MiX Telematics demonstrates strong growth and dominant market position
On Thursday, 10 May 2018,MiX Telematics, a leading global provider of fleet and mobile asset management solutions, not only celebrated the 10th anniversary of their JSE listing, but also announced their results for the full fiscal year ending March 2018.
“Thanks to a strong international footprint, broad product portfolio and committed team, we have once again delivered a strong set of numbers. We remain one of the few, truly global telematics companies and have further entrenched our leadership position,” says Stefan Joselowitz, CEO and founder of MiX Telematics. “We continue to win large multinational customers, deliver innovative, premium solutions and great service to drive adoption across multiple industries, verticals and geographies.”
Having started life in 1996 as a perceived underdog, MiX Telematics has, with a balanced growth philosophy, steadily expanded its operations. It listed on the JSE over 10 years ago, followed up by a capital raising on the NYSE in 2013. Today, with annual revenues of over R1.7 billion, MiX Telematics is comfortably the largest of the publicly traded telematics businesses that originated in South Africa.
“We were especially proud to be recognised recently as the best performing tech stock on the JSE in 2017,” adds Joselowitz.
MiX Telematics recorded total revenue of R1.7 billion and ended the fiscal year with a subscriber base of over 676,000 subscribers. During the year, the company made significant progress towards achieving their long-term adjusted EBITDA margin target of 30% plus. Adjusted EBITDA margin expanded by over 600 basis points to 25.8%, which was driven by 19% subscription revenue growth on a constant currency basis.
“This performance was due to ongoing strength across the portfolio globally, although our premium fleet portfolio was the dominant contributor. We are well positioned to maintain our momentum in fiscal 2019 and beyond, as MiX continues to leverage its global reputation and proven track record,” concludes Joselowitz.