The vehicle recovery company says profits rose by more than 25% in its year to end-February, and it is comfortable paying a final dividend
Cartrack, which provides fleet-management and stolen-vehicle recovery services, will pay a final dividend of about R160m, saying it was comfortable with its balance sheet after profits rose by more than 25% in its year to end-February.
Rapid subscriber growth, especially outside SA, helped underpin a 26.4% increase in profit to R456m, while the group has more than doubled its full-year dividend. The number of total subscribers increased by 17% to 1,126,515, with growth particularly rapid in Asia-Pacific and the Middle East, where subscriber numbers surged by 30%.
“We are extremely pleased with our performance which shows a continued demand for and trust in our technology platform,” said CEO Zak Calisto. “Since listing in 2014, we have consistently delivered double-digit subscription revenue growth, which now makes up 97% of total revenue,” Calisto said. The group declared a final dividend on 54c, bringing the full-year dividend to 74c. Cartrack had paid a final dividend of 12c and a full year dividend of 30c in its 2019 financial year.
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