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MiX Telematics declares impressive operating profit

Mix Telematics
Mix Telematics

USA: MiX Telematics continues to grow its business around the world as evidenced by strong performance in the first half of its 2012/13 financial year as announced yesterday. Due to the extension of existing enterprise contracts as well as the addition of new mega fleets across various industries in various countries, MiX Telematics increased its revenue by 20.3% (to R564 million) and its operating profit by an impressive 60.8% (to R76 million) in comparison to the same period a year ago.

Through an SaaS delivery model and value added services, MiX Telematics helps customers worldwide to reduce their operating costs and risks, improve driver and passenger safety as well as customer service, and lower their carbon emissions.

Despite facing tough economic conditions in various parts of the world, MiX Telematics is proud to have increased revenue outside of South Africa by 29% (to R276 million). In South Africa and the UK, the company successfully extended contracts within two major key accounts, including Eskom and the Go-Ahead group. A contract with a large Oil & Gas producer in Eastern Europe was also secured, as were new major contracts with a mining company in Australasia and two large bus customers in Europe.

Stefan Joselowitz, CEO of MiX Telematics, said: “Our strategy for years now has been to leverage our profitable, cash-generative businesses into growing our global annuity base. We announced our intent when we listed five years ago and continue to demonstrate our commitment to this strategy year on year. Between April and September we increased our subscriber base by more than 40,000 vehicles, with significant growth coming from both our fleet and consumer telematics operations.”

Source: http://www.mixtelematics.com/en/home-en/en/press-office/press-releases/mix-telematics-continues-to-demonstrate-strong-financial-performance 

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