MAI Maintel Holdings Plc

TIDMMAI

RNS Number : 3614A

Maintel Holdings PLC

22 January 2024

Maintel Holdings Plc ("Maintel" or the "Company")

Trading update

and Notice of Results

Strategic pivot and improved operational gearing deliver full year performance above expectations

Maintel Holdings Plc, a leading provider of cloud, network and security managed communications services, issues the following trading statement for the year ended 31 December 2023, based on unaudited management accounts.

The root and branch review of Maintel and the markets it operates in led to a business reorganisation which was executed within the first 2 quarters of 2023, allowing the business to refocus on growth in H2.

This acceleration in trading momentum delivered financial performance above expectations whilst preparing the business for 2024.

2023 revenue exceeds GBP101m representing an 11% increase from 2022 (GBP91m). As global IT equipment supply chain conditions normalised in H1, the Company accelerated the unwinding of the order book delivering strong cash and profit performance post the formation of the new professional services business group. The business then built on this with significant new business wins.

During the year, Maintel secured 8 lots in the new NS3 public framework, whilst also winning significant new value and long-term contracts that included Vanquis Banking Group, Kingfisher IT Services, Harrods, Atos/Unify, Northampton General Hospital NHS Trust and The Leeds Teaching Hospital. These wins demonstrate the validity of the strategic market pivot to focus on Unified Communications & Collaboration, Customer Experience and Secure Connectivity.

The Company has made significant progress in profit generation and working capital management during the financial year ending 31 December 2023, delivering Adjusted EBITDA in excess of GBP9m (2022: GBP4.4m).

The Company also embedded margin improvements in 2023, delivered cost structure improvements and continues its foc us on streamlining operations, evolving the market and product strategy, which underpins su stainable future profitability.

Next generation products and services continue to be the investment focus along with exploring the role of new technology and customer service delivery.

Net debt at the end of the period amounted to GBP18.1m (31 December 2022: GBP16.6m).

Converting its solid pipeline of opportunities in both the public and private sectors and with a leaner organisation, the Board is confident that the Company starts the new financial year with solid foundations to deliver revenue, profitability and cash generation in line with market expectations.

The Company expects to publish its final results on 23 April 2024.

Adjusted EBITDA - EBITDA adjusted for exceptional items (including one-off restructuring costs) and share based payments.

Net Cash Debt excludes IFRS16 lease liabilities.

Comment from the CEO Carol Thompson:

"2023 has been a challenging year, following on from 3 previous challenging years; as such to have the Maintel team support, deliver and build on the changes in focus, operational and cost effectiveness, is an outcome one can only have hoped for when we started on this journey.

The team are positive, energised and keen to engage with clients, both existing and new.

Post pandemic the rate of technological change in our markets is significant, with changes in business working practices and how and where they use and locate their resources. This is both exciting and challenging; but change is where opportunity lies, and we intend to be part of that new generation of service to clients.

Our people are the heart of our business and the reason we succeed, and, in that regard, I thank them for their hard work, dedication and commitment."

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 
  Gab Pirona, Chief Financial Officer 
  Dan Davies, Chief Technology Officer                 0344 871 1122 
 
 Cavendish (Nomad and Broker) 
 Jonny Franklin-Adams / Emily Watts / Hamish Waller 
  (Corporate Finance) 
  Sunila de Silva (Corporate Broking)                  020 7220 0500 
 

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January 22, 2024 02:00 ET (07:00 GMT)

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