MiX Telematics, a leading global provider of fleet and mobile asset management solutions, is celebrating the 10th anniversary of its JSE listing as well its strongest tech stock over the past fiscal year.
The company announced its results for the full fiscal year ending March 2018 and Stefan Joselowitz, CEO and founder of MiX Telematics says the company owes its excellent results to its strong international footprint, broad product portfolio and committed team.
“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, the company 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.