DigiCore progressed well with its globalisation strategy during the year under review.

The strategy is based on five key objectives:

• Change the command structure, traditionally centred in South Africa, by establishing and growing strong regional operations, with our own people on the ground. Accordingly, Asian regional operations were established in Kuala Lumpur, Malaysia and Latin American regional operations were established in Mexico City, Mexico. In the United Kingdom and Ireland, the branch network was expanded to include regional branches in London, Leeds, Birmingham, Glasgow, Bristol and Dublin

• New markets are being approached in joint venture with major local corporate partners in various countries and regions

• Strategic acquisitions to expand our customer base in key markets, such as Minorplanet (UK, Ireland and Europe) and VMS (Australia and New Zealand)

• The aim is that every new operation and acquisition be profitable and operationally cash flow positive within 12 months

• We expect our international revenue growth to outpace South African revenue growth over the next three to five years.

Structurally, DigiCore is consolidating all its international subsidiaries, investments and operations under a single UK-based holding company, Ctrack International Holdings Ltd, operating from its London headquarters (subject to all necessary regulatory requirements and approvals).