Cartrack eyes JSE listing

Fleet management, stolen vehicle recovery and insurance telematics group Cartrack, says it is evaluating an intention to list on the Main Board of the Johannesburg Stock Exchange (JSE).

Cartrack, which was founded in 2001, said it would list in the Support Services sector.

“We believe it is now time to enter the next phase in Cartrack’s evolution and intend to enhance Cartrack’s profile by offering a wider group of investors the opportunity to benefit from our future expansion plans,” said Cartrack’s global CEO and founding shareholder, Zak Calisto.

“Cartrack is a consistently profitable business with strong financial metrics”, said Cartrack global CFO and global deputy CEO John Edmeston.

Cartrack has achieved annual growth rates in both revenues and net profit of over 20% in the recent years. As at 31 October 2014, the company had a subscriber base in excess of 400,000 units.

The company boasts an audited Stolen Vehicle Recovery success rate of 94%, it added.

A first in the industry, Cartrack currently offers a cash back recovery warranty to its customers in the event of non-recovery of their stolen vehicles, demonstrating its confidence in the functioning of its technology platform.

The group with a presence which spans 18 countries across Africa, Europe and Asia, said that geographic diversification and expansion provides it with resilience in the form of strong growth and income diversification.

Calisto said that the company’s successful international expansion is the result of a well-defined and tested expansion model: “Low initial set up costs allow us to enter new markets quickly and set up stable operations in a cost-efficient manner on relatively low trading volumes,” he said.

“There are many exciting opportunities ahead and we look forward to this next step on the Cartrack journey. Our highly experienced leadership team and the top calibre people we attract is a key feature of our competitive attractiveness and I am confident that we have the skills and passion to continue achieving strong results as a JSE-listed company,” Calisto said.

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Cartrack eyes JSE listing