Comms services outfit Maintel has reported a 13% increase in its 2010 group sales to £22m following the acquisition of £2m worth of business from Redstone Converged Solutions and the signing of a three-year contract to service Westcon's Avaya maintenance base.
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Maintenance services accounted for the bulk of revenues, up to £13.2m, while sales of broadband, call traffic, line rental and related products were up 2% to £5.8m and equipment sales rose 32% to £4.7m. Pre-tax profit was £2.67m.
Maintel has added 18 Redstone/Marcom employees to its headcount following the acquisition, in October, of £1.7m of maintenance contracts and a £280,000 per annum agreement to supply remaining Redstone customers with support services.
The firm said today that the Redstone acquisition was not expected to reach full cash generation potential by Q3 this year.
In the last three months of 2010 it contributed, before redundancy costs, around £50,000 to group profits.
Chairman JDS Booth said that the firm would focus on organic growth in the coming months, but remained "vigilant for acquisitions that fulfil our valuation criteria as industry consolidation continues apace".
He added: "Equally we are always pleased to work with a range of longstanding partners including some of the biggest companies in our industry to whom we supply complementary services, and we expect further growth in this area as various new relationships bear fruit."