25th Jul 2023 11:38
(Alliance News) - Microlise Group PLC on Tuesday said it expects revenue to rise in its first half, claiming it was in a "strong position" as it enters the second half of the year.
Microlise, a Nottingham, England-based provider of software-as-a-service transport technology solutions to fleet operators, said it expects revenue in its first half ended June 30 to increase by 10% to GBP33.9 million, from GBP30.7 million in the same period the year before.
The company said it experienced "solid trading" in its first half, seeing continued growth in revenue, recurring revenue, annual recurring revenue, and profitability.
Adjusted earnings before interest, tax, depreciation, and amortization is expected to grow by 4.0% to GBP4.5 million in the six months, from GBP4.3 million year-on-year.
The company's net cash on June 30 was GBP14.1 million, down from GBP16.7 million on December 31; with the decrease due to a net cash spend of GBP2.9 million on acquisitions during the period.
Chief Executive Officer Nadeem Raza said: "We are very pleased with the performance of the group during the first half, given the many challenges we have had to overcome. These have included supply chain issues and a shortage of vehicles coming to market."
Microlise said it enters the second half of the year in a "strong position" with a record order book. The company is confident of meeting market expectations for revenue, profit, and cash for the full year.
"With supply chains improving coupled with the expectation that vehicle deliveries will also improve in the second half, the board are confident in the group's continued successful growth," said CEO Raza.
Shares in Microlise were up 3.9% at 132.50 pence in London on Tuesday morning.
By Will Neill, Alliance News reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.