MiX lifts FY19 guidance on strong Q3 performance
Dual-listed MiX Telematics delivered another strong performance in the third quarter ended December 31, 2018, with a 16% year-on-year increase in subscription revenue to R439-million, while adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) margins again exceeded 30%.
The company is now focused on its recently revised long-term target of achieving an Ebitda margin of 35% and above, CEO Stefan Joselowitz noted in a statement issued on Thursday.
Net subscriber additions during the quarter were 22 100, taking the total subscriber base to over 736 000.
Ebitda increased by 36% year-on-year to R156-million, while the Ebitda margin improved by 440 basis points to 30.3%.
The company’s operating profit increased by 63% year-on-year to R87-million.
“Our results were driven by ongoing robust demand globally for our services from our customers across all verticals. Additionally, we are already seeing early traction with our newly announced light fleet solution, MiX Now, and have already closed several deals.
“We are confident the strength of our diversified portfolio of subscribers will enable us
to maintain our market momentum for the balance of fiscal 2019 and beyond,” Joselowitz commented.
MiX on Thursday also reported that it had raised its guidance for the full 2019 financial year.
Subscription revenue is now expected to reach R1.7-billion, compared with the previously anticipated R1.69-billion, while overall revenue is expected to reach R1.97-billion, compared with the previously anticipated R1.95-billion.
Adjusted Ebitda is expected to be R584-million, compared with previous guidance of R571-million.
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