UK lorry driver crisis boosts transport software firm Microlise

FILE PHOTO: Lorries are seen at an HGV parking, at Cobham services on the M25 motorway, Cobham, Britain, August 31, 2021. REUTERS/Peter Cziborra

(Reuters) - British transport software firm Microlise saw annual core earnings jump by more than a third as a shortage of truck drivers and cost pressures forced the industry to try to become more efficient.

Britain's departure from the European Union, the COVID-19 pandemic and a shortage of drivers has strained supply chains across the country, making the efficient management of fleets increasingly important, especially when driver wages are rising.

Microlise Chief Executive Nadeem Raza told Reuters that customers were under pressure to deliver more orders without increasing costs.

"They are going to look at other ways of saving money within their operations as they don't want to pass on those costs to their customers," he said.

Microlise, which listed on London's junior AIM market late July, said on Tuesday earnings before interest, taxes, depreciation and amortisation jumped 37% to 7.6 million pounds ($10.4 million) in the 12 months to the end of June.

Revenue rose 14% to 57 million pounds.

Microlise, whose shares have surged over 70% since listing, analyses fleet and driver data to help clients improve output and save fuel.

Its shares were up 1.1% in early trade, giving it a market value of 272 million pounds.

Microlise added 50 new customers in the year, with strong demand for its services as Britain grapples with an acute shortage of heavy goods vehicle drivers that has most recently left fuel stations running dry.

The company, which also helps customers comply with stricter environmental regulation, now has over 400 clients.

($1 = 0.7311 pounds)

(Reporting by Muvija M in Bengaluru; Editing by Mark Potter)

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 0
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!


Next In Tech News

Is there life on Mars? Maybe, and it could have dropped its teddy
FTX sues Voyager Digital to claw back $446 million in 2022 loan payments
Woman in SG pretends to be a man and gets ‘girlfriend’ to send nude videos then tries to extort money from her
Opinion: How to safely use payment apps
Why some young people feel they’re lacking in digital skills
Samsung flags further chip slowdown after booking 8-year-low profit
Twitter working on payments feature - FT
U.S. says FTX founder Bankman-Fried needs limits on communications, asset access
Twitter makes first interest payment on Musk buyout debt - Bloomberg News
VW's Skoda Auto cuts production due to chip shortage - trade unions

Others Also Read