Mix Telematics reports solid results for first quarter - CNBC Africa

Mix Telematics reports solid results for first quarter

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Total subscription revenue rose 22 per cent to 194.2 million rand year over year while vehicle subscription increased by 29 per cent bringing the total number of subscribers to 376,900 for year ended 30 June 2013.

“We are pleased with our first quarter fiscal 2014 results. Our momentum is being driven by strong customer demand in a substantial and highly underpenetrated market,” said Stefan Joselowitz, Chief Executive Officer of South African listed, Mix Telematics, in a statement on Tuesday.

The group, which specialises in vehicle tracking device solutions as well as fleet management, had an operating profit of 36.1 million rand, representing a 12.1 per cent increase from last quarter’s 34.8 million rand.

In August 2013, Mix Telematics raised 652.5 million rand through the initial public offering of American depositary shares on the New York Stock Exchange.

“The proceeds from our U.S. initial public offering will enable MiX Telematics to better capitalize on these strengths as we now have greater resources to execute our growth strategy and further expand our global market leadership position.” said Joselowitz.

Mix Telematics[DATA MIX:MIX TELEMATICS LTD.] operates in South Africa, the United Kingdom, Uganda, Australia, the United Arab Emirates and more recently in Brazil.

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