PARKD's Record 1H Revenue and Strategic Partnerships

PARKD LTD (ASX: $PKD) has reported a record first-half revenue of $1.01 million for the six months ended 31 December 2023, marking a 70% increase from the previous corresponding period. The company's revenue growth was driven by delivering construction works for clients and providing technical advisory services across various sectors. PARKD also announced the commencement of construction works for Quattro Automotive and the completion of stage one construction documentation works for the John Hughes Group. Additionally, the company signed an exclusivity agreement with Fielders Steel Roofing for the proposed licensing of PARKD's Metal Deck Support System IP. As of 31 December 2023, PARKD maintained a cash balance of $362k.

PARKD's Managing Director, Peter McUtchen, on HY24 Performance

The last six months has seen PARKD gain momentum across the breadth of its services through higher-margin IP licensing and strategic partnerships, and increases in construction projects and technical advisory services. As Australia's only modular carpark construction and technical advisory specialist, our record first-half revenue is a testament to our customers realizing significant advantages from our patented, modular carpark construction system, which includes improved site efficiency and worker safety, reduced construction costs and wastage, and significantly reduced carbon impact compared to traditional construction methods. Our current construction contracts with Quattro Automotive and the John Hughes Group are progressing well and on track to be delivered to schedule, while our technical advisory arm continues to provide clients with innovative designs and industry-leading modular carpark construction advice.

PARKD's Outlook and Strategic Partnerships

PARKD's HY24 performance reflects a significant milestone with a record first-half revenue and a reduction in operating loss. The company's strategic partnerships and increased revenues have contributed to this positive outcome. The exclusivity agreement with Fielders Steel Roofing for the proposed licensing of PARKD's Metal Deck Support System IP further demonstrates the company's commitment to expanding its IP licensing and strategic partnerships. Looking ahead, PARKD's Managing Director, Peter McUtchen, expressed confidence in the increasing demand for the company's modular carpark designs as construction costs continue to rise and sustainability targets become more stringent. The company's innovative carpark methodology provides businesses with a turn-key solution addressing these needs and more, positioning PARKD for potential growth and further market recognition.