Solid financial results for MiX Telematics reveal remarkable growth and stability
Johannesburg, 10 June 2013 – MiX Telematics, a leading global provider of fleet and mobile asset management solutions delivered as software as a service or SaaS, announces strong growth in subscriber base and subscription revenue as well as good cash generation upon the release of its full-year financial results for the year ending 31 March 2013.
“Our subscriber base grew to over 359,000, increasing by 31% from the previous year,” says Stefan Joselowitz, CEO of MiX Telematics.
“Our subscriber growth fueled the growth of our subscription revenue by 20% to R687 million, while our total revenue was up 15% to R1,17 billion. EBITDA grew 19% to R285 million and headline earnings increased 26% to R132 million.”
“Subscriber growth is the cornerstone of our business strategy, so we're very happy to report this record breaking achievement,” says Joselowitz.
In addition, the company has a strong focus on cash generation and generated a remarkable R288 million in cash from operations.
“The building blocks are firmly in place to support our continuous efforts to leverage our cash generative business, thereby growing our subscription base and entrenching our position as a global leader. “A notable step taken in this regard recently was the opening of a MiX Telematics office in Sao Paulo, Brazil, to service the specific requirements of customers in that market,” says Joselowitz.
“We have an operational presence in 7 countries, 135 channel partners on 6 continents and customers in 112 countries,” concludes Joselowitz.
About MiX Telematics
Founded in 1995, MiX Telematics is a leading global provider of fleet management, driver safety and vehicle tracking solutions. Using the Software as a Service (SaaS) delivery model, the company helps customers around the world to effectively manage their mobile assets – an offering strengthened by value-added services like stolen vehicle recovery, consulting services and driver training. MiX Telematics specialises in both fleet and consumer telematics, with customers in 112 countries and an extensive channel partner network. The company is listed on the Johannesburg Stock Exchange and has offices in South Africa, Uganda, the United Kingdom, the United States, Brazil, Australia and the United Arab Emirates. Commercial customers include Parmalat, Schlumberger, Chevron, Greyhound, Go-Ahead Group, Spar, De Lijn, Vectalia-Subus and Scania.