Maintel Holdings (LON: MAI) second half revenues were similar to the first half and the full year outcome will be £91m, but profit will be lower than expected. The trading statement was published in the afternoon and the share price fell 18.6% to 120p, making the telecoms services company the worst performer on AIM.
Revenues have been declining since 2018, when they were £136.5m, when EBITDA was £12.7m. Underlying 2022 EBITDA will be above £4m, but well down on the £9.6m in 2021. It was previously anticipated that 2022 EBITDA could be around £7m.
Costs increased faster than expected in the fourth quarter and project delays hit professional services margin. The move towards a cloud-based business continues.
There is an order book worth more than £45m. This will be recognised in 2023 and later. Improving efficiency will help to improve margin.
Net cash has fallen from £19.4m to £16.7m during the year. Management is in talks with its principal banking partner.