Cartrack expects double-digit growth

Cartrack chief executive officer Zak Calisto presents the company’s financial results in Rosebank. Photo: Simphiwe Mbokazi/ANA
CAPE TOWN – Cartrack Holdings’ management was confident that revenue, subscription revenue and earnings per share would achieve double-digit growth off a positive trading performance and the execution of the organisational plan for the 2020 financial year. 
The group said in a pre-closing update on Friday that subscriptions had reached more than a million in August, representing 21percent growth from a year before. 
This had been achieved through geographic expansion into unpenetrated markets that offered a strong demand for the management of vehicles and drivers. 
Significant progress had been made in penetrating its selected markets, in some cases becoming a stand-out leader or significant holder of market share and management expected this to continue, while new markets were being assessed. “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.”