Stefan Joselowitz, CEO of MiX Telematics, puts the results into perspective, comparing the outcome to that of the same period for 2010: “I am delighted to report that the growth trend that we restored in 2010 has not only continued but has in fact accelerated. Although trading conditions remain challenging in most territories in which we operate, all of our businesses have delivered performances ahead of plan for the year thus far. Looking at the 6 months under review, we grew revenue to R469m (compared to R436m for the first half of last year) whilst adjusted HEPS grew 29,3% over the comparative period to 6,5 cents per share.”
Evidently, the company has enjoyed a good start to the year but expressed concern in terms of the current economic status in many of its key operating territories. Part of MiX Telematics’ strategy in adapting to these economic challenges is the heavy investment in new technology and the development of a new and compelling product line-up.
“Our staff are highly motivated and are determined to meet our medium-term objectives. Once again, I would like to extend the Board’s and my deep appreciation to our talented executives and employees for their superb efforts over the past six months,” concludes Joselowitz.