TIDMMAI

RNS Number : 1308I

Maintel Holdings PLC

03 August 2023

Maintel Holdings Plc ("Maintel" or the "Company")

Trading update

and Notice of Results

Solid H1 performance supported by business transformation

Maintel Holdings Plc, a leading provider of cloud and managed communications services, issues the following trading statement for the six months ended 30 June 2023, based on unaudited management accounts.

The Company has made significant progress in the first six months of the financial year ending 31 December 2023 (FY23), delivering Adjusted EBITDA of GBP3.7m (H1'22: GBP3.6m)as management continue to streamline operations and make strategic changes to optimise the Company's market and product strategy in order to deliver sustainable future profitability. Revenue amounted to GBP47.5m (H1'22: GBP46.7m) benefiting from positive trading conditions, winning new business and the acceleration of the order book un-winding post the well-documented challenges of global supply chain shortages. During the period, Maintel secured new contracts, including with Provident, Harrods, Unify, Angus Council and IDH.

Having completed their previously announced business reorganisation, Maintel are now leveraging a new leaner 'fit for growth' organisation, and the Company continues its business development efforts focusing on higher profit margin product lines. As such, the Board is confident that the Company is on track to deliver results that deliver revenue in line with market expectations, and Adjusted EBITDA ahead of market expectations.

Net Cash Debt at the end of the period amounted to GBP21.4m (30 June 2022: GBP19.4m). This reflects one-off restructuring costs albeit the payback period for these is estimated to be realised within this financial year, and the normalisation of working capital following the renegotiation with HSBC of the covenants related to the Company's financing facility.

The Company expects to publish its interim results on 19 September 2023.

Adjusted EBITDA - EBITDA adjusted for exceptional items (including one-off restructuring costs) and share based payments.

Net Cash Debt excludes IFRS16 lease liabilities.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014

For further information please contact:

 
 
  Maintel Holdings Plc 
  Carol Thompson, Executive Chair 
   Gab Pirona, Chief Financial Officer 
   Dan Davies, Chief Technology Officer                    0344 871 1122 
 
  finnCap (Nomad and Broker) 
  Jonny Franklin-Adams / Emily Watts / Fergus Sullivan 
   (Corporate Finance) 
   Sunila de Silva (Corporate Broking)                     020 7220 0500

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August 03, 2023 02:00 ET (06:00 GMT)

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