Maintel has experienced some bad numbers during the first half of 2022 due to global supply chain problems.
Maintel’s sales fell by 12.7 percent year on year to £46.7 million during the half-year. Adjusted EBITDA also reduced to £3.6 million reflecting the revenue dynamic.
Maintel CEO Ioan MacRae said supply challenges were much worse than it first anticipated during the six months to 30 June 2022, with shortages leading to delayed project implementations. This adversely impacted revenue.
He cited the global hardware supply chain crisis, and the shortage of semiconductors which deterred Maintel from delivering timely projects ordered by customers in the latter part of 2021 and early 2022.
“The acute delays in global logistics translated into significantly delayed revenue recognition for Maintel.
“Whilst supply chains are set to improve, normalisation is not anticipated until the second quarter of 2023.”
Despite this, total recurring revenue continues to grow and now represents 73.7 percent of Maintel’s revenue for the period – up from 68.9 percent.
