MiX Telematics growth slows on low oil price
THE decline in the oil price has slowed MiX Telematics’ first-quarter growth as many of its clients, especially in North America and the Middle East, cut back on operations as a result of lower production.MiX Telematics provides vehicle-tracking technologies across many countries in Europe, Asia, the Middle East, America, Africa and South America. The group — which is also listed in New York — said although subscription revenue for the three months to June rose 12.7% to R306.2m, benefiting from more than 54,000 new subscribers year on year, it was disappointed to see continued deterioration in the energy sector.The vehicle-tracking technologies group has 578,000 subscribers.The oil and gas sector contributes 20% to MiX Telematics’ total subscription revenues, which is an overall measure of the group’s performance. Although the group was able to grow profitably in challenging times, CEO Stefan Joselowitz said he "was disappointed to see continued deterioration in the energy sector, c...
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