MiX Telematics invests in the Americas where subscribers grow 22%
CEO Stefan Joselowitz is ‘not yet happy with diversification in the Americas’ and plans to explore a bit more
MiX Telematics, a provider of mobile asset management solutions, would continue investing in its operations in the Americas and wanted the region to be a "much larger component of our business", CEO Stefan Joselowitz said on Thursday.
"We will be putting investments into achieving that objective, but on a balanced basis," he said. "We will carry on investing in stuff we know is working, and will try out some new things."
Joselowitz was "not yet happy with our diversification in the Americas", where MiX largely relied on the energy sector.
For the six months to end-September, MiX reported that its subscriber base in the Americas grew 22.5% year on year. Globally the net subscriber base rose 9% to more than 640,000.
Subscription revenue was up 18% on a constant currency basis to R349m, while adjusted earnings before interest, tax, depreciation and amortisation of R103m rose 56% year on year.
Joselowitz said he wanted the business "to grow steadily – midteens is the kind of growth rate that I would ideally like to sustain [while] steadily building scale in terms of improving efficiency as we build it".
However, "if any opportunities come along to accelerate the building of scale through an acquisition at the right price, we’d take advantage of that."
Joselowitz reiterated that JSE-listed MiX was in no rush to have a sole listing in the US, where it has American depositary shares listed on the New York Stock Exchange.
While it would ideally like to have a primary listing in the US "there’s no plan currently on the table to achieve that objective".