Maintel’s loss widens as contract churn and debt offset stronger bookings
Maintel ($MAI) reported first-half revenue of £45.2 million, down 2.8%, and a pretax loss of £1.7 million compared with £0.8 million. Adjusted EBITDA declined to £3.2 million from £3.4 million. Net debt increased to £22.5 million from £18.0 million a year earlier, while recurring revenue accounted for 70.4% of sales, below the previous 74.3%. The communications-services provider said contract churn outweighed project-revenue growth and pricing benefits. New-business bookings nevertheless rose 6.
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