21st Nov 2018 10:32
LONDON (Alliance News) - Shares in Maintel Holdings PLC fell on Wednesday as the company said it expects its annual earnings before interest, taxes, depreciation and amortisation to be lower than previous guidance.
Shares in the cloud services provider plunged 21% to 480.00 pence each following the annoucement.
Maintel said its transformation into a cloud and managed services provider continued into the second half of 2018, adding it is on track to grow its managed services base by 10% on last year.
However, delays in a number of projects planned to be completed in the second half and a shift towards longer-term projects are expected to hold back annual earnings.
"Whilst the group's business transformation has been encouraging, it now anticipates a lower level of revenue and Ebitda in the second half than previously expected," Maintel added.
Adjusted Ebitda is now forecast between GBP12.0 million and GBP12.5 million, compared to GBP10.9 million in 2017.
Looking further ahead, for 2019 the company said it is confident in delivering growth in both revenue and Ebitda.
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