Cartrack has released interim results for the period ending 31 August 2016.
In a press release, the company said it “delivered solid operational performance with strong growth in subscribers and revenue, strong profit margins, and robust cash generation.”
Global CEO, Zak Calisto, says the Group continues to invest in operating capacity and distribution, aimed at future revenue growth.
The company operates in developed and emerging markets across five continents.
It says its global subscriber base has grown to over 551 000 contracts and has added 78 000 new fleet subscribers. The company reports that Stolen Vehicle Recovery (SVR) subscribers grew by 11 000.
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The South African segment’s revenue grew by 16% in the period to R413 million, largely as a result of subscriber base growth. The subscriber base in Africa has inched up 4%.
“South Africa has achieved record sales, which validates Cartrack’s investment in operating capacity,” Calisto explains.
“Our subscribers are increasingly moving towards fleet products combined with SVR, as their understanding of the benefits of diverse telematics data increases.”
Also read: Fleet management aided by telematics
Cartrack’s most recent global expansion has been the establishment of operations in North America.
The focus of this operation will be primarily on fleets, combining all key metrics for electronic driver logging devices required by law to be installed in long-haul vehicles in that market.