Maintel shares progress ahead of AGM

Cloud and managed comms services player Maintel has issued a trading update ahead of its annual general meeting (AGM) taking place 3 June 2025.

The channel player has been transforming the business, moving to a strategy based around a select number of technologies and market opportunities over the past 18 months.

The firm’s trading statement should provide them with plenty to consider ahead of the meeting, with Mintel indicating its transformation efforts are continuing and that the firm is sealing contracts despite the ongoing challenging market conditions.

“During the first five months of the year, the company was focused on delivering continued pipeline growth across its focus technology pillars, while planning the next phase of its transformation leveraging internal process and system efficiency, spend optimisation and operational gearing,” the firm stated.

Maintel has been moving away from being a comms generalist to a specialist focused on unified comms and collaboration, customer experience, and security and connectivity. In terms of revenues, the message at the AGM, revealed in the trading statement, should provide shareholders with reassurances the strategy is working.

“Revenue performance reflects growing sales momentum after a slower than expected start to the year,” the firm stated. “New contracts were signed with existing and new customers within target growth vertical sectors and across its focus technology pillars: security and connectivity, customer experience, and unified comms and collaboration.

“The first-half contract wins included a significant central government managed service contract through a large global service provider. There continues to be a client-led variation in the delivery of sales bookings, with a trend for long contracting cycles, and some projects experiencing longer than anticipated delivery lead times.”

Following the old mantra of controlling only what you can control, Maintel has looked to mitigate rising costs, with the results of that expected to emerge in the second half of the year.

Maintel indicated that the pipeline was also favouring increased customer activity in the second half, which would help to bolster profitability. As a result, the board “remains cautiously optimistic of meeting market expectations for the current year, which will be second half weighted”.

The business is also increasing its own intellectual property to stand out from competitors, with the firm indicating its AuditTrack App will shortly be launched on the channel player’s Application Platform, enabling the racking of historical configuration changes made in the Genesys platform.

Shareholders have been informed that Maintel has continued to strengthen its leadership team, and a fresh chief operating officer will join the business this summer.

In its most recent full-year numbers, for the 12 months ended 31 December, Maintel reported a 3.4% decline in group revenue to £97.9m. It was always going to be a difficult year when comparing to 2023, which was bolstered by orders that had been delayed because of the pandemic. The revenue performance represented underlying growth of 8.2% in 2024.

Pre-tax profits improved by 1-5.9% to hit 0.4m and reverse a £6.8m loss in the prior year, which are the clearest signs that its efforts to move away from being a comms generalist have had an impact.