MiX on the up
MiX Telematics Limited, a solutions provider for management of fleets and mobile assets, has announced the financial results for its third quarter of fiscal 2017, which ended December 31, 2016.
“We are pleased with our strong execution during the third quarter. We exceeded expectations across all key metrics,” says Stefan Joselowitz, CEO of MiX Telematics. “Our results were driven by general strength across the portfolio including a positive contribution from customers in the energy sector, as well as the ongoing shift toward bundled deals, which increases the long-term value per subscriber.”
In this regard, the company added more than 20 000 new subscribers during the quarter, allowing it to exceed the 600 000-subscriber mark for the first time in its history. The company showed an increase in the subscriber base of 9,9 percent from December 2015 to December 2016.
“This growth, combined with strict cost management, allowed us to make progress in the quarter towards our stated long-term goal of delivering normalised adjusted Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) margins in excess of 30 percent.
“We believe that MiX is well positioned to maintain the momentum for the remainder of the year and beyond, given our industry-leading, integrated fleet-management platform, product diversification, ongoing traction in key verticals and geographies, as well as our commitment to sustain profitable growth,” Joselowitz says.