VEHICLE-tracking group MiX Telematics expects subscription revenue for the 2017 financial year to grow by 5%-6% to R1.22bn-R1.23bn on expected growth in new customers and hardware sales. During the six months to September, MiX added more than 43,600 new subscribers to take the total to 585,000. This resulted in a 9.1% increase in subscription revenue to R608m. Total revenue grew 6.4% to R747.3m.MiX provides software that helps companies and individual customers to track their vehicles in about 120 countries in Europe, Africa, Middle East, Americas, Australia and Brazil. The company gives its customers an option of buying the hardware needed to collect information. MiX Telematics CEO Stefan Joselowitz said the group faced many headwinds, primarily in the energy and oil and gas sectors as the weak oil price hit customers. This resulted in a contraction in the number of fleets managed by MiX. "We saw the size of their [customers’] fleet come down substantially and that had a direct imp...
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.