Hands-free or not, if you’ve been using your smartphone while driving, you’re putting your life in danger. Studies have found that drivers glued to their phones are ten times more likely to crash. Besides that, in NSW, you can be fined anywhere between $387 and $514 (if in a school zone) for using your phone while driving. In 2021, about 60,000 fines were issued in New South Wales for illegal phone usage.
This aligns with the NSW Government’s ambitious target of halving road deaths and reducing severe injuries by 30% by 2030 as part of its 2026 Road Safety Action Plan. To achieve this, it has been frequently testing people for drugs, curbing speeding, and reducing mobile usage on the road.
In keeping with that, NSW Transport has extended its existing support infrastructure. Road safety solutions company Acusensus (ASX: ACE) has secured a one-year extension to its ongoing Mobile Phone Detection Camera agreement with Transport for New South Wales until November 30, 2024. The project orders can now proceed up to November 30, 2025. Anticipated revenue from this contract adjustment, in addition to the previously agreed amount, is estimated to be around $4.5 million.
Acusensus Founder and Managing Director, Alexander Jannink, said, “We are pleased to be continuing our life-saving program with Transport for New South Wales, which has contributed to improved road safety outcomes across the state. We are proud to further support the New South Wales Government as it continues its good work in improving road safety for the community, and look forward to participating in any new road safety initiatives that the government may look to implement in the future.”
Acusensus is a technology company founded in 2018 that designs and develops artificial intelligence-enabled road safety solutions. In 2019, it signed the agreement with Transport NSW (TfNSW), originally extending for two years with a choice to extend for one more year, an option exercised by TfNSW in 2021. In October 2022, Acusensus and TfNSW mutually decided to modify the Agreement, renewing it for an extra year and extending the expiration date for all existing project orders until at least November 30, 2023. Now, this contract will go on till November 2024.
This is a big win for Acusensus, which appointed a new CFO, Anita Chow, on November 23, 2023, following the resignation of Mark Lawrence.
In Q1 FY24, Acusensus received cash receipts of $12.3 million with a net operating cash flow of $2.9 million. It also made strides globally, starting contract negotiations with four new potential US customers, which are expected to total over $1.5 million of revenue over their initial one-year term. It also delivered three new enforcement trailers to the UK in July, booked until the end of FY24. Acusensus is deploying additional trailers to the UK market. In Queensland, the Company is looking into expanding its mobile phone and seatbelt contract.
The Company has also been broadening its product range, developing the Acusensus Guardian roadworker protection product, which has started real-world testing. Launching in FY25, this product aims to enhance the safety of roadside construction workers and first responders by providing timely alerts, reducing the risk of injury and harm.
With countries undertaking major road safety goals, Acusensus’s expanding product portfolio is gearing up to drive growth.
Alinda is a Business Reporter for The Sentiment
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