2/22/2005US Cameras Drive Record Profit for Redflex Australia
Redflex profits are soaring due to expansion into the American red light camera market.
The leader in digital red light and speed camera technology, Redflex, has announced that its profits have soared 413 percent as a result of increased use of photo enforcement in American cities.
In the past few months, the number of Redflex cameras installed in the U.S. has grown from 301 to 401. The number is expected to grow to 500 by June 30 and to 1000 "in the next two to four years."
Redflex is also offering cities the ability to add photo speeding ticket capabilities to the red-light cameras that are already installed.
Although Redflex has offices in the United States, they are wholly owned by the Australian parent company which reports all profits to the Australian stock exchange.
The profit, and a 57 per cent jump in revenue with the promise of more to come, caught the attention of investors, who lifted the share price 4 per cent, or 15 Cents, to $3.82...Source: Traffic cameras drive 413% gain for Redflex (The Age (Australia), 2/22/2005)
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