Picture: SUPPLIED
Picture: SUPPLIED

MiX Telematics added 55,800 new customers during the year to March, taking its total base to 622,000. This increased the vehicle tracking group’s subscription revenue by 7.1% to R1.23bn.

MiX provides software that helps companies and individuals track their vehicles in about 120 countries in Europe, Africa, the Middle East, the Americas, Australia and Brazil.

CEO Stefan Joselowitz said the group was starting to benefit from previous investments.

"During fiscal 2017, the company reached an inflection point in regards to margin accretion, particularly as MiX is moving out of a heavy investment cycle into a phase where we are starting to enjoy the returns on these investments," he said.

Profit for the year was R121.4m compared with R182.5m in financial 2016.

MiX’s biggest market is sub-Saharan Africa, which contributes the bulk of the company’s customers.

The region is driven largely by South African consumers who have installed MiX tracking devices such as Beame in their vehicles and in their other moveable assets.

Joselowitz said Brazil was the best-performing region, though from a low base, and the company recently won a number of contracts there. Subscription revenue from Brazil rose 80.8% to R32.6m.

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