Maintel today announced Group revenues of £38.1m for the first half of 2016, an increase of 54% from the same period in 2015 (£24.8m). The growth was underpinned by the strategic acquisition of Azzurri Communications in May 2016, which contributed £15.4m to the revenue.
Adjusted profit before tax also increased by 17% to £3.9m. Recurring contracted revenue made up 75% of the overall revenue, compared to 71% from the same period in 2015.
However, excluding the acquisition of Azzurri, the numbers tell a different story. Tough trading conditions at the beginning of the year actually saw Maintel post a loss of 26% on adjusted cash profits (£2.6m).
As a result of the Azzurri acquisition, Maintel has opted to reduce its presence in the small business space, leading to the closure of Azzurri’s small business mobile operation in East Kilbride.
Eddie Buxton, CEO of Maintel Group, said, “The highlight of the period was the acquisition of Azzurri, which was transformational for Maintel, adding significantly to our offering both in terms of products and services, specifically in the high growth areas of managed and cloud based services.”
Maintel has also achieved recognition from the industry and the wider business community, being awarded the Technical Excellence Award by Avaya, as well as named in London Stock Exchange’s ‘1000 Companies to Inspire Britain’ and Investors Chronicle’s ‘Fast Growing Small Cap Stocks to Invest In’.
Eddie Buxton added, “During this period, Maintel has successfully closed a number of large contracts and, as such, we enter the second half of the year with a strong order book as well as a full pipeline of opportunities. We are confident of delivering a profit performance for the year in line with market expectations.”