Maintel CEO to depart after 10 years at the helm

Comms firm reports revenue decline and profits rise

Maintel CEO Eddie Buxton is set to leave the firm after 10 years in charge, with the company reporting a rise in profits for its H1.

For the six-month period ending 30 June the comms business saw profit fall three per cent to £64.5m, which was attributed to a customer shift away from upfront buying.

However, a £300,000 loss swung to a £1.5m profit before tax, while adjusted EBITDA climbed 28 per cent to £6.5m.

On Buxton's (pictured) departure, Maintel chairman John Booth said: "Since joining us in 2009 Eddie has overseen a period of significant growth for the company and has led the transformation of Maintel into a cloud and managed services business.

"The board would like to thank Eddie for his strong leadership during this time and wish him well for the future.

"The search for a replacement is well under way and we expect to be able to announce a successor shortly. During the interim period, the executive directors, with the support of the rest of the board, will lead the business and Eddie will remain with the company to ensure an orderly handover to his successor."

Maintel said its H1 numbers are signs of further progress as the firm continues its shift towards a managed services-focused business.

Recurring revenue contributed to 69 per cent of total sales, compared with 70 per cent in the same period last year.

But the cloud and software business now accounts for 20 per cent of sales, compared with 15 per cent in H1 2018.