REG - Maintel Holdings PLC - Trading update and Notice of Results

Maintel HoldingsAnnouncement

03/08/2023 07:00

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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
£3.7m (H1'22: £3.6m)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 £47.5m
(H1'22: £46.7m) 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 £21.4m (30 June 2022:
£19.4m). 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                                           0344 871 1122

 Gab Pirona, Chief Financial Officer

 Dan Davies, Chief Technology Officer

 finnCap (Nomad and Broker)
 Jonny Franklin-Adams / Emily Watts / Fergus Sullivan (Corporate Finance)  020 7220 0500

 Sunila de Silva (Corporate Broking)

 

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