Maintel lowers revenue expectations

In a trading update Maintel has revised downwards revenue expectations for the year ending 31st December 2019, blaming project delays and hold ups in securing new contracts, including those delayed by uncertainty in the lead up to the General Election.

Maintel also saw MSP revenues dip due to two partners losing four contracts.

The company forecasts circa £123m revenues and adjusted EBITDA of around £10.8m.

For the year ending 31st December 2020, Maintel anticipates low single digit organic revenue growth underpinned by the improved order intake in Q4 and a return to healthier levels of activity in the public sector. 

"While our anticipated overall results for 2019 are disappointing we are encouraged by the progress against our strategic aim of becoming a cloud-first company," stated CEO Ioan MacRae. 

"In FY 19 the number of contracted seats on our ICON platform grew by 25% year-on-year, including winning our first channel partner contract for our cloud services. 

"An increase in public sector business coupled with a strong performance in order intake in Q4 2019 provides us with a good degree of confidence for 2020, when we expect to return to both revenue and EBITDA growth."

Related Topics

Share this story