Cartrack Holdings H1 revenue up 18% to R554mn

Cartrack Holdings, a leading global provider of fleet management and car tracking services, has reported a solid operational performance with significant growth in subscribers and revenue. The company saw a 6% increase in earnings per share, indicating a positive trajectory for the business. However, challenges have been evident in markets beyond South Africa's borders, particularly in Africa north of their borders. In a recent interview with CNBC Africa, Zak Calisto, the Global CEO of Cartrack, discussed the company's performance and future prospects. Calisto highlighted that while subscriber numbers have grown considerably in more developed economies like Europe and Asia, the company has faced challenges in Africa. Despite this, he remains optimistic about the potential for growth and resilience in the African markets. One of the key factors impacting Cartrack's operations in Africa is the depreciation of local currencies, making it challenging to achieve desired results in revenue. Calisto emphasized the importance of adapting to local dynamics and demands in each market to ensure success. While some regions in Africa have experienced flat subscriber growth, Cartrack remains profitable and well-positioned to weather the current economic challenges. As the company navigates through headwinds in certain markets, Calisto expressed confidence in the strength of their operating businesses and their ability to sustain growth without the need for additional capital. Addressing the question of emerging technologies like driverless cars and their potential impact on Cartrack's business, Calisto acknowledged the theme but emphasized that the company's focus extends beyond vehicle recovery to optimizing workforce, logistics, and invoicing processes. He highlighted the continued relevance of fleet management and the essential role of managing both the vehicles and the people involved. Despite the evolving technological landscape, Calisto expressed confidence in Cartrack's ability to adapt and thrive in a changing industry. With a strong foundation and a focus on innovation, Cartrack Holdings aims to overcome current challenges and continue its growth trajectory globally.