DigiCore Holdings, the parent company of vehicle tracking and mobile asset management provider Ctrack, reported a 34 percent increase in revenue to £64 million ($99 million approx) in its latest financial year.

The organization’s net profit before tax grew by 15 percent to £7 million ($10.8 million approx) while tracking units shipped globally rose by 72,300, recording a growth of 31 percent last year.The Ctrack telematics brand is available in more than 50 countries. The DigiCore Holdings Group has sold more than 570,000 systems. Important contract wins include Network Rail (UK), Ekurhuleni Municipality (SA) and Rio Tinto (Africa), while the South African Police Services, BHP Billiton and Thames Water renewed long-term contracts.

“The company performed well by rebounding from the recession in the past year and the improved financials reflect that,” said Barney Esterhuyzen, CEO of DigiCore, in a statement. “The story behind the financials, however, provides us with even more satisfaction that the company is headed in the right direction.”

In order to achieve significant growth in future, DigiCore introduced structural changes to top management team by introducing new leaders in certain key positions.

DigiCore has also increased its investment in research and development by 27 percent. As a result, the company introduced new product and service innovations to the market at more competitive prices, according to company officials.

The company entered into a partnership with Discovery Insure to launch Vitality (News - Alert) Drive short-term vehicle insurance solutions, based on DigiCore's drive behavior technology. Targeting the short-term insurance industry, the company is launching this solution in other parts of the world.

Recently, DigiCore announced that it completed the acquisition of the UK operations of Minorplanet, a vehicle tracking solutions provider. The acquisition will enable DigiCore to strengthen its presence in the UK market. Tom O’Connor who was formerly the managing director of DigiCore ltd in the UK will lead the expanded Ctrack business.