Microlise CEO Nadeem Raza told the Standard that the business continues to examine whether listing elsewhere could be a better option.
“It has its challenges being listed in London,” Raza said. “We could have chosen to list elsewhere but at the time we weren’t really at the right scale. It’s a situation we’ll continue to monitor and we’ll see what indexes are appropriate for us.
“Right now we have no plans to move away from the LSE.”
It comes as Microlise reported a 5.7% growth in profits to £1.5 million, as revenue grew to £33.9 million. The group, which counts most of the UK’s major retailers among its clients, has been signing new customers outside of the UK, with recent deals announced in Australia and New Zealand.
Raza said: “We have successfully navigated the Company through global supply chain issues and subsequent delays in new vehicle availability, maintaining strong relationships with our valued customers. We are seeing significant improvements in all these situations, which we expect to have normalised by the start of 2024.”
Raza said that most supply chain issues for Microlise’s clients had worked themselves out, but a shortage of electric delivery vehicles continues to create a bottleneck.
“If you want to buy a fairly standard diesel vehicle, it’s not so bad, but if you want to buy an electric vehicle, you’re probably looking at maybe 6-8 months,” he said.
Shares were up 4.1% to 114.5p today. They are down 13.6% for the year to date.
A number of businesses, especially those involved in tech, have taken steps to list shares in the US this year, amid perceptions that London shares are undervalued.