Robust financials cement MiX Telematics' position as market leader
Cape Town, 13 June 2012 - MiX Telematics, global provider in driver safety, vehicle tracking and fleet management solutions, announces remarkable overall growth upon the release of its full year financial results for the year ending 31 March 2012.
"The 2012 financial year has been impressive for MiX Telematics,” says Charles Tasker, Head of MiX Telematics’ fleet operation, adding, “We broke through the billion-rand sales barrier with an increase of 14,8% in revenue, while our after tax profits exceeded R100 million - so all in all some noteworthy achievements!"
Subscriber growth, referring to customers who subscribe to MiX Telematics’ safety or fleet management services, remains one of the company’s key performance measures. “Within the given period, we added 40,000 new subscribers, meaning we will soon reach 300,000 subscribers,” says Tasker.
“Looking after our customers and growing our base means we are looking after our annuity revenue, which is of course a vital element of our strategy. At present, our annuity revenue represents a healthy 57% of total revenue.”
The company attributes its growing success in the fleet management arena to its solid and growing partner network, which includes over 100 dealers worldwide and the subsequent availability of its products and services in 111 countries.
Tasker said the business has made significant progress in the US, through the implementation of mega-deals that were won last year. The US operation showed top-line year-on-year growth of 200%, while the Middle East and Australia business also performed well considering the turbulent conditions. “In the Middle East, we welcomed two multi-national oil and gas customers, which will translate into substantial future earnings,” says Tasker.
In Europe, reasonable subscriber growth was reported. “We continue to gather momentum in the bus and coach industry in Europe and we look forward to welcoming more customers like De Lijn,” says Tasker. The contract with De Lijn involves fleet management for over 1,800 buses and signifies the company’s largest bus deal outside of the United Kingdom.
Notable growth came from the company’s Enterprise division. This operation services medium to large fleets in South Africa and continues to benefit from the successful roll-out of its customised fleet management system for Eskom, the country’s electricity service provider.
“With robust financials, a growing subscriber base and a history of operating successfully in international markets, we are confident that MiX Telematics is ideally positioned to take advantage of significant growth opportunities,” concludes Tasker.