Redflex posts $10M loss for H1 FY2015

MikeB

Redflex posts a $10,000,000 loss (Australian Dollars) for the first half of financial year 2015. The Australian speed camera manufacturer has been severely affected by the problems in Chicago. The loss also reflects the "Impairment of the value of the Ohio and New Jersey related assets following, respectively, the recent passage of legislation and the expiration of a five year pilot program that decreased the viability of red light systems in these US states."

In the mean time Redflex have opened offices in Slough, UK and have won three contracts to supply the HADECS cameras. These contracts are expected to bring in $4,200,000. Additional income will then be realised in the form of maintenance contracts that will start later this year.

With the US subsidiary representing over 60% of the Redflex Group's income the concern for the long term viability of the Red Light Camera and Speed Camera systems is paramount. Redflex are diversifying into other areas of automated enforcement, which may see less public dissatisfaction. Student Guard is a system that captures images of drivers violating school bus stop signs, helping to assist in the safety of children.

This $10M is presented as a temporary blip in the accounts that will recover. However with over 60% of the business relying on one volatile market the situation could change dramatically dependant on the whim and influence of US law makers.

Click here for the full report on the Redflex corporate site.

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Davidonly · Posted: Thu Mar 05, 2015 8:58 pm Post subject:

Good riddance should this bunch of parasites go bust Smile

K13ehr · Lifetime Member Joined: Jul 12, 2008 Posts: 286

Unfortunately we need to have speed cameras, because of the moronic attitude to speed limits, we all stray over sometimes, not surprising with so many distractions, but some just drive how they like regardless of any limits.

That's not to say that the siting of some could have been better, you can almost here the kerching as you drive past them.

What I find odd is that there seems to be more of them in areas where poorer and usually people from distant lands live, why is that, same goes for speed bumps, is this to make them feel at home or something, Leeds and Bradford are awash with them.

M8TJT · Posted: Fri Mar 06, 2015 9:07 am Post subject:

Perhaps it's because that's where most of the speeding is done and/or the council need to supplement their budget?

tonylathes · Lifetime Member Joined: Jun 11, 2006 Posts: 7

What I find odd is that there seems to be more of them in areas where poorer and usually people from distant lands live, why is that, same goes for speed bumps, is this to make them feel at home or something, Leeds and Bradford are awash with them.

Brilliant! - and may the speed-camera company, with their ill-gotten gains, crash and burn.

sussamb · Posted: Fri Mar 06, 2015 11:45 am Post subject:

I'd rather have speed cameras slowing motorists down, than see them 'crash and burn' whilst invariably killing or seriously injuring others in the process.

More the merrier as far as I'm concerned, far too many folks out there who drive far faster than their driving ability allows them to do safely Twisted Evil

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Kremmen · Posted: Fri Mar 06, 2015 1:07 pm Post subject:

How very true that is. The driving in west London is absolutely horrendous. No such thing as driving in a line round here as it's like a racetrack with undertaking, wrong lane at traffic lights then launch control to try and avoid getting trapped.
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Davidonly · Posted: Sat Mar 07, 2015 6:26 pm Post subject:

DennisN · Posted: Sun Mar 08, 2015 2:02 pm Post subject:

We really don't need speed cameras for us. We only need them for them. They shouldn't be allowed to have cars. If it wasn't for them, driving would be a blast, a pleasure and a very short time occupation, because we'd be able to get there so much quicker.
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Two of them are obesiting!!

potamus29 · Occasional Visitor Joined: Sep 09, 2009 Posts: 1

Kremmen · Posted: Mon Mar 09, 2015 11:05 am Post subject:

You may chuckle but a few decades ago driving had some pleasure and drivers were courteous.

Move forward to today and driving is quite a hassle and dangerous with very bad and discourteous drivers.

If it wasn't for cameras now that traffic police are like hens teeth it would be a very dangerous place to be.
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