Tech: Redflex got a $5.8m order for its traffic cameras just in time for Christmas
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Red light and speed cameras have a reputation as cash cows, but usually for authorities rather than the manufacturers. Yet one ASX-listed manufacturer, Redflex Holdings (ASX:RDF), got a $5.8m order just in time for Christmas.
The order came from Highways England for the HADECS3X digital enforcement cameras. The cameras will be installed progressively over the next 17 months as part of the UK’s roll out of smart motorways.
So-called “smart motorways” use variable speed limits and allow temporary use of hard shoulders as live lanes during busy periods.
By April 2020, 488 miles (785km) of highways in England will be “smart highways” and another 300 miles (483km) will follow by 2025.
Highways England claims the roll out will help congestion on English roads which costs £2 billion ($3.8 billion) per annum.
Other jurisdictions installing the company’s traffic management systems include Australia, Japan, the USA, Japan and India.
Stockhead has contacted Redflex for comment.
Redflex shares were unchanged this morning but are up nearly 20 per cent in the last 12 months.
IntelliHR (ASX:IHR) has climbed as high as 40 per cent this morning with news of a capital raising. While capital raisings commonly send shares down, this $2.74m raise was done at a premium and all from an existing shareholder – Colinton Capital Partners.
Colinton is a Sydney-based private equity firm run by Simon Moore who served 11 years as managing director of US based Carlyle Group. Additionally, two representatives will join the IntelliHR board as directors.