PARKD Ltd initiates Stage 2 construction with John Hughes Group

PARKD Ltd (ASX: $PKD) has commenced Stage 2 of the design and construction contract with John Hughes Automotive Group for the construction of a multi-level car storage facility in Victoria Park, Perth. The $4.3 million project is set to begin on February 20th, 2024, and is estimated to be completed by September 2024. This stage follows the successful completion of the $280k Stage 1 design works and documentation phase.

Executive Commentary on Stage 2 Construction

PARKD Managing Director, Peter McUtchen, expressed his delight at the timing of the contract award coinciding with the commencement of binding licensing terms with Fielders. He highlighted the company's innovative construction methodology and its potential to scale solutions nationally. COO of John Hughes Automotive Group, Rod Gailey, emphasized the significant improvement in customer service and operational efficiency that the facility's development will bring.

Summary of PARKD's Stage 2 Construction Announcement

PARKD Ltd (ASX: $PKD) has initiated Stage 2 construction with John Hughes Automotive Group for a multi-level car storage facility in Victoria Park, Perth. The $4.3 million project, estimated to be completed by September 2024, will utilize the PARKD prefabricated permanent structural solution, reducing construction time and carbon impact by approximately 50% compared to traditional methods. The company's Managing Director highlighted the strategic significance of the contract award and the potential for national scalability. This development is expected to strengthen PARKD's cash flow and forecast profitability in FY24 and FY25.