It’s bonus time at Traffic Tech after a bumper profit of $6.1m
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Profits are up at Traffic Technologies and the top executives have reeled in their bonuses.
The traffic light installer says profit in 2018 is 500 per cent higher than last year at $6.1 million.
As a result managing director Con Liosatos and CFO and company secretary Peter Crafter have earned $119,397 in bonuses between them.
Mr Liosatos received a $94,605 bonus after the company smashed its EBIT (earnings before interest and tax) target, with that figure rising 215 per cent to $8.4 million.
His total remuneration was $600,754.
Mr Crafter earned a $24,792 bonus to earn $293,357 in 2018.
The other three board members, one of whom retired in November, pulled in a collective $190,487.
The company (ASX:TTI) attributed the good result for fiscal 2018 to “significant investment” in R&D and diversifying products, and cutting debt to $9.3 million.
Traffic Technologies has moved into the ‘smart city’ sector, adding LED street lighting, Internet of Things (IOT) sensors and software to its product list.
More energy efficient LED road lights have been one of the best performers, with State and local governments signing long term contracts.
It’s also deployed 15,000 IOT devices with those lights that allows them to be connected to other infrastructure via a private network.
“With significant growth expected on roads and infrastructure across the country, the Group’s ITS sector has developed a suite of new products, including school speed zone signs, variable message signs and a range of electronic signs which have now been commercialised, for state road authorities to manage the road network more efficiently,” the company said.
It’s exporting to New Zealand, Singapore, Ecuador, China and Qatar.
The news pushed Traffic Technologies’ shares up 3 per cent to 3.7c.