MiX subscribers up 28%

·7 Nov 2013

MiX Telematics, a JSE and NYSE-listed vehicle tracking solutions provider, has seen its total vehicles under subscription ramp up 28% to 404,000 in interim financial results for the period ended September 30, 2013.

Previously, MiX said it had 376,900 subscribers at June 30, 2013.

Total revenue climbed 9% to R613 million, from $60.7 million, while subscription revenue improved 24% to R401 million.

Operating profit for the six month period climbed to R80.27 million, from R76.35 million in 2012.

In August 2013, the company raised R650 million ($65.5 million) in proceeds before expenses through the initial public offering of ADRs on the New York Stock Exchange.

“We are pleased to report strong second quarter results, which were highlighted by 25% subscription revenue growth and over 27,000 subscriber additions that pushed our total subscriber base over the 400,000 milestone, said Stefan Joselowitz, CEO of MiX Telematics.

“Adoption of both fleet and consumer products is increasing in our target markets, and MiX Telematics is well positioned to be a prime beneficiary of growth opportunities as we have already achieved meaningful scale, built a global distribution network, and offer scalable, state-of-the-art solutions that yield a powerful return on investment.”

Looking ahead, MiX said that for the third quarter of fiscal year 2014, it expects subscription revenue to be in the range of R209 million to R214 million ($20.6 million to $21.1 million) which would represent subscription revenue growth of 19% to 22%
compared to the third quarter of fiscal year 2013.

The forecast takes into account growth rates achieved previously.