Maintel Holdings PLC (AIM:MAI) shares fell 11% on Tuesday after the communications services firm flagged a slow start to the year and longer-than-expected sales cycles, though it said it remained on track to meet full-year expectations.
In a trading update ahead of its annual meeting, the company said revenues had been held back by delays in converting sales bookings into billable work, despite signing new contracts across its key sectors.
These included a managed services deal for central government through a major global provider.
Maintel blamed macroeconomic pressures and rising employment costs for the cautious first-half performance.
However, it said mitigation measures would begin to support profitability in the second half, with a stronger sales pipeline expected to drive growth.
The shares fell 27.2p to 212.6p.