Microlise’s FY25 update, released yesterday, shows results are expected in to be line with revised expectations for revenue and adjusted EBITDA following November’s warning of weaker H2 trading. The positives we highlight are the 7.5% increase in recurring revenue growth to £58.8m (70% of Group) and the strong balance sheet, with net cash of £16.7m being £5.7m ahead of guidance. However, the update demonstrates Microlise’s relatively thin adjusted EBITDA margin (c. 10% in FY25) and exposure to c ....
