Maintel Holdings has swung to an H1 pretax loss of £696,000, from a profit of £2.1m. Revenue was £38.1m, from £24.8m. Administrative expenses totalled £13.6m, from £7.2m.
CEO Eddie Buxton said:
"The highlight of the period was the acquisition of Azzurri which was transformational for Maintel, adding significantly to our offering both in terms of products and services, specifically in the highly profitable growth areas of managed and cloud based services, and also its highly complementary customer base.
"Excluding Azzurri, trading in the underlying Maintel business was slower than expected due to delays in the timing of four large contracts.
"All of these contracts closed successfully at the end of Q2 2016 and as such we enter the second half with a strong order book as well as a full pipeline of opportunities.
"Our growth prospects remain positive and we are confident of delivering a profit performance for the year in line with market expectations."