Maintel’s revenues grew to £101.3m during 2023, an 11.3% increase, with recurring revenue of £75.0m, at 74% of total revenue.
This is attributed to accelerated trading momentum in the second half, which delivered growth beyond the successful delivery of the order book contracted in 2022.
Adjusted EBITDA rose by 107% to £9.1m and gross profit increased to £31.2m with gross margin of 30.8% consistent year on year.
These results follow a strategic review of the company in Q1 and subsequent business transformation throughout H1.
This saw a focus on aligning its product and sales teams on the provision of specialised digital communications, and the formation of the new professional services business group.
Dan Davies, Interim CEO, said: “We are strong as a business and have made a confident start to 2024, with trading at the end of quarter one being in line with management expectations.
“The Board expects FY2024 to reflect a consolidation of the progress made in 2023, as management continues to focus on the strategic organic growth initiatives, with a focus on margin improvement and revenue expansion opportunities.