Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Communications and managed services provider Maintel Holdings swung to a first-half profit, despite posting lower revenue, as it improved its margins.
Pre-tax profit for the six months through June amounted to £1.5m, compared to a loss of £0.3m on-year.
Revenue fell 3% to £64.5m, but gross margin improved to 29%, up from 27%.
Maintel declared an interim dividend of 15.1p per share, up 1% on-year.
'Performance in the first six months of the year marks continued progress towards our goal of transforming Maintel into a cloud and managed services business and demonstrates the benefits we are receiving from investment in our cloud and software capability, notably improved margins and higher cash conversion,' chief executive John Booth.
'Notwithstanding this significant progress, group revenue in the period was impacted by the continued market transition to new technologies driving both a change in the revenue profile for project implementation and the revenue of our support business.'
'In addition, we have seen some delays in the award of public sector contracts as the new public sector framework goes live.'
At 8:16am: (LON:MAI) Maintel Holdings PLC share price was -30p at 410p