Despite the growth rate having plummeted, the company still had a strong balance sheet
Listed vehicle-tracking company Cartrack is unlikely to see growth in subscriber numbers for the next half year.
“We plan for no growth in subscription revenue compared to Q4 of the prior year. We also plan for weaker new-subscriber additions for the first half of the year,” he said. On Wednesday, Cartrack said the number of total subscribers increased 17% to 1,126,515, lifted by growth from Asia-Pacific and the Middle East, where subscriber numbers surged 30%.
Non-SA revenue accounted for just 6% of the company’s inflows in 2014 when it first listed on the JSE, but it now accounts for more than a quarter of the pie, at 27% of total income. Of this, Asia has been the largest contributor, with a 28% rise from the 2019 financial year. However, Cartrack, worth almost R7bn, still receives the majority of its revenue from SA.
Cartrack, which will pay a final dividend of about R160m, says it is comfortable with its balance sheet after profits rose by more than 25%.
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