MiX Telematics reports double-digit subscriber growth
Fleet management and vehicle-tracking company MiX Telematics said on Thursday it added 23,200 more subscribers in its third quarter to end-December, putting it on track for double-digit subscription revenue growth for its full year.
Subscription revenue rose 8.5% to R476.1m during the quarter, with the company’s subscriber base rising 10.4% in the nine months to end-December.
The group, which operates in Africa, South America, Europe and the Middle East, on Thursday gave guidance of between 10.4% and 11% subscription revenue growth for its full year to end-March.
Total revenue is expected to rise by between 6.5% and 7.5%.
“While we continue to work through some impact from macroeconomic and global trade headwinds, we remain confident that our diversified global footprint and the breadth of our product portfolio will continue to support our attractive combination of meaningful growth and substantial profitability,” said CEO Stefan Joselewitz.
The group’s share price was unchanged at R8.50 on Thursday morning, having risen 18% so far in 2020.