Smart Parking wins UK deal extension

Shares in local technology firm Smart Parking closed 25 per cent higher today on news it had secured an extension to a contract with one of its existing clients, UK retailer Matalan.

The value of the contract was undisclosed, however Smart Parking shares were 2.2 cents higher to 11 cents at the close of trade.

Smart Parking, which offers design, development and management of parking technology to businesses and public authorities that offer car parking facilities, will deploy its automatic number plate recognition and Smartrep software at 88 Matalan sites across the UK, up from 29 sites that it is already managing.

“This follows a successful trial with Matalan where automatic number plate recognition and pay-and-display technology were linked to provide greater efficiency in the utilisation and management of Matalan’s car parks,” Smart Parking said.

“The contract reflects the continued improvement in the company’s management services division as Smart Parking’s technology is deployed into more of its managed services estate.”

Matalan is a fashion and homeware retailer with over 200 stores across the UK.