South Africa’s MiX Telematics has reported impressive results for the first half of the year, boosted by the extension of existing contracts and new deals in Europe and Australasia.
The telematics vendor, which specializes in driver safety, vehicle tracking and fleet management, said revenues were up 20.3%, year on year, to 564 million rand ($64 million), while operating profits soared 60.8% to 76 million rand.
Outside South Africa, revenues grew by 29% to 276 million rand. MiX (Stellenbosch, South Africa) signed contract extensions with Eskom and Go-Ahead in South Africa and the UK and also won new business with an unnamed oil and gas producer in Eastern Europe, a mining company in Australasia and two large bus companies in Europe.
MiX did not provide details of net income or other financial indicators.
“Our strategy for years now has been to leverage our profitable, cash-generative businesses into growing our global annuity base,” said Stefan Joselowitz, the chief executive of MiX, in a statement.
“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,” he said.
The company has managed to grow operations despite the challenging economic conditions in many of its markets.
It claims its services can help customers to reduce their operating costs, risks and carbon emissions, as well as improve driver and passenger safety.