Ringgo: Sales and profit rise as motorists ditch cash to pay for parking

The number of motorists using pay by phone parking service Ringgo passing 10m helped both its sales and profit increase during its latest financial year.

The Basingstoke-headquartered business has reported a turnover of £29.9m for 2023, up from the £25.8m it achieved in 2022.

Newly-filed accounts with Companies House also show the firm’s pre-tax profit improved from £5.1m to £6m over the same period.

The number of people using Ringgo’s parking service rose from 9.4m to 10m in the year.

A statement signed off by the board said: “The directors are delighted with how the company has performed in 2023.

The 15.9 per cent increase in turnover has primarily been driven through increased penetration of both new motorists and increased transaction frequency across the existing Ringgo served areas as motorists continue to move away from cash and into digital channels.

“Indeed, 2023 saw more parking transactions than ever across the country.

“We have also seen a growth in new smaller private parking operator sites which have provided additional opportunity for growth.”

Ringgo owner suffers cyber attack

On its future, Ringgo added: “The company expects to continue to grow and scale its operations as it looks to explore new technologies and new markets for its products.”

Ringgo is owned by Sweden-based Easypark Group, Europe’s largest parking app operator.

The results come after the group, which also owns Parkmobile, reported itself to information regulators in the EU and UK in December 2023 after hackers stole customer data.

It revealed that customer names, phone numbers, addresses, email addresses and parts of credit card numbers had been taken.

However, it added that parking data had not been compromised in the cyber attack.

At the time, the group did not say how many of its users had been affected, beyond revealing that 950 RingGo users in the UK were involved.