Vehicle-tracking and fleet-management company Cartrack on Thursday reported low single-digit growth in first-half profit as currencies in a number of African countries in which it has operations depreciated. The company, which operates in developed and emerging markets across five continents, reported a 3% rise in headline earnings per share (HEPS) to 38c in the six months to August from the year-earlier period. "Economic and fiscal challenges have been particularly severe in Africa, compounded by a material weakening in local currencies," Cartrack said in statement on Thursday. Group revenue in the period under review was up 18% to R554m and subscriber base rose 19% to 551,391 If the Africa-other segment (excluding SA) is excluded from the consolidated figures, both subscriber growth and revenue growth are more than 21% while operating profit growth is at 10%. Revenue in its home market grew 16% to R413m, largely as a result of strong subscriber base growth. In Europe, pretax profi...
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