Transport software developer E-Road reports $1 million half-year profit
Transport software developer E-Road is back in the black as it resisted the pandemic downturn through an increase in sales of its units and increased revenue from existing subscribers.
E-Road offers devices and software used by transport companies to track driving hours, maintenance, health and safety compliance issues. File image. Photo: hadrian – ifeelstock The company has reported a profit of £1 million for the half year ended September compared with a £100,000 loss the year before.
E-Road offers devices and software used by transport companies to track driving hours, maintenance, health and safety compliance issues. Chief executive Steven Newman said the company had come through the pandemic in good shape so far, and was looking for more growth as businesses got back to normal and put more effort in to using technology in their operations. “That’s the incredible resilience of our business model in that we are a subscription based business and most of our customers sign up for a 36 month basis so additional units that are added [by them] are additional revenue,” Newman said.
Revenue rose 19 percent to nearly £46m, with more than half coming from New Zealand and most of the rest coming from the United States. The company raised £53m in a share issue in September to beef up its finances and develop new products, which include a dashboard camera application. US growth was being driven by insurance company demands, while in New Zealand the main demand was coming from trucking firms wanting to manage health and safety demands and driver training and behaviour, Newman said.
He said growth should accelerate in the second half and improve further in the coming year, as more businesses looked to digital services to improve their performance and cost management.
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