Europeans unable to buy fried chicken due to a lack of parking will soon have better access to their battered delights after KFC sought a solution to inconsiderate drivers by partnering with Smart Parking (ASX: SPZ) for automated number plate scanning.
The parking management contract will see Smart Parking’s Automatic Number Plate Recognition (ANPR) system installed at more than 250 restaurants in the UK and Ireland which are suitable for the system.
“We are delighted to win this important contract with KFC UK & Ireland, a global and universally recognised brand,” said Smart Parking CEO, Paul Gillespie.
“KFC values our market leading proprietary technology and focused customer service. We very much look forward to working initially with the equity owned outlets and building relationships with the larger network of franchised outlets across the United Kingdom.”
The 3-year agreement will primarily implement ANPR but also the implementation of ground occupancy sensors in some restaurants and SmartCloud, Smart Parking’s online smart city management platform.
As an innovator of parking technology, Smart Parking has offices in Australia, New Zealand and the UK where its intelligent parking sensors are applied in a range of locations including shopping centres, supermarkets, airports and commercial districts.
The use of their sensors and number plate scanning technology can be used to optimise parking management without the need for labour expenses of meter inspectors and printing of physical infringement notices. Instead, regulators can sync the technology with Government agencies, with fines then posted to those who breach parking rules.
The contract with KFC UK and Ireland follows on from strong business development in the UK where Smart Parking successfully won a tender with London Gatwick Airport in February 2020 for a 5-year contract worth $2.4m.
For the half year ending 31 December 2019, Smart Parking reported $14m in revenues for a net loss of $1.5m but this was impacted by a one-off $1.8m EBITDA adjustment expected to deliver annualised savings moving forward.
Although smart cities and implementation of artificial intelligence in the management of cities is only a recent trend, Smart Parking has been listed on the ASX since 2011 and set a target of installing their technology to 200 new sites in FY20, completing 85 in H1.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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