MiX Telematics raises its revenue target
A strong first-half performance, a healthy pipeline of orders and new sales opportunities have contributed to a bright forecast
New York and JSE-listed MiX Telematics has raised its revenue and margin projections for its 2019 financial year thanks in part to a strong first-half performance. “At the mid-point of our total revenue guidance, we expect fiscal 2019 revenue of R1.95bn, which would represent constant currency growth of 11.85%, an increase from our previous guidance for constant currency growth of 10%,” interim finance chief Paul Dell said in a conference call on Thursday. MiX, which has 714,000 subscribers, offers fleet management, driver safety and vehicle-tracking services. Rival firm Cartrack has about 850,000 subscribers and is targeting 1-million in its next financial year. Dell said MiX could generate higher subscription revenues in financial year 2019 “given the first-half performance as well as our strong pipeline of firm orders and sales opportunities”. For the first half to end-September, MiX reported a 16.7% increase in total revenue to R953.6m. Profit was R68.8m, up from R58.1m a year b...
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