Gillespie - Group Chief Executive Officer
Penelope Maclagan - Non-Executive Director
Tiffany Fuller - Non-Executive Director
Jeremy King - Director
Management Team
Ben Johnson - Chief Operating Officer
John Heard - Chief Technical Officer
Roly Rogers - Head of Research & Development
Richard Ludbrook - Chief Financial Officer
8. Financials
|
Division |
Revenue |
% Change |
Profit (before Int, Tax, Depn & Amort) ($’000) |
% Change |
|
Technology Segment |
3,994 |
-12.3% |
(2,582) |
-59.1% |
|
Parking Management Segment |
21,406 |
10.7% |
793 |
210.9% |
|
Other Segments |
0 |
0.0% |
(1,423) |
27.8% |
|
Intersegment Eliminations |
(1,842) |
5.3% |
(632) |
46.8% |
|
23,558 |
7.4% |
(3,844) |
30.1% |
9. Risk
Please refer to the SPZ Annual Report.