MiX Telematics on Thursday delivered a 16.4% rise in subscription revenue to R390.4 million ($28.4 million) for the first quarter of the fiscal year 2018.
The global provider of fleet and mobile asset management solutions delivered as Software-as-a-Service (SaaS) attributed the growth to an increase of over 66,000 subscribers, representing an increase in subscribers of 10.6% from July 2017 to June 2018.
The JSE-listed firm now has 691, 922 subscribers after it added 15, 000 subscribers in the first quarter of 2018.
The company also said subscription revenue benefited from an increase in average revenue per user.
Total revenue rose 12.6% to R456.8 million ($33.3 million) for the first quarter of the fiscal year 2018.
“The first quarter marked a very strong start to the fiscal year. Subscription revenue grew more than 18% on a constant currency basis and adjusted EBITDA margin of close to 28% expanded over 450 basis points year-over-year,” said Stefan Joselowitz, CEO of MiX Telematics.
“Our results were driven by ongoing robust demand globally from our premium fleet customers, across all verticals. MiX is well positioned to deliver against our long-term goals given our differentiated portfolio of products, a growing pipeline of global opportunities, and multiple levers to generate further margin accretion.”
MiX has offices in Australia, Brazil, South Africa, Uganda, the United Arab Emirates, the UK and the US. Thousands of South African customers rely on its stolen-vehicle recovery service, Matrix Vehicle Tracking.
It also has a network of more than 130 fleet partners globally.
It was established in 1996 in South Africa, two years after the first democratic election. In 2007, its shares floated on the JSE.
Rival Cartrack is still ahead with 750, 000 subscribers.