Software firm’s business up 50%

An Irish software company that supplies fleet management solutions for fleets of commercial vehicles, Fleetmatics, has reported a jump in profits of nearly 50%.

In its third-quarter results, the Dublin-based company reported that Adjusted Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) for the third quarter was $15.1m (€11.24m), an increase of 49.5% compared to $10.1m for the third quarter of 2012.

Chairman and chief executive of Fleetmatics, Jim Travers said they had out-performed all of their expectations and goals in the third quarter.

The company’ third-quarter results are the highest they have ever reported. The company’s revenues increased by nearly 40% to $46.3m.

Mr Travers said that the strong performance of the company had led to it increasing its full-year guidance for the year.

The company now expects total revenue for the final quarter of year to be between $48.6m and $49.2m.

As a result of this they are guiding full-year growth of EBITDA of more than 60% compared with last year, putting them in the $54.3m to $54.7m range.