- 013,000-site target by 2028 reaffirmed; 2,129 sites, up 18%.
- 02Q1 revenue rose 11% to $31.4m; EBITDA up 1% to $8m.
- 03US expansion backed by $2m annualised investment.
Smart Parking (ASX: SPZ) has reaffirmed its target of 3,000 automatic number plate recognition (ANPR) sites by December 2028 as it expands its US sales operation and adds parking locations across existing markets.
The parking technology group finished September with 2,129 revenue-generating ANPR sites, an 18% increase on the corresponding quarter a year earlier.
First-quarter revenue for the 2027 financial year rose 11% to $31.4 million, while adjusted EBITDA increased 1% to $8.0m.
Management has maintained its FY27 forecast of 450 to 600 net new organic ANPR locations, with faster site growth and parking breach notice (PBN) issuance expected in the second half.
US Growth Investment
Following its acquisition of American Parking on 1 July, the group had 233 US sites under management at 30 September, including 40 contracted ANPR customers.
Chief executive officer Paul Gillespie relocated to the US in October to oversee expansion of sales and operational capacity across active states.
Smart Parking is committing an annualised $2m to additional US sales and execution capabilities, while reporting that American Parking is performing in line with expectations.
The company is pursuing new organic contracts alongside selected acquisitions, with its SmartCloud technology forming part of its competitive offering.
Trading Across Six Markets
Across the group, September-quarter PBN issuance increased 8% to 315,342, while average notice value remained in line with the comparable period.
The estate recorded 119 site additions and 63 removals during the quarter, more than half of the removals arising from decisions by Smart Parking to exit locations.
For the 2026 financial year, revenue rose 63% to $126.0m and adjusted EBITDA climbed 50% to $30.8m, including $3.8m in Swiss market establishment costs.
Adjusted free cash flow reached $20.0m and cash stood at $17.4m at June year-end, excluding $9.9m held on behalf of customers.
Largest Established Market
The United Kingdom remains the largest established market, with 1,525 sites at June year-end, while New Zealand had 310 and Germany had 150.
Smart Parking expects an approximately $5m FY27 EBITDA benefit from improved UK debt resolution and anticipates Germany reaching break-even during the financial year.
Its Swiss operation is targeting a smaller EBITDA loss of about $2.5m, while the Danish loss is expected to narrow to $1.5m as costs are reduced.
The new UK Private Parking Code of Practice retains a £100 maximum parking charge and £70 maximum debt recovery fee, although further consultation on the latter is scheduled for 2027.
The group has begun purchases under a $5m share buyback program, alongside its continued investment in expansion.
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