7 August 2024
Maintel Holdings
Plc
(the
"Maintel" or the "Company")
Trading Update and Notice of
Results
Maintel Holdings Plc, a leading
provider of cloud, network and security managed communications
services, issues the following trading update for the six months
ended 30 June 2024 (the "Period"), based on unaudited
accounts.
The Company reported total revenue of
£46.6 million, -1.8%, (H1 2023: £47.5 million), in line with
expectations whilst EBITDA grew by 28.2% to £4.8 million (H1 2023:
£3.7 million) driven largely by significant new wins within our
focus pillars and target growth markets, as well as the benefit of
a new streamlined business structure and price increases. The
revenue performance, although slightly down on the previous year,
represents underlying growth, as the first half of FY 2023 was
flattered by the unwinding of the order book built up through
previous years that had been impacted by the global semiconductor
shortage.
During the Period Maintel continued
to successfully execute its strategic pivot away from a
communications generalist to a specialist, focused across three key
strategic pillars: Unified Communications & Collaboration,
Customer Experience and Security & Connectivity.
Maintel has continued to deleverage
its business, following a period of higher restructuring
exceptional cost and debt servicing charges, reporting a reduction
in Net Cash Debt at £15.6 million (H1 2023: £21.4 million), further
strengthening the Company's financial position.
As previously announced, a number of
high value new contract wins, secured during the first half, were
closed later in the Period than first anticipated. Subsequently,
the Group expects that its performance will be second half weighted
as the benefit of those new multi-year contracts are realised from
H2 2024. Whilst gross margins have been impacted, due to continued
inflationary pressures, these have been mitigated by last year's
organisational restructure and a continued focus on cost control,
resulting in an improved Adjusted EBITDA margin.
The Company remains focused on
delivering higher margin new business opportunities in its high
growth segments moving forward and meeting expectations for the
current financial year.
The Company expects to announce its
unaudited interim results for the six months to 30 June 2024 on
Thursday 19 September 2024.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014
For
further information please contact:
Maintel Holdings PLC
|
Tel: 0344 871 1122
|
Dan Davies, Interim Chief Executive
Officer
Gab Pirona, Chief Financial
Officer
|
|
|
|
Cavendish (Nomad and Broker)
|
Tel: 020 7220 0500
|
Jonny Franklin-Adams / Hamish Waller
(Corporate Finance)
Sunila de Silva (Corporate
Broking)
|
|
|
|
Hudson Sandler (Financial PR)
|
Tel: 020 7796 4133
|
Wendy Baker / Nick Moore / Eloise
Fleet
|
maintel@hudsonsandler.com
|
Notes to
editors
Maintel Holdings Plc ("Maintel") is
a leading provider of cloud, networking and security managed
communications services to the UK public and private sectors. Its
services aim to help its clients operate at the highest level by
designing, implementing, innovating and managing their vital
digital communication solutions, with a focus across
three strategic pillars:
· Unified Communications and
Collaboration - Making customers'
people more effective, efficient, and collaborative with UC&C
technology. The core focus of this pillar
is the high growth Unified Communications as a Service (UCaaS)
market segment.
· Customer Experience
- Helping customers to acquire,
delight and retain their customers using customer experience
technology. The core focus of this pillar
is the high growth Contact Centre as a Service (CCaaS) market
segment.
· Security &
Connectivity - Securely connecting
customers' people, partners and guests to their cloud platforms,
applications, and data with secure connectivity, and protecting
their business from cyber threat. The core
focus of this pillar is the high growth Software Defined Wide Area
Networking (SD-WAN), Security Service Edge (SSE) and Cyber Managed
Service market segments.
Maintel combines technology from its
strategic, global technology vendor and carrier partners, with its
own Intellectual Property, deployed from and managed by its own
platforms, to provide seamless solutions that its customers can
consume without the need for the internal skillset required to
deploy and manage the technology themselves.
Maintel serves the whole market,
with a particular focus on key verticals of Financial Services,
Retail, Public Healthcare, Local Government, Higher Education,
Social Housing and Utilities. Its core market constitutes organisations with between 250 and 10,000
employees in the private, public and not-for-profit sectors with
headquarters in the UK.
The Company was founded in 1991 and
it listed on London's AIM market in 2004 (AIM: MAI).
-ends-