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Maintel swings to loss as pandemic, contract losses hurt sales
StockMarketWire.com
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Cloud and managed communications services provider Maintel swung to a full-year loss after the pandemic delayed project work and it lost legacy contracts in 2019.
Pre-tax losses for the year through December amounted to £2.2 million, compared to a year-on-year profit of £1.8 million. Revenue fell 13% to £106.4 million.
The company did not declare a final dividend.
Maintel more recently sold its managed print services business to Corona Corporate Solutions for £4.5 million to focus on its core managed cloud communications business.
Trading to date for the current financial year and order intake were all in line with management expectations, the company said.
'In common with companies across the globe, 2020 presented a challenge like no other to our customers, our staff and our company,' chief executive Ioan MacRae said.
'As a result of the pandemic we have understandably seen certain customers delay new orders to preserve cash flows whilst uncertainty around the macroeconomic outlook remained.'
'Furthermore, certain project work was delayed due to difficulties with site access during the lockdowns.' 'This year has started promisingly and in line with management's expectations; we enter the second half of the year with a healthy order book.'
Story provided by StockMarketWire.com
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