Cartrack poised for growth
Cartrack’s listing on the main board of the Johannesburg Stock Exchange is a sure sign of the company’s growth. Cartrack became the 23rd company to list in 2014 on the main board in the Support Services sector.“I am delighted that Cartrack has today successfully been listed on the JSE, entering the next phase in the company’s development. The listing will enhance the Cartrack brand as we embark on growing the company further, together with our new investors,” Cartrack’s global chief executive officer and founding shareholder Zak Calisto said. Stating its investment case shortly after announcing its intention to list on the main board in 2014, salient features listed by the group included an annual compound growth rate for the period 2008 to 2014 in revenue and net profit after tax of 28% and 31% respectively. Additionally, the group boasts a geographical revenue stream of which at least a quarter of group turn-over is earned in foreign currencies, and industry leading profit margins. Growth in gross profit, EBITDA and profit before tax came in at 81.4%, 33.7% and 32.2% respectively.
“Cartrack is a consistently profitable business with strong financial metrics”, said Cartrack global Chief Financial Officer and global Deputy Chief Executive Officer John Edmeston. Cartrack has achieved annual growth rates in both revenues and net profit of over 20% in the recent years. As at 31 October 2014, the company had a subscriber base in excess of 400,000 units.
Cartrack currently has an audited stolen recovery rate of 94%, a notable achievement in the security industry. It operates in 18 countries spanning Asia, Europe and Africa. It boasts a growing subscriber base which has risen by 85% in a three and a half year period ended August 2014.
Donna Oosthuyse, Johannesburg Stock Exchange Capital Markets Director, welcomed Cartrack to the exchange. “This listing is in a dynamic segment of the economy. As a JSE-listed company, a wider group of investors will be able to benefit from Cartrack’s expansion plans in an industry where technological advancement is innovative and ongoing,” she said.
Added Calisto, “There are many exciting opportunities ahead and we look forward to this next step on the Cartrack journey. Our highly experienced leadership team and the top calibre people we attract is a key feature of our competitive attractiveness and I am confident that we have the skills and passion to continue achieving strong results as a JSE- listed company.”