Cartrack 'Benefits' from SA's Crime Rate; Revenue from Subscriptions Is Indicating Double Digit Growth despite the Subdued Economic Conditions

Cape Times (South Africa), October 3, 2019 | Go to article overview

Cartrack 'Benefits' from SA's Crime Rate; Revenue from Subscriptions Is Indicating Double Digit Growth despite the Subdued Economic Conditions


CARTRACK shot up by more than 7 percent on the JSE yesterday after the fleet management and vehicle recovery services firm said it expected to reap benefits from crime in South Africa and other emerging markets with an increased subscriber base.

The company said it expected to shoot the lights out again in 2020 with revenue from subscription indicating double digit growth despite the subdued economic conditions.

The group said in a trading guidance to investors yesterday that it anticipated it would grow by more than 20 percent in its subscriber base and revenue for the seventh consecutive time.

The company, headed by founding major shareholder Zak Calisto, attributed the exceptional performance in difficult times to the high crime rate in South Africa and other emerging markets, as well as it achieving economies of scale in the roll-out of its technological services.

It said its headline earnings per share were now projected to increase by between 69 and 75 cents per share, up from 57c in the previous reporting period.

Basic earnings a share are expected in the same range, a growth from the 57.9c per share from the same period a year before.

Cartrack said that in the 2019 financial year its revenue grew by 28 percent to R1. …

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