Fleetmatics reports 26% rise in Q1 revenues

Dublin based Fleetmatics, a provider of GPS-based fleet management systems, has reported strong growth in its first quarter on the back of new business wins and renewals.

Revenues at the group, which provides mobile workforce solutions, rose by 26 per cent in the three months to March 2015, when compared with the same period in 2014, up to $65.5m (€58m). Earnings (adjusted EBITDA) for the first quarter of 2015 was $21.2 m, up by 54 per cent on the same period in 2014.

Jim Travers, chairman and chief executive officer of Fleetmatics, said that the company "attained strong sequential growth in subscriptions sold to SMB customers as well as saw a record number of subscriptions both up for renewal and renewed".

New business wins and expansions also helped grow Fleetmatics’ subscriber base.

“Our updated outlook reflects the foreign exchange headwinds that we are subject to given our growing international presence and our current conservative view as to the timing of the full activation of certain enterprise customers,” Mr Travers said.

Looking to the second quarter, Fleetmatics said that it expects total revenue to be in the range of $67.9m to $68.7m, reflecting 91 days of revenue in the quarter and the impact of currently expected currency exchange headwinds. On a full-year basis, Fleetmatics is forecasting total revenue to be in the range of $281.0m to $283.0m, and earnings (EBITDA) in the range of $84 to $86 million.