Microlise Group, a provider of transport management software to fleet operators, says it “performed well” in 2023, delivering double digit revenue growth and increased profitability.
In audited results for the twelve months ended 31 December 2023, the Nottingham firm saw an increase in total revenue to £71.7m, up from £63.2m in 2022.
Microlise said growth in the period “was a result of continued strong demand from Original Equipment Manufacturer (OEM) customers and increased revenue from direct customers towards the end of the year as an improvement of new vehicle availability in H2 enabled the Company to deliver against its record orderbook.“
Recurring revenue, meanwhile, was up 11% to £45m, ahead of market expectations and supported by the renewal of several major customer contracts and new customer wins.
Moreover, profit before tax grew to £2.5m, up from £1.4m in 2022.
Nadeem Raza, CEO of Microlise, said: “Microlise performed well in FY23, delivering double digit revenue growth, increased profitability and strong cash flows. During the period, we secured the renewal of several major customer contracts and significant new logo wins.
“We are continuing to build a resilient business to deliver sustained, efficient growth having made three key acquisitions that have enabled us to improve and expand our product offering.
“Our focus remains on scaling our business and increasing margins through consistently improving the efficiency of our business. With the supply chain issues in the first half of the year now fully behind us, and with a strong order book and healthy pipeline, we look forward to 2024 with confidence.”
