Maintel’s CEO said the first half of 2022 was “hugely frustrating” due to global supply chain issues.
Ioan MacRae said supply challenges were much worse than first anticipated during the six months to 30 June 2022.
Projects had to be delayed and this adversely impacted revenue. Maintel’s sales fell by 12.7 percent year on year to £46.7 million during the half-year period. Adjusted EBITDA also reduced to £3.6 million.
“The first half of FY22 has proved hugely frustrating with anticipated challenges exceeding our initial expectations”, MacRae said.
“The global hardware supply chain crisis, and in particular the shortage of semiconductors, deterred Maintel from delivering timely projects ordered by customers in the latter part of 2021 and early 2022.
“Whilst supply chains are set to improve, normalisation is not anticipated until the second quarter of 2023.”
However, total recurring revenue continues to grow and now represents 73.7 percent of Maintel’s revenue for the period – up from 68.9 percent. Cloud transition also grew, with associated cloud and software revenues amounting to £19.8 million, up 24.5 percent compared to £15.9 million in H1 2021.
