Microlise Group (AIM:SAAS), an AIM-listed provider of transport management software to fleet operators, reported adjusted EBITDA of £5.2m for the six months to 30 June, a 148% sequential jump from the £2.1m delivered in the second half of 2025.
Group revenue fell to £39.5m from £44.1m a year earlier, reflecting lower revenue from original equipment manufacturer (OEM) partners, reduced non-recurring hardware sales and project timing.
Direct Customer annual recurring revenue (ARR) rose 12% to £47.1m, while recurring revenue overall held at £29.9m and now makes up 76% of group revenue, up from 67% a year ago. The adjusted EBITDA margin recovered to 13.2% from 5.2% in the second half of 2025, though still below the 14.1% margin in the first half of last year, driven by benefits from last year's restructuring, which cut headcount by around 80 full-time roles.
Net cash stood at £13.8m at period end, up from £11.2m a year earlier, backed by an undrawn £30m debt facility.
Microlise secured a 10-year renewal and expansion contract with a long-standing customer worth more than £20m in total contract value, expected to start contributing revenue toward the end of the year.
"Microlise has performed in line with management expectations in the first half of 2026 and has delivered against the priorities we set out at our full year results in May," said chief executive Nadeem Raza.
The board said it remains confident in delivering full-year revenue and adjusted EBITDA broadly in line with current market expectations, citing recurring revenue visibility, planned customer go-lives and a healthy pipeline.