After successfully securing high-calibre road safety projects with the ACT and NSW Governments, road safety technology company Acusensus (ASX: ACE) is now ready to hit regional Queensland roads with trailer-based transportable speed camera solutions.
This will be Acusensus’ third smart city tech project deployed in Queensland after previously operating mobile phone and seatbelt safety technology solutions in the state.
The Queensland Department of Transport and Main Roads (DTMR) has contracted Acusensus for five-plus years to supply speed enforcement solutions using technology called Acusensus Harmony Solutions. The Harmony Solutions itself provides speed enforcement with features, such as secondary speed measurements for all offenses and an all-weather imaging system that can capture photos in adverse conditions, such as against a rising or setting sun.
Acusensus will deploy the solutions from Queensland regional bases. The estimated total contract value over the initial five-year term of the agreement is approximately $11.7 million, with an option for DTMR to renew the Agreement for two further periods of up to 12 months each. Furthermore, the DTMR is permitted to order additional services from Acusensus in the future should it wish to do so.
Acusensus Managing Director, Alexander Jannink commented, “We are proud of the partnership we have with the Queensland government to supply mobile phone and world first seat belt detection enforcement solutions, and to now extend that partnership by supplying trailer-based speed enforcement cameras state-wide. The majority of road deaths in Queensland are regional and this program is a key initiative to save lives across the state.”
This will be the fifth major multi-year service contract for Acusensus, joining the NSW mobile phone, QLD mobile phone and seatbelt, NSW mobile speed and the ACT mobile phone enforcement camera programs.
The Acusensus Harmony Solutions has been deployed in New South Wales since July 2021 under the NSW Government’s mobile speed enforcement camera program. While approved in NSW, it must separately undergo a Queensland testing and approval process before being allowed to be deployed on Queensland roads. If the technology does not pass this testing and approval process, DTMR will have the right to terminate the agreement.
Acusensus has just made its debut on the ASX back in January after raising $20m at an IPO Offer Price of $4 per share.
Looking back to FY22 results, FY22 was fairly a success considering Acusensus managed to flip over the $1.2m loss in FY20 and $3.6m loss in FY21 to a profit of $1.4m in FY22. Acusensus looks forward to increasing FY23 revenue by approximately $3m through its current projects and tenders, but is forecasted to incur another $1.7m loss in FY23 due to heightened wages and administration expenses related to the Company’s international expansion plans.
Clara is a Business Reporter for The Sentiment.
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