Microlise Group PLC on Tuesday paid out its maiden dividend, after reporting higher profit and revenue.

Microlise is a Nottingham-based software as a service technology provider.

Revenue in 2023 climbed 13% to £71.7 million from £63.2 million a year earlier.

Recurring revenue jumped 11% to £45 million, which Microlise said was ahead of market expectations.

Pretax profit surged 74% to £2.5 million from £1.4 million.

On the back of the results, Microlise paid a maiden dividend of 1.725 pence per share.

Looking ahead, Microlise said it enters 2024 with ‘good momentum driven by consistent strategic execution.’

The company expects organic growth to improve from current levels. Operating margins are expected to trend upwards in 2024.

Chief Executive Nadeem Raza commented: ‘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.’

Shares in Microlise were down 1.1% to 165.15 pence each in London on Tuesday morning.

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