After the changes to numbers precipitated by the trading update at the beginning of the month, Maintel’s 1H25 delivered 49% of revised FY25E revenue, 50% of gross profit and 48% of adj EBITDA, demonstrating that these numbers are significantly derisked. Free cash flow of £-1.1m, including £0.4m exceptional costs, moved net debt from £16.6m to £17.8m (2.6x annualised EBITDA), with break-even FCF expected in 2H25. Since 30th June, two large contracts have been won from the record £75m pipeline, wi ....
