Marlowe PLC on Thursday reported a surge in profit, boosted by revenue growth, as it hailed ‘resilient markets that are undergoing structural growth’.

The London-based software & service provider for safety and regulatory compliance said pretax profit in the financial year that ended on March 31 was £53.6 million, 41% higher than £38.1 million in financial 2022.

‘We have successfully used price to pass through the manageable cost inflation that we have seen onto our customers, allowing us to protect our margins,’ Marlowe explained.

Revenue climbed 47% to £465.7 million from £315.9 million.

The company declared no dividend, unchanged from a year ago.

Looking ahead, Marlowe expects ‘strong continued demand for our software and services,’ noting a resilient market undergoing structural growth.

It added: ‘We have made a positive start to the new financial year, with strong levels of organic growth. We have completed a further four bolt-on acquisitions post year-end deploying £15.3 million of capital. Our acquisition pipeline is well-developed, and we expect to use our attractive cash-flow characteristics to selectively execute upon these opportunities whilst appropriately managing leverage.’

Marlowe shares were 0.9% higher at 595.00 pence each on Thursday at midday in London.

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