Revenue is up at Microlise Group, the Nottingham-headquartered provider of transport management software to fleet operators, according to a full year update on trading for the year ending 31 December 2022.
The company expects to report year-on-year revenue growth of 5% to £63.2m, despite industry headwinds caused by microchip supply chain issues and delays in project deployment with non-OEM customers. This resulted in non-recurring revenues slightly below forecasts.
However, the firm delivered record levels of OEM sales which impacted sales mix and had positive working capital effect. As a result of the change in sales mix, annual recurring revenues grew at a faster rate than revenue, by 10% to £42.6m, with recurring revenues now representing 64% of the total.
Meanwhile EBITDA is slightly ahead of market expectations.
Nadeem Raza, CEO, Microlise, said: “I am delighted to report that we shipped more units than ever during 2022, despite the well-documented supply chain issues that clouded our markets throughout the year. This pays testament to the strength of our products and the quality of our staff who have been agile and resourceful in the face of any issues, adapting where appropriate while improving efficiencies and the positioning of our company.
“Also, our new Great Place to Work (GPTW) accreditation reflects the passion and positive attitude of our people, all of whom are committed to building a supportive atmosphere. It recognises our commitment to staff and further establishes Microlise’s high-performing workplace culture.
“Although we can expect supply chain issues to continue to impact our markets in 2023, we do anticipate improvements during the second half of the year. This, combined with a record order book and healthy pipeline of opportunities across all the markets in which we operate, gives us confidence for the year ahead.”
