Mix Telematics’ profit halves but its share price jumps
Mix Telematics share price jumped 6.15% to R3.45 on Thursday morning despite reporting its interim profit halved. The vehicle tracking technology group grew revenue 6.4% to R747m in the six months to end-September, but aftertax profit halved to R55m from R111m in the matching period. The drop in profit was mainly due to finance income falling to R23m, about a fifth of the matching period’s R107m. Mix declared a 2c interim dividend, the same as in the matching period. Mix reduced its shares in issue to 633.4-million from 799.2-million by repurchasing its shares from Imperial Corporate Services for R2.36 each. Mix segments itself into five geographical regions. The largest is Africa, which contributed 56% of the group’s total revenue. Subscribers in this region grew 10.8% from the previous year. Its next biggest region is Middle East and Australasia, which contributed 20% of group revenue. Here subscriber numbers declined 2.7%. Subscriber numbers fell 14.5% in the Americas, which cont...
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