Microlise Group, a Nottingham-based provider of transport management software to fleet operators, experienced “good trading” in 2023 with results expected to be ahead of market expectations.
According to an unaudited trading update for the year ending 31 December 2023, revenue is anticipated to increase by 13% to £71.7m, up from £63.2m in 2022, with adjusted EBITDA growth of 14%, slightly ahead of market expectations.
The Group added 450 new customers during the year with key customer wins including McCulla, BCA/ECM, LF&E and two significant customer wins in Australia. Microlise also extended its relationships with numerous existing customers including Tesco, Culina and Bidfood.
Microlise announced two acquisitions in 2023 for a total maximum consideration of £10.6m. This included the acquisition of Vita Software, which completed in March 2023, and Enterprise Software Systems (ESS), which completed in January 2024. A third acquisition of K-Safe completed in December 2023, with the announcement in January 2024.
Microlise expects to deliver strong revenue growth in FY24, driven by further organic growth and recent M&A.
Nadeem Raza, CEO, Microlise, said: “Trading momentum improved in the second half supported by an increase in delivery to direct customers towards the end of the period and strong uptake from OEM customers. This continues to drive double digit growth in ARR, an increasing base of recurring revenues and good cashflows.
“The three acquisitions made during the period have resulted in an improved and expanded offering which is already having a positive effect on trading momentum and pipeline. This, together with the resolution of the microchip supply crisis, gives us confidence in the Group’s continued success.”
