MiX Telematics delivers solid business growth with strong fiscal 2019 results

MiX Telematics (NYSE: MIXT, JSE: MIX), a leading global provider of fleet and mobile asset management solutions delivered as software as a service (SaaS), today announced financial results for its fourth quarter and for its full fiscal year 2019, which ended on 31 March 2019, delivering another strong performance and substantial growth across key markets.

"I am proud to say that we have again ended another year off with an impressive set of results. The strong performance was driven by continued growth in our premium fleet subscriptions globally, improvements in ARPU and ongoing operating leverage in the business," said Stefan Joselowitz, CEO at MiX Telematics.

On a constant currency basis, the business enjoyed subscription revenue growth of 16.3% over the year and expanded adjusted EBITDA margin by nearly 500 basis points. During fiscal 2019, MiX upwardly revised its long-term adjusted EBITDA margin target to 35% plus.

Joselowitz added: "A significant achievement over the past fiscal was the addition of 73 600 net new subscribers, increasing our total base to over 750 000. This was a notable increase from the 54 800 subscribers added during fiscal 2018."

MiX Telematics is targeting a multibillion-dollar market opportunity, supported by multiple levers to deliver consistent, significant and profitable growth.

"In closing, we are well positioned to maintain our momentum in fiscal 2020 and beyond. With our rare global footprint and broad product range, we will continue to leverage our global reputation and execute on our strategy of achieving double-digit subscription revenue growth in parallel with strong margin accretion," concluded Joselowitz

To view the full SENS announcement, click here.