Maintel Holdings PLC on Monday said it traded above expectations in the second half of 2023, after supply chain conditions normalised.

Maintel shares jumped 19% to 226.00 pence each on Monday morning in London.

The London-based cloud and managed communications service provider said 2023 revenue was more than £101 million, up 11% from £91 million in 2022, as global IT equipment supply chain conditions normalised in the first half of 2022.

Adjusted earnings before interest, tax, depreciation and amortisation doubled to £9 million from £4.4 million in 2022.

Maintel said that ‘this acceleration in trading momentum delivered financial performance above expectations whilst preparing the business for 2024’.

Less positively, net debt as at December 31 was £18.1 million, increased by 9.0% from £16.6 million at the end of 2022.

Maintel said it ‘embedded margin improvements in 2023, delivered cost structure improvements and continues its focus on streamlining operations, evolving the market and product strategy, which underpins sustainable future profitability.’

Maintel added: ‘Next generation products and services continue to be the investment focus along with exploring the role of new technology and customer service delivery.’

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