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Cape Town - MiX Telematics [JSE:MIX], a leading global provider of fleet and mobile asset management solutions delivered as Software-as-a-Service (SaaS), on Tuesday said its quarterly subscription revenue grew by 22% and its vehicles under subscription increased by 29%.
MiX Telematics CEO Stefan Joselowitz said growth is driven by strong customer demand in a substantial and highly under penetrated market.
"We (also) believe MiX Telematics is highly differentiated by our leadership position in both fleet and passenger vehicle management, proven history of innovation and powerful global distribution model," he said.
According to Joselowitz the proceeds from its US initial public offering will enable MiX Telematics to better capitalise on its strengths as the company now has greater resources to execute its growth strategy and further expand its global market leadership position.
Total revenue increased by 6.4% to R298.4m for the first quarter of fiscal 2014 (Q1 - end June).
Subscription revenue was R194.2m, an increase of 21.8% on the R159.4m reported in the previous comparable period.
Hardware and other revenue, however took a 13.8% knock to R104.2m, due primarily to the expected elimination of connection incentive revenue associated with MiX Telematics' old cellular data package which ended in July 2012.
Gross profit was R198.2m, while operating profit was R36.1m.
Full SENS report.
MiX Telematics CEO Stefan Joselowitz said growth is driven by strong customer demand in a substantial and highly under penetrated market.
"We (also) believe MiX Telematics is highly differentiated by our leadership position in both fleet and passenger vehicle management, proven history of innovation and powerful global distribution model," he said.
According to Joselowitz the proceeds from its US initial public offering will enable MiX Telematics to better capitalise on its strengths as the company now has greater resources to execute its growth strategy and further expand its global market leadership position.
Total revenue increased by 6.4% to R298.4m for the first quarter of fiscal 2014 (Q1 - end June).
Subscription revenue was R194.2m, an increase of 21.8% on the R159.4m reported in the previous comparable period.
Hardware and other revenue, however took a 13.8% knock to R104.2m, due primarily to the expected elimination of connection incentive revenue associated with MiX Telematics' old cellular data package which ended in July 2012.
Gross profit was R198.2m, while operating profit was R36.1m.
Full SENS report.
