SMART PARKING LIMITED ASX ANNOUNCEMENT | 31 October 2017
Smart Parking Limited (ASX: SPZ) Appendix 4C | Q1 FY18Smart Parking Limited (ASX: SPZ) (Company) 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:
Parking Management operates exclusively in the United Kingdom, specialises in managing car parks on behalf of retail customers, land owners and managing agents and currently generates approximately 85% of Smart Parking's revenue.
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.
Appendix 4C - September 2017
Tuesday 31 October, 2017 - Global parking technology business Smart Parking Limited (ASX:SPZ) 'Smart Parking' or 'the Company' is pleased to release its Appendix 4C for the first quarter, ending 30 September 2017.
The Company notes the following:
Operating cash flows of $1.0m were up $0.7m from the prior quarter.
The Parking Management Division incurred $0.4m of capital expenditure during the quarter as the division continued with its strategy of deploying technology solutions on manually operated car parking sites in the UK which continues to drive improved returns.
The Company had cash on hand (excluding client funds) of $14.0m at 30 September.
The Company maintains a strong balance sheet to take advantage of corporate development opportunities.
Parking Management Division earnings growth continues
The Parking Management division has continued to deploy technology on new sites and expects growth to continue during FY18. The graph below shows the number of Parking Breach Notices (which are a key driver of the Group's revenue) issued by quarter which increased 19% compared to Q4 FY17.
Receipts from Parking Breach Notices in Q1 increased 28% compared to Q4 FY17.
The resizing of the business following the loss of the Asda contract in April 2016 combined with increasing margins on new business continues to drive improved profitability.
Parking Breach Notices Issued120,000
100,000
80,000
60,000
40,000
20,000
-
Q1 FY16 Q2 FY16 Q3 FY16 Q4 FY16 Q1 FY17 Q2 FY17 Q3 FY17 Q4 FY17 Q1 FY18
Other Matalan Asda
Technology Division order book expands
The Technology division's order book continued to expand. Revenue in FY18 from committed orders stands at $4m. Excluding additional revenue from new business and after taking into account expected recurring revenue, the FY18 revenue will exceed FY17 revenue driving an expected improvement in earnings.
Receipts in the Technology Division in Q1 increased 43% compared to Q4 FY17. The division expects continued growth in receipts in Q2 FY18 as a result of the growing order book.
The company will provide a trading update at the November AGM.
CONTACT SMART PARKING
Smart Parking
Paul Gillespie
Chief Executive Officer paul.gillespie@smartparking.com
Richard Ludbrook Chief Financial Officer
richard.ludbrook@smartparking.com
www.smartparking.com
Smart Parking Limited (ASX:SPZ) | A Global Parking Technology Business 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.
Parking Management operates exclusively in the United Kingdom, specialises in managing car parks on behalf of retail customers, land owners and managing agents and currently generates 85% of Smart Parking's revenue. 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.
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
Appendix 4C
Quarterly report for entities
admitted on the basis of commitments
Appendix 4C Quarterly report for entities admitted on the basis of commitmentsRule 4.7B
Name of entity |
Smart Parking Limited |
ABN | Quarter ended ("current quarter") |
45 119 327 169 | 30 September 2017 |
Consolidated statement of cash flows
Cash flows related to operating activities | Current quarter $A'000 | Year to date $A'000 | |
1.1(a) | Receipts from customers | 7,425 | 7,425 |
1.2 | Payments for (a) staff costs
| (2,546) (61) - (652) (3,235) - - - | (2,546) (61) - (652) (3,235) - - - |
1.3 | Dividends received | - | - |
1.4 | Interest received | 79 | 79 |
1.5 | Interest and other costs of finance paid | (2) | (2) |
1.6 | Income taxes paid | - | - |
1.7 | Other income | - | - |
Net operating cash flows before movement in client funds | 1,008 | 1,008 | |
1.1(b) | Movement in Client cash balances * | (218) | (218) |
Net operating cash flows | 790 | 790 | |
* Cash in any quarter may be impacted by the timing of distributions of client cash.
Appendix 4C Page 1
Smart Parking Limited published this content on 31 October 2017 and is solely responsible for the information contained herein.
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