Vehicle-tracking and fleet-management specialist Cartrack is one of the few JSE-listed counters that can boldly predict double-digit bottomline growth for the foreseeable future. What stands out in the latest year to end-February results is that the core market in SA is still firing on all cylinders — and there are still plenty of growth opportunities to snag. A divisional breakdown showed the South African operations churning R981m in revenue, a sprightly gain over the R861m recorded in the 2017 financial year. But what is impressive is the margin achieved by Cartrack’s local core. The gross profit margin was 81% and operating profit margin topped 38%, which are two reassuring figures when considering the company’s determination (and recent successes) in finding new growth niches in the local market. Africa still looks compelling, with revenue of R105m converted to profits on gross and operating margins of 86% and 30%, respectively, (the latter dropping in line with costs incurred ...

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