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(Sharecast News) - Cloud communications provider Maintel warned on Wednesday that its full-year results were now anticipated to be lower than originally expected due to delays in pipeline closures and the loss of a significant deal.
Maintel now expects FY adjusted underlying earnings to be approximately 7m, while revenues were seen at around 95m, as it experienced delays in pipeline closures and the loss of a significant key deal for the year.
Despite losing that key deal, Maintel did note that it had successfully secured two deals with a total contract value of 9.7m, including a managed service for a UK retailer across over 300 locations and a managed network contract for a county police force.
The AIM-listed group said it remains committed to its specialist communications Managed Service Provider strategy and the continued transformation programme, stating it was confident that in combination this will ultimately support its return to sustainable growth, profitability and cash generation.
"The board believes the group's focus on continuing to build differentiation in the market and optimising our operating models for growth will enable the Ccmpany to deliver longer-term increase in shareholder value," said Maintel.
As of 0910 BST, Maintel shares had sunk 22.22% to 140p.
Reporting by Iain Gilbert at Sharecast.com
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