Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Fleet management and vehicle-tracking company MiX Telematics has crossed 1-million customers for the first time, the group said as it reported annual earnings on Thursday.
The JSE- and New York Stock Exchange-listed group added 186,700 subscribers for the year to end-March, bringing the total base to more than a million subscribers.
“Closing out the fiscal year, we are proud to have surpassed the 1-million subscriber milestone,” said CEO Stefan Joselowitz.
“As we move into fiscal year 2024, despite general uncertainties in the macroeconomic environment, we remain confident that we have the necessary levers within our operational structure to maintain our balanced approach to growth, while delivering strong free cash flow and profitability.”
Subscription revenue, which made up 87% of group takings, increased to R2.151bn, an rise of 17.2% compared to the previous year. Group revenue was up 15.7% to R2.462bn on a constant currency basis, with recurring revenue also up 15% to R2.359bn.
Earlier in the week, MiX, which operates in 120 countries and competes locally with Altron’s Netstar and Karooooo’s Cartrack, said its earnings figures had been affected by a deferred tax charge of R59.8m.
Headline earnings per share — which strip out the effects of one-off financial events — fell to 14c, from 24c previously.
MiX derives the bulk of its revenue from helping companies and businesses manage vehicle fleets. These include Wincanton in the UK with more than 1,700 vehicles on the group’s platform, and Damman Transport Logistique et Organisations in Belgium with 60 vehicles.
The company ended the period with net cash and cash equivalents of R263m.
“Our team continues to work towards delivering consistent ‘rule of 40’ performance in the medium term. M&A [mergers & acquisitions] still remains a key component of our long-term objectives, and our corporate development team is actively evaluating a range of potential prospects,” said Joselowitz.
Earlier in May, Altron said it is banking on a new strategy to take back market share in vehicle tracking and telematics. Netstar, a once dominant player in its sector, has lost ground to competitors such as MiX Telematics and Cartrack.
And while MiX is celebrating 1-million customers, Karooooo expects to reach 2-million in its current financial year.
MiX shares remained unchanged in late afternoon trade on Thursday but are up 15.23% in 2023.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
MiX Telematics crosses 1-million customers
Fleet management and vehicle-tracking company MiX Telematics has crossed 1-million customers for the first time, the group said as it reported annual earnings on Thursday.
The JSE- and New York Stock Exchange-listed group added 186,700 subscribers for the year to end-March, bringing the total base to more than a million subscribers.
“Closing out the fiscal year, we are proud to have surpassed the 1-million subscriber milestone,” said CEO Stefan Joselowitz.
“As we move into fiscal year 2024, despite general uncertainties in the macroeconomic environment, we remain confident that we have the necessary levers within our operational structure to maintain our balanced approach to growth, while delivering strong free cash flow and profitability.”
Subscription revenue, which made up 87% of group takings, increased to R2.151bn, an rise of 17.2% compared to the previous year. Group revenue was up 15.7% to R2.462bn on a constant currency basis, with recurring revenue also up 15% to R2.359bn.
Earlier in the week, MiX, which operates in 120 countries and competes locally with Altron’s Netstar and Karooooo’s Cartrack, said its earnings figures had been affected by a deferred tax charge of R59.8m.
Headline earnings per share — which strip out the effects of one-off financial events — fell to 14c, from 24c previously.
MiX derives the bulk of its revenue from helping companies and businesses manage vehicle fleets. These include Wincanton in the UK with more than 1,700 vehicles on the group’s platform, and Damman Transport Logistique et Organisations in Belgium with 60 vehicles.
The company ended the period with net cash and cash equivalents of R263m.
“Our team continues to work towards delivering consistent ‘rule of 40’ performance in the medium term. M&A [mergers & acquisitions] still remains a key component of our long-term objectives, and our corporate development team is actively evaluating a range of potential prospects,” said Joselowitz.
Earlier in May, Altron said it is banking on a new strategy to take back market share in vehicle tracking and telematics. Netstar, a once dominant player in its sector, has lost ground to competitors such as MiX Telematics and Cartrack.
And while MiX is celebrating 1-million customers, Karooooo expects to reach 2-million in its current financial year.
MiX shares remained unchanged in late afternoon trade on Thursday but are up 15.23% in 2023.
gavazam@businesslive.co.za
Netstar focuses on taking back market share in vehicle tracking and telematics
Karooooo expects Asian business to continue growing fastest
Weak rand obliterates record subscriber growth for MiX Telematix
MARC HASENFUSS: Grinding it out at Altron, Nampak and eNX
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.
Most Read
Related Articles
MARC HASENFUSS: Grinding it out at Altron, Nampak and eNX
Netstar focuses on taking back market share in vehicle tracking and telematics
Mix Telematics: Tracking a roller-coaster
Karooooo expects Asian business to continue growing fastest
Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.