Solid Financial Results for MiX Telematics Reveal Remarkable Growth and Stability

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Jun 10, 2013, 10:15 ET

CAPE TOWN, South Africa, June 10, 2013 /PRNewswire/ --

MiX Telematics, a leading global provider of fleet management, driver safety and vehicle tracking solutions, announces strong growth in subscriber base and subscription revenue as well as good cash generation upon the release of its full-year financial results for the year ending 31 March 2013.

"Our overall subscriber base grew to over 359,000, increasing by 31% from the previous year," says Charles Tasker, Head of Fleet Solutions at MiX Telematics.

"Our subscriber growth fuelled the growth of our subscription revenue by 20%, while our total revenue was up 15% and EBITDA grew 19%. Headline earnings increased 26% and we generated R288 million in cash representing 101% of EBIDTA."

MiX Telematics is a leading global provider of fleet and mobile asset management solutions that are delivered as Software as a Service, or SaaS. "Subscriber growth is the cornerstone of our business strategy, so we're very pleased to report this record breaking achievement," says Tasker.

This also demonstrates good progress towards achieving MiX Telematics' long-standing vision of becoming the leading global provider of information and related services for mobile assets.

"The building blocks are firmly in place to support our efforts to expand and grow our business, in turn growing our global footprint and base. We recently opened a MiX Telematics office in Sao Paulo, Brazil, to support our expansion strategy in that region," adds Tasker.

"All of our regional fleet operations experienced double digit growth at a subscriber level, with some growing subscribers by over 40% for the year under review," concludes Tasker.

During the year, MiX Telematics broadened its fleet management product offering to attract new customers, entrench their position in existing fleets, whilst simultaneously securing a number of significant contract extensions.

About MiX Telematics

Founded in 1995, MiX Telematics is a leading global provider of fleet management, driver safety and vehicle tracking solutions. Using the Software as a Service (SaaS) delivery model, the company helps customers around the world to effectively manage their mobile assets - an offering strengthened by value-added services like stolen vehicle recovery, consulting services and driver training. MiX Telematics specialises in both fleet and consumer telematics, with customers in 112 countries and an extensive channel network of 135 partners. The company is listed on the Johannesburg Stock Exchange and has offices in South Africa, Uganda, the United Kingdom, the United States, Brazil, Australia and the United Arab Emirates. Commercial customers include Parmalat, Schlumberger, Chevron, Go-Ahead Group, Spar, De Lijn, Vectalia-Subus and Scania.

For more information please visit http://www.mixtelematics.com

SOURCE MiX Telematics