Cartrack posts double-digit FY growth
Telematics solutions provider for mobile asset tracking and related data management Cartrack registered double-digit increases across the board for the year to February 28, as it reported its first set of financial results since listing on the JSE in December.
Over the past year, Cartrack had gained significant growth momentum, CEO Zak Calisto said at a presentation of the company’s results, in Sandton, adding that further growth was expected in future.
The group, which operated in 21 countries across Africa, Europe, Asia and the Middle East, on Monday posted a 12% year-on-year rise in headline earnings a share to 65c, with headline earnings growing 16% to R195-million.
Profit grew from R184.5-million in the prior financial year to R214-million in the 12 months under review, while operating profit reached R298.9-million, a 16% rise on the prior year.
Cartrack’s earnings before interest, taxes, depreciation and amortisation rose 23% year-on-year to R370.5-million.
Revenue surged 32% to R843.7-million, with Cartrack’s active subscriber base reaching 430 386 in the financial year under review, from 348 231 the year before. Contributions to the group’s revenue from international operations increased from 17% in 2014 to 26% in the year under review.
While still an important market for Cartrack, contributions from the South African operations fell from 84% in the 2014 financial year to 74% in the year under review, as the company continued its entry into Portugal and Spain, as well as Malaysia, Hong Kong, Indonesia and the United Arab Emirates, besides others.
Further, the company’s footprint in Africa was well positioned and “good growth” was emerging from the market.
Declaring a final dividend of 30c a share, the company reported total cash of R109.9-million by the end of the year, more than double the R41.6-million recorded the year before.
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