SUBSCRIPTION REVENUE
MiX Telematics gunning for growth as its pipeline expands
After experiencing brisk trading in the first quarter, MiX Telematics, the global vehicle tracking and fleet management specialist, is gunning for double-digit growth in subscription revenue and profits for the year to end-March 2019. CEO Stefan Joselowitz said the quarterly results were driven by ongoing robust demand globally from premium fleet customers across all platforms. Aside from SA, MiX has operations in the UK, the US, Uganda, Brazil, Australia, Romania, Thailand and the United Arab Emirates. The group made a stronger than expected start to the year, with first-quarter results released on Thursday showing subscription revenue up 18% to R390m, with the operating margin shifting up 450 basis points to 28%. At the end of the 2018 financial year, the group initially expected subscription revenue to be in the range of R379m-R383m. Net cash generated during the quarter was about R23m, with R225m cash on hand, underpinning a quarterly dividend payment of 3c a share. MiX added 15...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.