Fleetmatics reports higher revenue in 2013

Friday 21 February 2014 15.38
Fleetmatics CEO, Jim Travers, oversaw significant expansion of operations in 2013
Fleetmatics CEO, Jim Travers, oversaw significant expansion of operations in 2013

Irish fleet management solutions company, Fleetmatics, has reported full year revenue for 2013 up nearly 40% on the previous year.

Revenue at the New York listed software group reached $177.4 million as it expanded into Mexico, Australia and the Netherlands.

The number of vehicles under subscription increased 34% in the year to 445,000 vehicles and 22,000 customers.

Gross profit for the year was $134.5 million, up from $92.5 million in 2012.

Operating income was $23.7 million, an increase of 79.4%.

"During 2013, we successfully executed our strategy and extended our leadership position, as evidenced by the strong growth of new customers, increased sales to existing customers, geographic expansion, and the introduction of new features" Jim Travers, Chairman and Chief Executive Officer of Fleetmatics said.

Fleetmatics floated on the New York Stock Exchange in 2012.