(Correcting the full name of client company IDH.)

Maintel Holdings PLC on Thursday said its recent reorganisation supported an improved performance in the first half year.

The London-based cloud and managed communications service provider said it ‘made significant progress’ in the first six months of 2023, and is ‘now leveraging a new leaner ’fit for growth’ organisation’ following its ‘fit for the future’ restructuring announced earlier this year alongside its 2022 results.

Maintel said adjusted earnings before interest, tax, depreciation and amortisation increased in the half year to £3.7 million from £3.6 million in the first half of 2022. It said this reflected its ongoing efforts to streamline its operations and ‘make strategic changes’ to deliver ‘sustainable future profitability’.

Revenue meanwhile increased to £47.5 million from £46.7 million due to Maintel winning new business, the accelerated unwinding of its order book following a period of global supply chain shortages, and more recent positive trading conditions.

Net cash debt at June 30 was £21.4 million, up from £19.4 million; however, Maintel said the increase was due to one-off restructuring costs which it expects to pay back this year.

Maintel secured multiple new contracts during the period from various organisations, including Harrods Ltd, Unify Credit Union Ltd and IDH Group Ltd.

Maintel added that thanks to its successful reorganisation, it is ‘confident’ that it is on track to deliver revenue in line with - and adjusted Ebitda ahead of - market expectations this year.

Shares in Maintel were up 0.1% at 182.65 pence on Friday in London.

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