Maintel sees clouds begin to part

Communications cloud and managed services firm Maintel Holdings (LON:MAI) revealed that EBITDA improved by 17% during the year ended 31st December, despite sales not rising as quickly as had been hoped. The AIM-listed company said that it expected its ICON service offering to grow further during the current year and that this would fuel further rises in revenue and EBITDA.

CEO Eddie Buxton commented: “During the year we have delivered significant increases in all our key financial metrics, notwithstanding the challenging market backdrop, whilst continuing to make progress in our continued transformation to a cloud and managed services business. Growth in contracted seats on our ICON platform accelerated in the fourth quarter of the year and we have delivered several exciting new customer wins, including two multi-year public sector contracts with the NHS, which on implementation will be our largest cloud contracts to date.

In addition, we continue to invest in developing and improving our platform and services offering, to increase our addressable market going forward.

As a result, the Board remains confident in delivering growth in revenue and EBITDA in the full year to 31 December 2019, in line with expectations“.

Maintel Holdings shares rose by 16% to 580p (as of 12:05 GMT).