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CloudCoCo sales are up almost 200%

CloudCoCo sales are up almost 200%

AIM-listed CloudCoCo says the first half generated a 183% increase in sales, driven by four recent acquisitions.

For the six months ended 31 March 2022, revenue at the MSP increased to £11.6m (H1 2021: £4.1m), of which 70% was made from recurring contracts.

Gross profit increased by 119% to £3.5m (H1 2021: 1.6m), a margin of 30%. The loss before tax went up from £670,000 to £1.5m. The share price is currently up almost 10%.

Mark Halpin, CEO of CloudCoCo, said: “To have made this level of strategic and commercial progress in such a short space of time, including most notably the successful correction of the acquired Connect business to monthly break-even ahead of schedule, is a significant achievement.

“The integration and optimisation of our four acquisitions is now largely complete, and with that we are moving through the second half in a strong position, with all parts of the group pulling in the same direction and on an exciting trajectory.”

He added: “We are now a very different proposition to a year ago, with an expanded customer base; increased capability; significantly larger sales, support and technical teams; a focus on cross-selling; and several forward-thinking strategic initiatives that are already delivering.”