Paul, pretty accurate look at the current state of play.One...

Paul, pretty accurate look at the current state of play.

One other item which may have a strong influence on the fortunes of RDF is the A$-US$ exchange rate. Word out of Asia is that the demand for commodities, particularly minerals, is softening somewhat so Australia may have seen the top of our commodities boom. Add to this the interest rate driven recent strengthening of the US$ with predictions of a sub 70c A$ by year end means of course that the Redflex revenue stream expressed in A$ can only strengthen further.
With about 95% of its present revenue coming in US$ this will have a further appreciable effect on the RDF bottom line.

Revenue from speed cameras in the US is the sleeper as you say, there's been a real turnaround recently and the majority of the business out to tender at present includes requirements for speed and red light cameras combined plus a number of cities are also looking at speed camera vans and stand alone fixed speed cameras. It will be interesting to say the least to see the revenue terms in these new speed/red light contracts although most of the ones I have seen to date are per citation, which is possibly the best way for Redflex to go when speed cameras are included.