The Courier & Advertiser (Fife Edition)
Profits accelerate for parking firm
A Perth-based parking company has seen its profits increase 20-fold in its latest company accounts.
Smart Parking Limited, which has attracted controversy at its management of parking facilities in Perth, saw its pre-tax profit increase from £65,677 to £1.3 million.
The company, which is based at the South Inch Business Centre, saw its turnover drop by 9% to £13m.
Smart Parking operates several sites in Perth and has been criticised for its payment system at the city’s Kinnoull Street site which has been branded “overly confusing” by critics.
Local MSP Murdo Fraser has led a campaign against the company and called for people in Perth to boycott the operator.
Earlier this year, Smart Parking ended its deal with Perth College to manage its Crieff Road campus.
Director Mark Ashby said he expected the company’s growth to continue.
He said: “Turnover for the year decreased by £1.27m, whilst the profit before taxation was £1.3m, £1.23m higher than the prior year.
“This reflects the full-year impact of the end of the Asda contract in April 2016 and a continued focus on the use of technology to generate higher revenue and gross margins, along with improved cost control.
“The company achieved this result by resizing the business and expanding its footprint through the deployment of automatic number plate recognition technology at new and existing car parking sites.
“A strong pipeline exists which will continue this growth in the next financial year.”
Smart Parking Ltd’s ultimate controlling party is an Australian company of the same name.