2nd Sep 2019 10:36
(Alliance News) - Maintel Holdings PLC on Monday reported a swing to interim profit and said its 10-year veteran chief executive officer, Eddie Buxton, will leave at the end of the year.
The company said it has commenced a search for a replacement CEO, while also noting that its transition to a cloud and managed services business has continued.
London-listed shares were down 6.8% at 410.00p each on Monday morning.
Maintel posted pretax profit of GBP1.5 million for the six months to June 30, compared with a loss of GBP256,000 a year earlier. The 2018 interim loss resulted from a GBP1.3 million exceptional charge, while in the first half of 2019, Maintel recorded GBP12,000 in exceptional gains.
Stripping out amortisation charges, exceptional items and share-based payments, adjusted pretax profit jumped 17% in the first half to GBP4.9 million from GBP4.2 million a year before.
Revenue for the period fell 3% to GBP64.5 million from GBP66.5 million as a result of the company's continued market transition to new technologies and some delays in public sector contract awards.
Maintel raised its interim dividend payout by 0.7% to 15.1 pence each from 15.0p, saying this reflected confidence in underlying cash flow and long-term prospects.
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