DigiCore increases R&D spend
Fleet management company DigiCore increased its research and development (R&D) spend by 33% in the first half of the year to drive its new product rollout in niche markets.
The company this morning published its results for the six months to December and said shipments grew 41%, boosting revenue 24%, to R401 million. Its international operations grew turnover 51% year-on-year.
R&D spend increased year-on-year by 33% to “drive our new product rollout and leadership in niche vertical markets, such as mining, insurance, security, containerisation, public transport and fixed plant”, it says in a statement to shareholders.
It says the first half saw the business base grow “strongly in number of shipped systems, building our future subscription and service revenue streams”.
DigiCore's engineering division completed development of a new-generation 3G telematics device aimed at Japanese and Australian markets.
The company has a manufacturing plant in Durban, and development teams in SA, the UK and Australia.