Microlise drives results to record levels
Transport technology provider Microlise drove its results to record levels in a year when a cyber security incident threatened to stall progress.
Adjusted profits were up 16%, to £6.5m, while revenues rose 11% to £79.5m. The disruptive cyber-security problem has cost the group £4.4m, but it expects to recover that through its insurance.
Nadeem Raza, chief executive of Microlise, said: “Microlise delivered record performance in FY24, exceeding market expectations in cash levels and adjusted EBITDA which is reflective of our comprehensive growth strategy and continually improving customer offerings.”
Raza added: “Our strong pipeline, paired with our growing international footprint gives us much to look forward to in 2025.”
Microlise believes it is “increasingly becoming recognised as a major industry player” in its overseas target markets of France, Australia and New Zealand, and expects to continue to grow in those markets.
New contracts with major grocery retailers have given the group the confidence to increase its investment in the region.
It is looking to accelerate its growth and its “current focus” for M&A is on international opportunities.
Microlise revealed in October is had detected “unauthorised activity on its network”. The cyber-security incident took nearly three weeks before the group’s network and services were fully restored.
It was hit by £4.4m of exceptional costs, which it expects to be fully covered by its cyber security insurance.
The costs included £1.5m reversal in revenue in relation to service level credits, £0.4m of professional services costs in relation to managing technical restoration of services, and £2.4m of provisions in respect of claims for consequential losses from the disruption to the customers’ own businesses.
