DigiCore reports growth in interim results
Ctrack’s parent company DigiCore has reported a 12 per cent growth in revenue to £32.75m and a 7 per cent improvement in gross profit to £21.85 million in its interim results for the six months ended December 2012.
This was in part due to a deal with Discovery Group to supply insurance telematics devices to monitor driver behaviour, as well as expansion into new areas geographically and through a number of smaller acquisitions over the past 18 months. DigiCore signed the deal with Discovery Group in 2011 to exclusively provide telematics products for its short-term insurance entity Discovery Insure. The solution provides information on driver behaviour and the data can be used to influence premiums, with better drivers gaining a discount. To data, the partnership has seen more than 30,000 Ctrack insurance telematics systems installed.
Elsewhere, DigiCore’s fleet business has also been performing well, especially in the light commercial vehicle sector, as companies adopt vehicle tracking solutions to manage down the operational costs of their fleets. In particular, the UK operation saw accelerated growth.
DigiCore’s African operations are growing rapidly and delivered the same net profit in the first six months of 2013 as it did for the full year 2012, with the mining industry remaining the key focus for this market. Meanwhile, new products were introduced in Australia and New Zealand, whilst Singopore was added to the company’s distribution network in Asia.