MiX Telematics reports Q2 results

MiX Telematics Limited (NYSE:MIXT, JSE:MIX), a global provider of fleet and mobile asset management solutions delivered as Software-as-a-Service (SaaS), has announced financial results for its second quarter and first half of fiscal 2018, which ended on September 30, 2017, the company said.

Subscription revenue was R349.3 million (USD 25.8 million), an increase of 15.9% compared to R301.3 million (USD 22.2 million) for the second quarter of fiscal 2017.

Subscription revenue increased more than 18% on a constant currency basis. Subscription revenue benefited from an increase of over 55,000 subscribers, representing an increase in the subscriber base of 9.4% from September 2016 to September 2017. Subscription revenue has also benefited from an expansion in the average revenue per user.

Total revenue was R411.2 million (USD 30.3 million), an increase of 11.7% compared to R368.2 million (USD 27.1 million) for the second quarter of fiscal 2017. Hardware and other revenue was R61.9 million (USD 4.6 million), a decrease of 7.3% compared to R66.8 million (USD 4.9 million) for the second quarter of fiscal 2017.

Gross profit was R269.4 million (USD 19.9 million), compared to R253.1 million (USD 18.7 million) for the second quarter of fiscal 2017. Gross profit margin was 65.5%, compared to 68.8% for the second quarter of fiscal 2017.

Profit for the period and earnings per share: Profit for the period was R24.2 million (USD 1.8 million), compared to R23.2 million (USD 1.7 million) in the second quarter of fiscal 2017. Profit for the period includes a net foreign exchange gain of R3.2 million (USD 0.2 million) before tax. During the second quarter of fiscal 2017, profit for the period included a net foreign exchange loss of R8.4 million (USD 0.6 million), primarily relating to US Dollar cash reserves, which are sensitive to R:USD exchange rate movements.

MiX Telematics is a global provider of fleet and mobile asset management solutions delivered as SaaS to customers managing over 640,000 assets in approximately 120 countries. The company´s products and services provide enterprise fleets, small fleets and consumers with solutions for safety, efficiency, risk and security. MiX Telematics was founded in 1996 and has offices in South Africa, the United Kingdom, the United States, Uganda, Brazil, Australia, Romania, Thailand and the United Arab Emirates as well as a network of more than 130 fleet partners worldwide. For more information visit www.mixtelematics.com.