VEHICLE TRACKING
Cartrack shares race to a new high after business update
Shares in vehicle tracking and fleet management specialist Cartrack sped to a new high on Friday after the release of a business update. Cartrack shares touched a record high of R20 before settling back at R18.50 at the close of trade — nearly 3% up on the previous day’s close. The company disclosed growth of more than 85,000 subscribers since the start of September 2017 to more than 750,000 subscribers globally. There was subscriber growth of 65,812 net additions in the first six months to end August of the 2018 financial year. Cartrack has a core market in SA but has expanded into several African markets, Europe, the Asia-Pacific region, the Middle East and the US. The company said year-on-year subscriber growth to date was about 25%. Cartrack CEO Zak Calisto said the company had also launched a first-to-market insurance offering for vehicle theft targeting the previously uninsured market in SA. Theft insurance He said the company was able to leverage its audited 93% recovery rate...
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