Maintel confident dspite slower first half

19th Jun 2024 15:20

(Sharecast News) - Cloud, network, and security managed communications services provider Maintel said in an update on Wednesday that it had focussed on strategic organic growth initiatives in the first five months of the year, successfully securing significant new contracts and launching new product initiatives, including the Maintel Application Platform aimed at enhancing customer offerings.

The AIM-traded firm, which was holding its annual general meeting, said in the second quarter, it secured three multi-year contracts totaling £17.8m with a leading housing and care provider, a top European credit management company, and Leeds Teaching Hospital, one of the largest and busiest acute hospital trusts.

It said those contracts aligned with its strategic technology pillars - security and connectivity, customer experience, and unified communications and collaboration.

In March, Maintel launched the Maintel Application Platform as part of its strategy to develop proprietary intellectual property.

The board said the platform provided a secure and rapid way to develop and deploy the company's software.

It said the first fully-productised app from the platform was Audiosafe - a centralised call recording archive and playback service, supporting multiple cloud communication platforms and legacy call recording applications.

John Booth, deputy chair, was not standing for re-appointment at the AGM.

Maintel said it was facing inbound cost pressures, adding that the new contracts were secured later than anticipated due to economic uncertainty and a complex regulatory landscape, resulting in slower-than-expected revenues in the first half.

However, the second half was set to deliver significantly more revenues, as the order book was fulfilled and the sales pipeline continues to develop.

The board said it remained cautiously optimistic about meeting market expectations.

At 0847 BST, shares in Maintel Holdings were down 4% at 240p.

Reporting by Josh White for Sharecast.com.