Mix Telematics posts increase in subscription revenue

February 4, 2016, 12:58pm

Business Day Live
Photo: Supplied to BDLive

VEHICLE tracking company MiX Telematics posted an increase in subscription revenue in the third quarter of the company’s 2015 fiscal year.

CE Stefan Joselowitz said on Thursday the growth was in the face of "increasingly difficult trading conditions globally".

In the three months to end December 2015, the company reported a 16% rise in subscription revenue to R294m compared with the year-earlier period. Growth in subscription revenue was driven primarily by an increase of more than 55,000 subscribers, which resulted in an increase in subscribers of 11.2% from December 2014 to December 2015.

Total revenue was R378.6m, an increase of 7.7% compared with R351.5m for the third quarter of 2015.

MiX has customers in 112 countries across Africa‚ Asia‚ Europe‚ the Middle East and the Americas.

The company’s share price has decreased by 14% in the past year on the JSE. Shares closed at R2.40 on Wednesday.