19th Sep 2024 11:50
(Alliance News) - Maintel Holdings PLC on Thursday said that it expects to show further improvement in financial performance, after narrowing its losses in the first half.
For the six months ended June 30, the London-based cloud and managed communications service provider reported a pretax loss of GBP300,000, narrowed from GBP2.9 million a year prior.
Earnings before interest, tax, depreciation and amortisation improved 28% to GBP4.8 million from GBP3.7 million.
Revenue, however, declined 1.8% to GBP46.6 million from GBP47.5 million the previous year.
According to Maintel, this result was in line with expectations, and driven in part by the fact that the prior year's revenue "was flattered by the late delivery of GBP6.7 million in sales from 2021 and 2022 orders, delayed due to supply chain shortages during the pandemic".
"2024 is a critical year in the transformation of Maintel. Whilst the company is no longer benefiting from the delayed order backlog caused by the global semiconductor shortage that bolstered our results in 2023, we instead have the full benefit of the transformation and restructuring work completed in the first half of last year. It is now about consolidating, embedding and fine tuning the transformation, providing a springboard for the future," said interim Chief Executive Officer Dan Davies.
Looking ahead, Maintel expects that its annual performance will be second-half weighted, thanks to a number of high value new contract wins.
"We expect to show further improvement, building on the first half performance, and I look forward to the remainder of the financial year with cautious optimism."
Shares in Maintel Holdings were trading 2.0% higher at 260.00 pence each in London on late Thursday morning.
By Holly Beveridge, Alliance News senior reporter
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