Maintel half-year revenue down 17% as Covid-19 hits Q2 sales

Wednesday 16 September 2020 | 10:17 CET | News

UK cloud and managed communication services provider Maintel has reported revenue of GBP 53.4 million for 1st-half 2020, down 17 percent from GBP 64.5 million in 1st-half 2019, with recurring revenue accounting for 74 percent, down from 69 percent. 

Revenue in the second quarter was affected by Covid-19, with projects delayed and new contracts not being awarded. The impact on EBITDA was minimised by close control of costs in Q2 and the use of the government business support scheme. Revenues from cloud and software customers reached GBP 13.4 million in H1 to account for 25 percent of total revenue. Cloud UCaaS seats were up 21 percent to around 80,000, from around 66,000 a year earlier, with strong pipeline developed to reach more than 100,000 contracted seats by end-2020. 

Adjusted EBITDA for the six months was GBP 4.9 million, down 24 percent from GBP 6.5 million a year earlier, with adjusted EPS down 47 percent to 15.8p, from 30p a share in 1st-half 2019. Net debt was GBP 21 million at end-June, down from GBP 25.7 million at end-2019. 

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Categories: General
Companies: Maintel
Countries: United Kingdom
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