MiX Telematics, a global provider of fleet and mobile asset management solutions delivered as Software-as-a-Service (SaaS), announced strong financial results for its second quarter and first half of fiscal 2018, which ended on September 30, 2017.
“MiX reported a very strong second quarter, highlighted by our ability to exceed expectations across all key operating metrics,” said Stefan Joselowitz, Chief Executive Officer of MiX Telematics.
“Our 18% year-on-year subscription revenue growth on a constant currency basis was broad-based, driven by uptake especially from our premium fleet customers globally. Additionally, this is the fifth consecutive quarter of adjusted EBITDA margin improvement.”
The first half of the year saw the business securing a number of notable wins in a variety of verticals and expansions of contracts with existing customers. This includes Key Energy Services in the US, five new bus & coach customers and three new transport customers in Brazil, and two new hazardous material transportation companies in Mexico.
From an Africa perspective specifically, despite a challenging economy, the team demonstrated solid results, during the first half of the year – evidenced by the subscription revenue growth of 13% and adjusted EBITDA margins of 44.6%. “As our largest business unit, Africa continues to demonstrate the economies of scale that we believe should be achievable in all of our business units as they grow towards critical mass,” said Joselowitz.
“Given our strong performance this past quarter as well as our pipeline of sale opportunities and firm orders, we are confident in our ability to maintain the momentum as we continue to execute our strategic initiatives. Furthermore, we remain committed to achieving our longer term Adjusted EBITDA margin target of 30% plus,” concludes Joselowitz.