VEHICLE TRACKING
MiX Telematics ups forecast after growth in subscriptions
Vehicle-tracking group expects subscription revenue to rise by as much as 6.7% to just more than R1.23bn on an increase in customers
Vehicle-tracking group MiX Telematics has revised its outlook for the full year, increasing its earlier forecasts, after a strong performance in the quarter to December. The group expects subscription revenue to rise by as much as 6.7% to just more than R1.23bn on an increase in customers. In November, it had initially expected full-year subscription revenue to grow 5%-6% to R1.22bn-R1.23bn. The group has surpassed the 600,000 subscriber mark after adding 20,000 new customers during the three months to December. This has resulted in a total subscription revenue increase of 5.5% to R311m, ahead of guidance. MiX provides software that helps companies and individuals to track their vehicles in about 120 countries in Europe, Africa, the Middle East, the Americas, Australia and Brazil. About half of the new subscribers come from sub-Saharan Africa, which contributes the bulk of MiX Telematics customers. The region is largely driven by the consumers who have installed MiX tracking devices...
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