Microlise Group, the Nottingham-based provider of transport management software to fleet operators, reported strong performance in 2023. According to an unaudited trading update for the year ending 31 December 2023, the company anticipates a 13% increase in revenue to £71.7m, up from £63.2m in 2022, with adjusted EBITDA growth of 14%, slightly surpassing market expectations. The Group gained 450 new customers during the year, including key customer wins such as McCulla, BCA/ECM, LF&E, and two significant customer wins in Australia. Additionally, Microlise extended its relationships with existing customers like Tesco, Culina, and Bidfood. In 2023, Microlise completed two acquisitions for a total maximum consideration of £10.6m, including Vita Software and Enterprise Software Systems (ESS), with a third acquisition of K-Safe completing in December 2023. The company expects strong revenue growth in FY24, driven by organic growth and recent mergers and acquisitions. Nadeem Raza, CEO of Microlise, commented, “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.” Additionally, Raza stated, “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.”
Microlise celebrates strong financial performance in 2023 with increased revenue
