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Microlise sees shares jump on anticipated revenue uplift in 2023

30th Jan 2024 10:12

(Alliance News) - Microlise Group PLC on Tuesday remained confident of "continued success", after announcing that it expects to report an increase to both revenue and earnings for 2023.

Microlise is a Nottingham, England-based provider of software-as-a-service transport technology solutions to fleet operators. Shares in the firm were up 23% at 125.00 pence each in London on Tuesday morning.

For the year ended December 31, Microlise expects to report revenue of GBP71.7 million, up 13% from GBP63.2 million a year prior.

Adjusted earnings before interest, tax, depreciation and amortisation are projected to be around GBP9.4 million, representing an uplift of 14% on the previous year, and coming in slightly above market expectations of between GBP9.1 million and GBP9.2 million.

Reflecting on the year just gone, Microlise paid credit to several successful acquisitions, namely of Vita Software Ltd, Enterprise Software Systems Ltd, and K-Safe Ltd. The impact of these buys "is already evident", it said, with successful sales achieved as a result.

Further, Microlise added 450 new customers, with key wins including McCulla Ireland Ltd, as well as two clients in Australia. These new partnerships, combined with extensions to pre-existing relationships with brands like Tesco PLC, reflect "the strength of our customer relationships", the firm argued.

Looking ahead, Microlise expects to deliver "strong revenue growth" in financial 2024, driven by "further organic growth" and recent mergers and acquisitions. Operating margins are expected to trend upwards.

"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," said Chief Executive Officer Nadeem Raza.

Microlise expects to publish its full-year results in "early April" of this year.

By Holly Beveridge, Alliance News reporter

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