Actualización de operaciones del año fiscal 2023
30 de enero de 2024
Grupo Microlise plc
("Microlise", "el Grupo" o "la Compañía")
Actualización de operaciones del año fiscal 2023
Momentum from direct customers returns driving double-digit growth in ARR
Microlise Group plc (AIM: SAAS), a leading provider of transport management software to fleet operators, provides the following unaudited trading update covering the expected results for the year ending 31 December 2023 ("the Period"). The Group expects to publish its full year results for the Period in early April 2024.
Destacados
· Full year revenue of c.£72m, growth of 13%
· Crecimiento orgánico de ingresos1 de 12%
· ARR growth of 11% to £47.2m, of which c.10% represents organic growth
· EBITDA ajustado2 of c.£9.4m, representing margins of 14%
· Cash conversion above 90% and net cash of £16.8m
· Announced three6 high quality acquisitions for a maximum consideration of £10.7m
Actualización de Trading
The Board is pleased to confirm that the Group experienced good trading in FY23 with results expected to be ahead of market expectations. Revenue is anticipated to increase by 13% to £71.7m (FY22: £63.2m) with adjusted EBITDA2 growth of 14%, slightly ahead of market expectations3.
On a product level, growth in the period was a result of continued strong demand from 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. ARR has grown 11% (10% organic) to £47.2m (FY22: £42.6m), contributing to total recurring revenue of £45.0m (FY22: 10.0% and £40.5m). This increase in hardware and installation activity in H2 has also driven a c.17.5% YoY increase in non-recurring revenues.
The Group's net cash at 31 December 2023 was £16.8m (31 December 2022: £16.7m), after net cash spend of £3.0m on acquisitions during the period, including initial consideration of £1.86m for Vita Software, the final deferred consideration instalment of £1.0m in relation to the 2020 acquisition of TruTac and £0.14m in relation to the acquisition of K-Safe. This was lower than market expectations, partly due to a delay with several large receipts which have been received in full post period end. The Group's cash conversion rate remained healthy at 91%, lower than FY22 (133%) reflecting this working capital phasing.
Clientes
The Group added 450 new customers during the year with key customer wins including McCulla, BCA/ECM, LF&E and two significant customer wins in Australia, further cementing our position in one of our key target markets. Microlise also extended its relationships with numerous existing customers including Tesco, Culina and Bidfood. The Company continues to have high rates of customer retention, experiencing very low churn of 0.7% during the Period, reflecting the strength of our customer relationships and the value our product offering brings to customers.
Acquisition
Microlise announced two acquisitions in 2023 for a total maximum consideration of £10.6m. This included the acquisition of Vita Software, which completed in March 2023, and Enterprise Software Systems (ESS) which completed in January 2024. A third acquisition of K-Safe completed in December 2023, with the announcement in January 2024. The positive impact of these acquisitions is already evident, with successful sales of Vita software's TMS offering and a growing pipeline for the ESS and Flare Aware (K-Safe Product) products amongst our existing customers.
Conferencia de transporte Microlise
The 2024 Microlise Transport Conference will take place on 19th March 2024 at the Coventry Building Society Arena. This will build on the success of the 2023 conference, being the most successful event in the Company's history.
There will be 14 keynote speakers this year, including MP Guy Opperman, Minister for Roads and Local Transport, MP Bill Esterson, Shadow Minister for Roads, and JCB showcasing the hydrogen combustion engine technology to the +1,200-person audience. This year, there will be four additional stages at the show, with talks from SMEs from around the logistics industry bringing delegates valuable information to utilise in their own business operations. OEMs including DAF, Mercedes-Benz and Volvo will also be looking to showcase their newest electric vehicle offerings to delegates.
The invitation to the conference is open to investors and the Company will be hosting sessions dedicated to investors at the event. For further details on how to register please contact Bob Huxford at GME@dhr-rgv.com.
Outlook
Microlise expects to deliver strong revenue growth in FY24, driven by further organic growth and recent M&A. To service a growing pipeline and deliver an improved proposition, the Group has commenced its investment programme into its TMS offering following the acquisitions of Vita Software and ESS as planned. Looking ahead, the Board sees an opportunity for organic growth to improve from current levels as we move through the year supported by a healthy orderbook and pipeline of opportunities across OEM and direct customer divisions. Operating margins are expected to trend upwards in FY24 and beyond, as we focus on careful management of the cost base and efficiently scaling the Group.
Nadeem Raza, CEO, Microlise said: "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.
"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."
Notas a pie de página:
1 Organic growth is calculated by applying the Group's actual performance in the respective period and excluding acquired and disposed/discontinued business.
2Earnings Before interest, tax, depreciation, amortisation and share based payments.
3 Analysts' Adjusted EBITDA expectations for FY 2023 range from £9.1m to £9.2m.
4 Cash conversion is the % of cash generated from operating activities as a % of adjusted EBITDA.
5 Analysts' revenue expectations for FY 2023 range from £66.5m to £67.0m. Analysts' net cash expectations for 31 December 2023 range from £18.3m to £18.9m.
6 2 announced acquisitions in 2023 (Vita & ESS), 2 completed acquisitions in 2023 (Vita & K-Safe) with K-Safe announced in January 2024 and ESS Completing January 2024.
Para más información, por favor póngase en contacto con:
Grupo Microlise plc | |
Nadeem Raza, director ejecutivo Nick Wightman, director financiero | C/O SEC Newgate |
Singer Capital Markets (Asesor nominado y Broker) | |
Steve Pearce/James Foso/Harry Gooden | Tel: 020 7496 3000 |
SEC Newgate (Comunicaciones financieras) | |
Bob Huxford/Molly Gretton/Harry Handyside |
Sobre Microlise
Microlise Group Plc es un proveedor líder de software de gestión de transporte para operadores de flotas que les ayuda a mejorar la eficiencia, la seguridad y reducir las emisiones. Estas mejoras se logran mediante la reducción del uso de combustible, la reducción del kilometraje recorrido, la mejora del rendimiento del conductor, la reducción de accidentes, la eliminación del papeleo y la mejora de la experiencia del cliente.
Establecida en 1982, Microlise es una empresa galardonada con más de 400 clientes empresariales. Con 463 empleados basados en la sede del Grupo en Nottingham en el Reino Unido, la Compañía también tiene oficinas en Francia, Australia e India, con una base de personal global total de más de 670.
Microlise cotiza en el mercado AIM de la Bolsa de Valores de Londres (AIM: SAAS) y califica para la Marca de Economía Verde de la Bolsa de Valores de Londres.
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