Maintel Holdings PLC COVID-19 and Results Update (9450H)
30 March 2020 - 5:00PM
UK Regulatory
TIDMMAI
RNS Number : 9450H
Maintel Holdings PLC
30 March 2020
Maintel Holdings Plc
COVID-19 and Results Update
Maintel Holdings plc (the "Group" or "Maintel") today issues the
following update in light of the rapidly changing developments
regarding COVID-19 and the timetable for the publication of its
audited financial results for the year ended 31 December 2019
("2019 Full Year Results").
The Company reports that trading for the first quarter of the
financial year ended 31 December 2020 is in line with expectations.
It has seen an increase in demand for cloud services in this
period, but is now starting to see customers putting certain
projects on hold and delaying placing orders in response to
COVID-19.
The unknown duration and extent of the macro and micro economic
consequences of the pandemic makes predicting future near term
demand for the Company's offering difficult at this stage. However,
it is worth noting that approximately 70% of the Company's revenue
for the last financial year was recurring, providing a base level
of visibility for revenues in the current period. We continue to
monitor the situation closely as it develops and will update
investors further when we announce our 2019 Full Year Results.
Enabling organisations to facilitate flexible and remote
co-working with business continuity support and delivery is a core
competency for Maintel and we are engaged in many projects with
clients in both public and private sectors, helping them to keep
critical services running through this period.
Owing to recent unprecedented events, the release of the audited
2019 Full Year Results will be delayed. A further announcement will
be made as appropriate regarding the expected release date.
The 2019 Full Year Results are expected to be in line with the
trading update published by the Company in January 2020, with
revenue of approximately GBP123m and adjusted EBITDA of
approximately GBP10.8m excluding IFRS 16 adjustments and
approximately GBP11.7m including IFRS 16 adjustments.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014
For further information please contact:
Ioan MacRae, Chief Executive Officer
Mark Townsend, Chief Financial
Officer 0344 871 1122
Rufus Grig, Chief Strategy Officer
finnCap (Nomad and Broker)
Jonny Franklin-Adams / Kate Bannatyne
(Corporate Finance)
Richard Chambers / Sunila de Silva
(Corporate Broking) 020 7220 0500
Oakley Advisory (Financial Advisors)
Christian Maher / Victoria Boxall 020 7766 6900
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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