Cartrack moves to list on JSE
Fleet management, stolen vehicle recovery and insurance telematics group Cartrack Holdings is evaluating a possible listing on the main board of the JSE in the support services sector.
Cartrack CEO and founding shareholder Zak Calisto said the global telematics industry, globally, has enjoyed increased awareness and that demand for its products has consistently built the business’ market presence in selected markets in Africa, Asia and Europe that met the company’s investment parameters.
“Geographic diversification and expansion provides Cartrack with resilience in the form of strong growth and income diversification. The company’s successful international expansion is the result of a well-defined and tested expansion model,” he noted in a statement.
Calisto added that low initial set-up costs allow the group to enter new markets quickly and to set up stable operations in a cost-efficient manner on relatively low trading volumes.
“We believe it is now time to enter the next phase in Cartrack’s evolution and [we] intend to enhance Cartrack´s profile by offering a wider group of investors the opportunity to benefit from our future expansion plans,” he commented.
Cartrack global CFO and deputy CEO John Edmeston added that the company was consistently profitable, with strong financial metrics.
“Cartrack has achieved yearly growth rates in both revenues and net profit of over 20% in the recent years. At the end of October, the company had a subscriber base in excess of 400 000 units,” he said.
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