Marc Hasenfuss Investors Monthly editor, writer & columnist

Vehicle-tracking and fleet-management specialist Cartrack saw an acceleration in subscriber growth and bottomline profits in the year to end-February. Results released on Tuesday showed Cartrack’s subscriber numbers grew by a quarter to 751,380 with subscription revenue up 19% to R1. 17bn. The company disclosed that subscription revenue represented 88% of total revenue of R1.3bn, which was up 16% over the previous financial year. Despite the strong growth, Cartrack did not sacrifice on pricing with the earnings before interest, taxation, depreciation and amortisation margin fattening from 46% to 49%. The operating margin moved to 33% from 32% previously, helping headline earnings to breach the 100c a share mark. Cartrack’s cash generation continued to impress with cash generated from operations up 21% to R467m. This underpinned a final dividend of 28c per share. Chris Logan, CEO of Opportune Investments and a Car-track shareholder, said the company had produced another excellent res...

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