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UKHotViews©

 

Wednesday 06 December 2017

Maintel revises expectations after contract wind downs

Maintel revises expectations downwardsA faster than expected wind down of two large legacy contracts has prompted Maintel to revise its FY17 profit expectations.

The UK systems integrator and managed services provider issued a trading update that forecasts adjusted EBITDA in the range of £12.5-£13m. That would still represent a healthy 12-18% increase on the £11m adjusted profit before tax posted in FY16 (at that time up 52% yoy) after the acquisition of Azzurri Communications pushed revenue up 114% to £108m.

Both of the contracts in question generated higher than average gross margins and were due to carry on into the first half of FY18, and we expect they will take a sizeable chunk out of Maintel's expected turnover. The company also said its managed services division had been impacted by delays to customer installations after its trading partner Avaya filed for Chapter 11 bankruptcy in January, though ordering activity began to recover in November.

On the upside, Maintel's ICON cloud services have seen good growth and the acquisition of Intrinsic Technology could inject as much as £50m of annual revenue into the business. We await the final FY17 numbers with interest, but note that management are confident that the full year dividend is still on course to grow 10% yoy in line with existing guidance.

Posted by Martin Courtney at '08:56' - Tagged: tradingupdate   Maintel  

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