UK Trucker Crisis Boosts Transport Software Company Microlise
Sept. 28 (Reuters) – UK transportation software company Microlise (SAAS.L) saw its annual base profits rise by more than a third as a shortage of truck drivers and cost pressures forced the industry trying to become more efficient.
Britain’s departure from the European Union, the COVID-19 pandemic and a shortage of drivers have strained supply chains across the country, making efficient fleet management increasingly important , especially when the wages of drivers go up.
Microlise chief executive Nadeem Raza told Reuters customers were under pressure to deliver more orders without increasing costs.
“They are going to look for other ways to save money within their operations because they don’t want to pass these costs on to their customers,” he said.
Microlise, listed on London’s AIM Junior Market in late July, said on Tuesday that its earnings before interest, taxes, depreciation and amortization jumped 37% to 7.6 million pounds ($ 10.4 million) over the years. 12 months ending at the end of June.
Turnover increased 14% to 57 million pounds.
Microlise, whose shares have jumped more than 70% since listing, analyzes fleet and driver data to help customers improve performance and save fuel.
Its shares rose 1.1% at the start of trading, giving it a market value of £ 272million.
Microlise added 50 new customers during the year, with strong demand for its services as Britain grapples with a severe shortage of truck drivers which has recently left gas stations dry.
The company, which also helps its customers comply with stricter environmental regulations, now has more than 400 customers.
($ 1 = 0.7311 pounds)
Reporting by Muvija M in Bengaluru Editing by Mark Potter
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