Marlowe starts new financial year on strong footing

13th Sep 2023 10:56

(Sharecast News) - Regulatory compliance software and service provider Marlowe said in a trading update on Wednesday that it had started its new financial year on a strong note, with trading performances aligning with its projections.

The AIM-traded firm, which was holding its annual general meeting, said it remained committed to its strategic milestones, with high single-digit organic revenue growth over the last four months.

Underlining its expansion tactics, Marlowe said it had successfully concluded five acquisitions since the start of the financial year.

The acquisitions represented a cumulative enterprise value of £35m.

A notable highlight among them was the purchase of IMSM, marking a pivotal move in Marlowe's strategy.

The board said the acquisition signalled its intention to expand its governance, risk and compliance (GRC) competencies into the ISO certification market 0 a sector that complements Marlowe's existing offerings.

"We expect to continue to deliver strong performance with high single digit organic growth across the 2024 financial year," said non-executive chairman Kevin Quinn.

At 1003 BST, shares in Marlowe were up 0.64% at 605.88p.

Reporting by Josh White for Sharecast.com.