Smart Parking (SPZ) H2 2024 earnings summary

Executive summary

• Achieved record FY24 results with revenue of AUD 54.3 million, up 21% year-over-year, and Adjusted EBITDA of AUD 14.7 million, up 28%, driven by strong performance in the UK, New Zealand, and Germany, and expansion into Denmark.

• Completed two acquisitions in the UK and Germany, and invested heavily in growth CapEx and new market entry.

• Total ANPR sites under management increased 28% to 1,424 as of June 30, 2024.

• Expanded into Denmark in early 2024, with first contracts signed, sites live, and strong early revenue.

• Positive free cash flow and robust balance sheet support ongoing growth and acquisitions.

Financial highlights

• Revenue increased 21% to AUD 54.3 million; Adjusted EBITDA up 28% to AUD 14.7 million with margin expanding to 27%.

• Free cash flow up 40% to AUD 12.2 million; cash on hand at year-end was AUD 7.2 million.

• Net profit after tax was AUD 3.7 million, down from AUD 6.4 million in FY23, due to higher depreciation, amortisation, and tax expense.

• Overheads increased 16% due to expansion and acquisitions; overheads/revenue ratio decreased to 42%.

• July 2024 revenue reached a record AUD 5.5 million, up 34% year-over-year.

Outlook and guidance

• FY25 expected to deliver another year of profitable growth and positive cash flow, with strong momentum in new and existing markets.

• On track to exceed 1,500 sites under management ahead of December 2024 target.

• Advanced negotiations for a AUD 10 million debt facility to support further expansion and acquisitions.

• Focused on international expansion, portfolio optimisation, and leveraging proprietary technology.