Speed Camera Firm Boasts Of Improved Profits

Unlike its money-losing photo enforcement competitor, Redflex Traffic Systems of Australia, Verra Mobility scored $24.1 million in profit in the last nine months. The company even turned around losses from the nearly complete ban on red light cameras in Texas by landing the lucrative contract to operate 300 photo radar units in New York City. Each of those cameras is designed to generate $46,000 in annual net profit for the company. “If you recall, Texas banned red light photo enforcement earlier in the year, resulting in a $11 million annual reduction of revenue, which will impact us for the next three quarters,” Verra Mobility chief financial officer Patricia D. Chiodo explained last week. “The speed camera installations in 2019 will add more than $13 million to our annual recurring service revenue.”