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CloudCoCo seeing a big services growth year

CloudCoCo seeing a big services growth year

AIM-listed managed service provider CloudCoCo reckons it's ready for “long-term growth” after a “transformational” year.

For the year ended September 30, 2021, revenue crept up to £8.1m, from £8m in 2020.

EBITDA increased 185% to £745,000 from £261,000 last time, and the company's pre-tax loss went down to £2m, as opposed to £3m the previous year. It doubled its cash at the bank to £1.2m.

During the year, the firm acquired both Systems Assurance and More Computers, and brought in Nigel Redwood, former CEO of AIM-listed IT service management company Nasstar, as a strategic consultant to support the group’s ongoing acquisition strategy.

Since financial year end, it has also completed the acquisition of IDE Group Connect and Nimoveri from IDE Group Holdings, and has seen recurring managed services representing 72% of Q1 sales (2020: 41%).

“Our platform is now primed for sustainable, long-term growth,” said Mark Halpin, CEO of CloudCoCo. “We will continue to explore the possibility of further accretive acquisitions where they are a good strategic fit.

“FY21 was a landmark year for the group and we are now a very different proposition in terms of scale and opportunity, which will be reflected in our FY22 financials.”