Imarda says transport industry turning around
July 16th, 2009
NZ fleet management and vehicle-tracking company Imarda expects a jump in revenue and profit for the first half of 2009 – in part thanks to a big FedEx deal – and says it saw a lift in confidence in the global transportation sector during Q2 after a Q1 decline. Imarda is on track to register a big lift in revenue and profit for the first half of 2009. CEO Selwyn Pellett says as a result of the recent significant lift in confidence in the transportation sector its order book is building again after a marked decline in Q1, 2009. Imarda, which bills itself as an Australasian company was founded by Pellett, an Auckland-based entrepreneur in May 2007. It established its real-time GPS fleet tracking product suite through its $A6.6m acquisition of Australian fleet management and tracking specialist SmartTrack in July 2007, and its $7.59m acquisition of NZ telematics hardware specialist Prolifix during the same month.
Pellett says he is pleased with the company’s growth through the recent economic turmoil, which has allowed it to retire all debt associated with the SmartTrack and Prolifix acquisitions. Imarda scored some large deals during the second half of 2008, including a $12m, multi-year deal with a US freight company believed to be FedEx, as well as multi-million dollar contracts with an Australian FMCG trucking company, and Australian construction conglomerate Boral. These sales in turn have helped Imarda ship around 9000 units of its telematics hardware so far during 2009. The hardware helps track the real-time location of trucks, the state of their engine and whether their load is secure.
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