Maintel – interims include underlying demand “remains high” and new business pipeline “remains strong”, so why further share price decline?

Maintel Holdings (MAI) has updated including first half of 2019 “adjusted earnings per share at 30.0p (H1 2018: 25.9p)… interim dividend per share proposed at 15.1p (H1 2018: 15.0p)” and that it “continues its transformation into a cloud and managed services provider with growth of 32% in unified communications seats on our ICON cloud platform and revenues from cloud and software customers now representing 20% of overall turnover… Underlying demand for our services remains high and our new business pipeline remains strong with some significant project opportunities”. The shares have responded to 425p – er, approaching 3.5% lower!...

Maintel (#MAI) – H1 adj. EPS +16%, DPS +1%, warns of longer sales cycles & CEO to depart at year-end “by mutual agreement”

Maintel – “expected to be at the top end of the range”, so why are the shares still significantly lower than previously?

A 2018 trading update from provider of communications, cloud and managed services Maintel (MAI) includes “adjusted EBITDA expected to be at the top end of the range” and “the board remains confident in delivering growth in both revenue and EBITDA for the current financial year to 31 December 2019”. The shares have responded higher to 460p – but this still compares to 650p at the commencement of November…

Maintel (#MAI) – 2018 “comfortably in line with revised” (i.e. previously reduced) market expectations

Maintel – argues “business transformation has been encouraging”… so why a current circa 25% share price fall?!

Maintel Holdings (MAI) has updated commencing that; “Maintel's transformation into a cloud and managed services provider has continued in the second half. This month alone the group has seen two large wins on its hosted unified communications platform… representing growth of over 40% versus the prior year. In addition, Maintel is on track to grow its managed services base year on year by around 10%”. Sounds good... You what?... the shares are currently down approaching 25%, below 460p?!...

Maintel (#MAI) – profit warning due to some project delays & shifts towards longer term recurring revenue

Maintel Holdings – having “expected” second half of year gross margin recovery…

Half-year results from systems integrator and managed services provider, Maintel (MAI) included “gross margin is expected to recover in the second half of the year following recent contract wins at an improved gross margin percentage”. There’s now a Trading Update from the company commencing that its “ICON cloud services have continued to grow strongly in the second half of 2017”. Sounds encouraging, but what about that margin?

Maintel (#MAI) – now evident that FY will not see recovery of H1 reduction in gross margin

Maintel (#MAI) buying Azumi, £24m placing at 700p