Microlise Group said the exceptional costs associated with the cyber security attack it was subjected to last year are expected to be fully covered by its insurance.
In its results for the year ending 31 December 2024, it said £4.4m relating to the incident would be covered in full.
As a result, it reported a “record performance” for the year that exceeded market expectations, with adjusted revenue of £81m, an increase of £13m from £71.7m in 2023.
Operating loss for the period was £2.3m following the exceptional costs associated with the cyberattack, which took two-and-a-half weeks to resolve, as well as amortisation charges as a result of business combinations.
Adjusted pre-tax profit was £6.5m, a 16% increase on 2023 (£5.6m).
Nadeem Raza, Microlise chief executiive, said: “Toward the end of the year, the hard work of the Microlise team and our previous commitment to cyber security ensured that we successfully navigated a cyber security incident, losing no customers and we have continued to build and convert our new business pipeline.”
He added: “As a result of Microlise having prioritised investment into enhancing the security of its systems, the company was able to ensure that no customer systems data was compromised during the incident.
“Since the event, Microlise has accelerated its investment plan on cyber security measures ensuring that its data, and that of its customers, remains safe and secure.
“The incident has had a limited effect on the company’s ability to retain and secure business. Importantly, the group has not lost any clients as a result of the attack, and its pipeline is robust and continues to grow, with 375 new customers signed since the restoration of the network.”
