Maintel Holdings Plc, a leading provider of cloud and managed communication services, released its unaudited interim results for the six months ended June 30, 2024. The company reported a significant improvement in profitability and a reduction in net debt, while underlying growth accelerated. Group revenue was in line with expectations at £46.6 million, with recurring revenue representing 78.7% of the total. The companys strategic pivot towards specialization across Unified Communications & Collaboration, Customer Experience, and Security & Connectivity continued. Maintel won several multi-year, multi-million-pound contracts, and launched new security and connectivity services. Gross profit decreased to £14.8 million, while adjusted EBITDA increased by 28.2% to £4.8 million. The company reported a basic earnings per share of 0.5p and a net debt reduction of 27.1% to £15.6 million. The operational highlights included strong sales booking performance, the launch of the Maintel Application Platform, and continued progress in cloud and managed services. The Board expects H2 2024 trading to show further improvement.
| Financial Metrics | H1 2024 | H1 2023 | Change |
|---|---|---|---|
| Group Revenue (£m) | 46.6 | 47.5 | (1.8)% |
| Gross Profit (£m) | 14.8 | 16.0 | (7.6)% |
| Adjusted EBITDA (£m) | 4.8 | 3.7 | 28.2% |
| (Loss) Before Tax (£m) | (0.3) | (2.9) | (89.7)% |
| Adjusted Profit Before Tax (£m) | 3.2 | 2.0 | 59.0% |
| Basic Earnings / (Loss) Per Share (p) | 0.5 | (19.1) | N/A |
| Adjusted Earnings Per Share (p) | 11.0 | 2.6 | 323.0% |
| Net Debt (£m) | 15.6 | 21.4 | (27.1)% |