The provider of cloud, network and security managed communications services reported total revenue in H1 2024 of £46.6 million, down 1.8 per cent from £47.5 million in H1 2023.
Maintel said this reduction was in line with expectations, with EBITDA growing 28.2 per cent to £4.8 million. This was driven by price increases, new wins within target growth markets and the move to a streamlined business structure.
Maintel also reported that the revenue performance, although slightly down on the previous year, represents underlying growth. It said the first half of FY 2023 was flattened by the unwinding of the order book built up through previous years that had been impacted by the global semiconductor shortage.
Writing on LinkedIn, Dan Davies, the company’s interim CEO, said that a quick summer break has given him the chance to reflect and take stock on his first half year as interim chief exec at Maintel.
He commented, “I remain convinced that the way to build a great, sustainable business is brick by brick. Eventually you’ll turnaround and realise that, as a team, you’ve collectively built something to be proud of.
“There are no shortcuts. No hacks – not ones that won’t ultimately backfire on you anyway. It’s about having a clear strategy, then having an unwavering focus on it, making the best decisions you can as a team, striving to deliver an exceptional customer experience each and every time, and building the strongest possible relationships with your customers, your people and your strategic partners.
“The trading update we’ve released today is the next brick in the wall, delivered by a passionate and talented team who I’m humbled to lead for a time. More bricks to follow...”
The company will now look to deliver higher margin new business opportunities in its high growth segments to meet expectations for the current financial year. Maintel expects to announce its unaudited interim results for the six months to 30 June 2024 on Thursday 19 September 2024.