PARKD Ltd (ASX: PKD), a leading player in the modular car park construction industry, has announced its results for FY24, reporting record revenue growth and significant achievements across its operations.
Financial performance
For FY24, PARKD posted a revenue of $3.33 million, marking an impressive 190% increase from the previous year’s revenue of $1.15 million. This rise was attributed to the company’s strong growth in construction and technical advisory services, including key projects for Quattro Automotive and John Hughes Group, and multiple consulting engagements across various sectors.
Despite operating in a challenging construction environment, PARKD managed to reduce its operating loss to $294,000, a significant improvement compared to the $530,000 loss recorded in FY23. This reflects the company’s effective cost management, alongside revenue growth from ongoing projects and an increase in consulting and advisory services.
Key projects and partnerships
PARKD achieved several operational milestones throughout the year. The company commenced construction for Quattro Automotive on a three-storey Audi dealership in Perth, with completion slated for December 2024. Additionally, it progressed to the second stage of a multi-level car storage facility for John Hughes Group, also in Perth. These projects showcase PARKD’s proprietary Metal Deck Support System (MDSS), which enhances safety, productivity, and sustainability in modular car park construction.
One of the standout achievements for the year was PARKD’s partnership with Fielders Steel Roofing, a subsidiary of BlueScope Steel. The two companies entered into a licensing agreement for the MDSS technology, further validating PARKD’s innovative construction methods. The MDSS technology allows for safer and more cost-efficient construction by minimizing on-site work through prefabrication.
PARKD also delivered consulting services for a range of high-profile clients, including Southern Health Services WA, Woolworths Group, and Sydney and Perth Airports, demonstrating the growing demand for modular car park solutions in both public and private sectors.
Recognition and awards
PARKD’s commitment to innovation and sustainability was recognised with two major awards in 2023 – the Technology and Innovation in WA Award for Excellence in Concrete and Parking Australia’s Award for Outstanding Sustainable Car Park. These accolades highlight the company’s ability to deliver eco-friendly, cost-effective, and efficient construction solutions through its modular car park system.
Outlook
Looking ahead, PARKD Managing Director Peter McUtchen expressed optimism about the company’s future. With a robust project pipeline and growing demand for modular construction, PARKD is well-positioned to capitalise on industry trends such as cost efficiency and sustainability. "The construction landscape is evolving, and with building costs at an all-time high, our innovative solutions offer a faster, cheaper, and greener alternative," McUtchen said. The company’s focus on expanding its partnerships and leveraging its intellectual property in Australia and beyond is expected to drive further growth in FY25.