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Managed services specialist Maintel has seen its financial performance given a lift as a result of the addition of Azzurri's revenue following last year's acquisition.
Maintel picked up Azzurri for £48.5m last April and thanks to the extra customers and technology that came with that business it has now delivered better than expected numbers for its last financial year.
The firm saw revenues climb by 114% to £108.3m with pre-tax profits also going up by a healthy 52% to £11.1m, with recurring revenue hitting 73%.
The Azzurri acquisition improved all parts of the Maintel business with the managed service and technology division reporting a 62% year-on-year revenue hike.
Managed services was up 45% and technology sales 88% with the second half of the year featuring a few major contract wins.
The network services operation saw the most dramatic improvement, with a 346% revenue climb. There was strong interest from customers in unified comms and the firm's ICON Communicate cloud proposition also appealed to users.
The ICON cloud and managed unified comms services suite was developed by Azzurro back in 2014 and has been gathering its own momentum in the last few years.
“I am pleased to report a good set of results for Maintel in what has been a very busy year for the group. The highlight was the acquisition of Azzurri, supported by the robust performance of the core Maintel business in the second half, demonstrating the strength of our diversified product portfolio and our ability to respond to changing market conditions," said Eddie Buxton, CEO of Maintel.
“The combination of the enlarged customer base and the broader technological platform positions Maintel well for an exciting growth trajectory in the cloud environment and we look forward to 2017 with cautious optimism," he added “Whilst we expect industry competition to remain high, we are well positioned for the coming year given our scale and increased range of product offerings."