Parkd Ltd (ASX:PKD) chairman Bronte Howson today addressed shareholder at the company’s 2nd annual general meeting held at Hyatt Regency, Perth.
The chairman spoke about the company’s strong pipeline of prospects and tenders which will lead to the construction of numerous car parks across Australia.
The following is an extract from Howson’s address:
When the company first floated in December 2017, it had not built a car park and had not generated any fee earning design work. The 2018 financial year was focused on sourcing materials and services to build our first car park, remembering that this was done entirely at PARKD’s cost with the client reserving the option to either buy the car park or having it removed free of charge within 6 months after completion. During the 2019 financial year the company completed and sold that very same car park, ensured that its supply chain worked effectively and efficiently, earned nearly $0.5 million in fee generating design work, and continued research and development activities to improve the design of its modular car parking system on the back of lessons learnt during the build of its first car park.
The company continues to attract significant interest in its innovative car parking system. We have a strong pipeline of prospects and tenders which we are confident will lead to the construction of numerous car parks across Australia. Clients range from airport corporations, automotive dealers, shopping centre owners, car park owners and, critically in this era when governments are spending heavily in infrastructure projects to stimulate the economy, national commuter car parks for local government authorities. The Mandurah Station Multi Level Car Park is the first of these Federally funded commuter car parks that has come out for tender in which your Company will bid in partnership with a reputable builder.
In the near two years of life as a publicly listed company, PARKD has accomplished a great deal – we have run nearly a full marathon and are poised to reach the finish line when we next embark on building car parks across Australia using our innovative and patented modular car parking system.
We have done so with careful and frugal means. We listed in December 2017 by raising $5.6 million net and we finished the 2019 financial year with $2.4 million in cash. As of today, we still have $2 million in cash. The R&D rebate scheme has helped: we have received over $1 million in R&D rebates since listing, a testament to the extensive investment in research and development that an innovative, Australian enterprise like PARKD has undertaken in its short life span.
I take the opportunity to thank shareholders for their continued support, as well as my fellow PARKD directors and staff. We look confidently towards 2020 and beyond with our sole objective to deliver shareholder wealth.