the slowdown in vehicle sales due to the lockdownGlobal lockdowns aimed at curbing the spread of the coronavirus have halted or slowed economic activities, including car sales.
Subscription revenue rose 19% to R526m from R441m. Cartrack said subscriptions accounted for 98% of total revenue compared with 94% in the previous matching period as “the trend of customers choosing the bundled SaaS platform contracts with no upfront fee continues.
SA, which accounted for most of group revenue, recorded a 15% rise in subscription revenue to R371m, while Asia-Pacific had the biggest increase at 39% to R72m for the period. Europe had a 35% rise to R53m, with the rest of Africa growing 12% to R29m. Despite these headwinds affecting operations, Cartrack grew its cash and cash equivalents to R245m by May, up from R146m in February.
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