{"id":45607,"date":"2013-09-10T10:37:15","date_gmt":"2013-09-10T08:37:15","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=45607"},"modified":"2013-09-10T11:33:58","modified_gmt":"2013-09-10T09:33:58","slug":"mix-telematics-riding-a-growth-wave","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/it-services\/45607\/mix-telematics-riding-a-growth-wave\/","title":{"rendered":"MiX Telematics riding a growth wave"},"content":{"rendered":"

MiX Telematics<\/a>, a JSE and NYSE-listed vehicle tracking solutions provider, has reported continued growth in the number of vehicles it has under subscription for the first quarter of fiscal 2014, up 29% year over year.<\/p>\n

MiX said it has 376,900 subscribers at June 30, 2013. In the prior quarter, the company\u00a0estimated an increase in vehicles under\u00a0subscription of\u00a0between\u00a017,000 \u2013 18,000.<\/p>\n

Subscription revenue of R194.2 million grew 22% year over year, while total revenue of R298.4 million grew 6% for the reporting period\u00a0which ended June 30, 2013.<\/p>\n

Hardware and\u00a0other revenue of R104.2 million declined 13.8%, due primarily to the expected elimination of connection incentive revenue\u00a0associated with the group’s old cellular data package which ended in July 2012.<\/p>\n

“Our momentum is being driven by strong customer\u00a0demand in a substantial and highly underpenetrated market.,” said Stefan\u00a0Joselowitz<\/a>, CEO of MiX Telematics.<\/p>\n

“In addition, we believe MiX Telematics is highly\u00a0differentiated by our leadership position in both fleet and passenger vehicle management, proven history of\u00a0innovation and powerful global distribution model.”<\/p>\n

Shares in MiX have advanced 100% in the year to date period on the JSE, up R2.97 to R5.95, giving the group a market cap of R4.59 billion.<\/p>\n

MiX listed in New York in August following a successful IPO of American Depositary Shares (ADS), raising R652.5 million ($65.5 million) through the sale of 4,400,000 ADSes, each representing 25 ordinary shares of the company.<\/p>\n

“The proceeds from our US initial public offering will enable\u00a0MiX Telematics to better capitalize on these strengths as we now have greater resources to execute our growth\u00a0strategy and further expand our global market leadership position,”\u00a0Joselowitz said.<\/p>\n

During the quarter, MiX launched MiX Vision, a configurable video recording system that integrates with it’s flagship fleet management solution.<\/p>\n

The group also opened a new office in S\u00e3o Paulo, with the aim of\u00a0growing its market share in Brazil as well as the greater\u00a0Latin America region.<\/p>\n

Providing a\u00a0financial guidance\u00a0for the full 2014 fiscal year, MiX said it expects revenue \u00a0to be between R1.27 billion – R1.3 billion, which would represent revenue growth of 8% to 11% compared to the fiscal year 2013.<\/p>\n

More on MiX Telematics<\/h3>\n

MiX Telematics subscriber base soars<\/strong><\/a><\/p>\n

MiX Telematics sees 30% subscriber growth<\/strong><\/a><\/p>\n

MiX Telematics stealing a march on Altech?<\/strong><\/a><\/h3>\n

Mix Telematics hits R1bn sales barrier<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

MiX Telematics has reported continued growth in vehicles under subscription for the first quarter of fiscal 2014, up 29% year over year.<\/p>\n","protected":false},"author":10,"featured_media":12449,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[26,2809,3324],"class_list":["post-45607","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-it-services","tag-headline","tag-mix-telematics","tag-vehicle-tracking"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/45607","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=45607"}],"version-history":[{"count":7,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/45607\/revisions"}],"predecessor-version":[{"id":45628,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/45607\/revisions\/45628"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/12449"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=45607"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=45607"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=45607"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}