Friday, 30 August 2024 10:29

Smart Parking buoyed by record financial results Featured

By Gordon Peters
Smart Parking buoyed by record financial results

Parking management industry company Smart Parking has applauded its progress in FY24, delivering record results, and is looking forward to delivering continued growth and a strong performance in FY25.

The company today released its full FY24 results with July revenue of $5.5m, an increase of 34% on the PCP.

Results highlighted by Smart Parking reveal included

  • Group revenue of $54.3m1 (up 21%)
  • Adjusted EBITDA of $14.7m2 (up 28%)
  • Adjusted EBITDA margin of 27%2 (up 150 bps)
  • Growth in global parking breach notices up 22%
  • Growth in APAC/Germany parking breach notices up 271%
  • Adjusted Free cashflow of $12.2m3 (up 40%)
  • 1,424 total group ANPR sites under management
  • Cash of $7.2m to self-fund organic growth, expansion into new territories, and complementary acquisition opportunities
  • Organic growth complemented by 2 acquisitions in the UK and Germany.
  • Denmark operations commenced in January 2024

Paul Gillespie, Smart Parking Group CEO said the company’s key focus remains to deliver 1,500 sites by December 2024 and it is “on track to exceed this milestone”.

“Our growth strategy remains intact, and with our balance sheet and positive cash flow we're well capitalised to take advantage of organic and inorganic opportunities as they arise.

“I look forward continuing to update our shareholders on positive progress in the near future, and would like to thank our Global team for their outstanding contributions over the year,” Gillespie concluded.

Click here to view Smart Parking's full result presentation.

 

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