Diluted HEPS 1 071cps, up 9.2% y-y.
Revenue improved by 22.7% y-y to R2 037m, driven by strong subscription revenue growth in South Africa (+12% y-y) and Asia Pacific, Middle East and USA (+44% y-y). Total subscribers grew by 14.5% y-y to 1 832 708, with strong growth in SA (+13.5% y-y) and Asia Pacific, Middle East and USA (+25.6% y-y). The FY24 target remains between 1.9m and 2.1m subscribers. GPM decreased from 66.2% to 63.2%. OPM declined by 310 bps to 23.1%.
Expenses increased by 23.2% y-y, expense to sales rose marginally to 40.4% (1H23: 40.2%).
Dividend of USD 0.85 (ZAR 16.10) paid in June 2023.
Net cash declined by 34.9% y-y to R651m.
Gross debt declined by 16.1% y-y to R54m.
Strong revenue growth from Carzuka (+44.0% y-y) and Karooooo Logistics (Picup) (+93.5% y-y), however Carzuka remains loss making. Cartrack’s revenue improved by 17.7% y-y in 1H24.
Carzuka ceased buying second hand vehicles in SA post period end, but will pursue opportunities in different countries. The majority of Carzuka’s staff will be integrated into Cartrack.
