The Covid pandemic may turn out to produce unexpected long-term effects, but one that is already blindingly clear is a sharp rise in unemployment, with all too predictable implications for the crime rate. The more the roads start to resemble some sort of Mad Max dystopia, the more customers will flock to the likes of Cartrack, which is building a tidy business by offering world-class vehicle security products to punters who would like a chance of seeing their wheels again before they’re carted off to a chop shop.

Despite the operational difficulties caused by lockdowns and travel restrictions, the company was able to grow subscriber numbers by 13% year on year to just short of 1.2-million users, and grew HEPS by 21% in the interim period. Subscription revenue now makes up 98% of total revenue, as customers choose to buy contracts rather than pay up-front fees, generating annuity revenue streams with limited subscriber churn despite the difficult economic conditions...

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