MiX Telematics records ninth consecutive quarter of margin growth

MiX Telematics (NYSE:MIXT) announced the financial results for its second quarter and fist half of fiscal 2019, ending on September 30, 2018.

The company engaged in fleet and mobile asset management solutions that are delivered as SaaS registered its ninth consecutive year of margin growth.

As quoted in the press release:

Central to the continued growth trend is the addition of over 22,000 net subscribers during the second quarter, taking the total, global subscriber base to over 714,000.

Subscription revenue grew over 18% year over year and adjusted EBITDA margin reached over 30% in the quarter. This was the ninth consecutive quarter of year over year adjusted EBITDA margin improvement, a key objective for the group.

“MiX reported a very strong quarter, highlighted by our ability to exceed expectations across all key operating metrics,” said Stefan Joselowitz, Chief Executive Officer of MiX Telematics. “We remain well positioned to maintain this momentum for the second half of fiscal 2019 and beyond given the strong and growing pipeline of opportunities worldwide.”

“I’d like to thank our teams that have delivered these great results. There’s no doubt that our customers around the world are benefitting from our broad product portfolio and the great service we provide,” concludes Joselowitz.

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