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CARTRACK HOLDINGS LIMITED - Pre-closing stakeholder update

Release Date: 30/08/2019 11:05
Code(s): CTK     PDF:  
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Pre-closing stakeholder update


(Incorporated in the Republic of South Africa)

(Registration number 2005/036316/06)

Share code: CTK

ISIN: ZAE000198305



Update on business growth and execution against management’s plan

    1. Revenue and Subscriber Growth

    In early July this year Cartrack reached a significant global milestone of a million subscribers and
    during the month of August, the base has surpassed 1 035 000. This represents over 21% growth
    from the base of 849 772 a year ago and makes Cartrack one of the largest telematics players
    globally. Cartrack has achieved this through a founder lead geographical expansion into
    underpenetrated markets that offer a strong demand for the management of vehicles and drivers.

    Cartrack’s conscious and strategic investment into global distribution, support and technological
    development has driven this growth which is further underpinned by a significant implementation
    of the new platforms and technologies that are currently being deployed.

    Management is confident that the total revenue, subscription revenue and EPS will achieve double
    digit growth on the back of a positive trading performance and execution of the organisational
    plan for the FY20 financial year.

    2. Trading Conditions and Geographical Performance

    Since our last update, Cartrack has continued to make significant progress in penetrating its
    selected markets, in some cases becoming a standout leader or significant holder of market share.
    Cartrack anticipates this trend to continue into the foreseeable future and continues to assess
    new markets for further geographical expansion.

    The continued positive customer response and uptake of Cartrack’s solutions in Europe, Asia and
    South Africa gives global credibility to our platforms and services. Cartrack continues to invest in
    its distribution networks to leverage this growth opportunity further.

    Cartrack remains positive about the trading conditions in Europe and Asia and whilst South Africa’s
    economy remains under pressure, we continue to be well positioned to continue to grow.

    3. Market Trends

    Cartrack continues to experience increased acceptance and application for telematics and
    connected services. The IOT, AI, Business Intelligence and Connected Vehicle megatrends are
    driving growth in our sector and we are actively positioning to capitalize on this.
    4. Technological Advancement

    Cartrack’s development team in Singapore continues to grow as we globalise our development
    talent to respond to demand. The new platforms currently being launched, are starting to deliver
    a tangible and additional ROI to customers. This is in addition to the efficiency and savings
    delivered from our enhanced core fleet platform.

Cartrack is a leading global Software-as-a-Service (‘SaaS’) provider of intelligent mobility solutions to
both consumers and enterprises. Fleet management, vehicle tracking and insurance-telematics
continue to be Cartrack’s primary offering while growth in artificial intelligence, data analytics and
other value- added services continue to support the Group’s longer-term strategic objectives.

Interim Results

Cartrack will publish its interim results on 23 October 2019.

The information contained in this announcement has not been reviewed nor reported on by the
Group’s external auditors.


30 August, 2019


The Standard Bank of South Africa Limited

Date: 30/08/2019 11:05:00
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