Mix Telematics & Cartrack: Showing their form and surging ahead
An exceptional growth story is unfolding in the vehicle telematics market, says research from US firm Gartner
An exceptional growth story is unfolding in the vehicle telematics (remote tracking and monitoring) market, says research from US firm Gartner, which forecasts that in the fleet segment global revenue will reach US$55bn by 2021 — almost double its 2017 level. It is a growth story on which two SA companies, Cartrack and Mix Telematics, are riding high. Cartrack showed its form in its half year to February, lifting revenue 19% to R1.32bn and headline EPS (HEPS) by 17%. Subscriber numbers grew by 25% to more than 751,000. Profitability was also impressive, with earnings before interest, tax, depreciation and amortisation (Ebitda) coming in at 49% of revenue, and return on equity at 58%. Andre Ittmann, CEO of Cartrack’s SA operation, is confident that the growth pace will be maintained. Cartrack has also been spreading its wings globally, with non-SA revenue in its past half year accounting for 26% of the total, compared with 9% in 2012. The group is now active in 24 countries spanning ...
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