Fleet total contract value signed with customers, but not yet delivered nor recognised as revenue, has increased from A$21.5mln at 30 June 2017 to A$36.4mln at the end of 2017.
The company expects to report group revenue for the six months to 31 December 2017 in excess of A$14mln.
House broker finnCap noted that the trading update follows the surprise departure of the chief executive officer at the beginning of last week, and shows that business continues unaffected.
"Reassuringly, trading in H1 (results due in March) was consistent with FY expectations of a step-change in revenue from over A$13.6mln to c.A$40mln, driven by the rapid growth in recurring revenue from the Fleet business. Over A$14mln will be delivered in H1 (more than the entire FY 2017) with H2 expected to be boosted by new Guardian devices. Fleet total contract value (TCV) – signed with customers but not yet delivered / recognised as revenue – has increased from A$21.5mln at June to A$36.4mln at December," finnCap said.