Microlise Group reports a robust year with notable revenue growth

Microlise Group, a leading provider of transport management software solutions to fleet operators, announced a strong performance in 2023. The company achieved double-digit revenue growth and heightened profitability. According to the audited results for the year ending 31 December 2023, the Nottingham-based company reported a rise in total revenue to £71.7 million, up from £63.2 million the previous year.

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 also saw a significant uptick, increasing by 11% to £45 million, surpassing market forecasts. This growth was bolstered by the renewal of several key customer contracts as well as the acquisition of new clients.

Additionally, the company’s profit before tax witnessed a substantial rise, reaching £2.5 million, up from £1.4 million in the previous year.

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.”