Submitted by Antony Savvas on March 16, 2023
AIM-listed MSP CloudCoCo saw sales increase 198% for the year, through acquisitions.
Revenue reached £24.2m, as opposed to the £8.1m generated last year.
Of this, 67% was generated from recurring contracts at the MSP/VAR, compared to 62% last time.
Gross profit increased by 147% to £7.9m (2021: £3.2m), a margin of 33% (2021: 40%).
The trading group EBITDA rose 129% to £1.6m, compared to £700,000 last year. But the pre-tax loss of the expanding company increased to £2.6m from the £2m loss in 2021.
Mark Halpin, CEO of CloudCoCo, said: “Our central focus during the year centred around the swift and effective integration of the four acquisitions made in the second half of 2021, while also making sure the group was advancing as a single, unified unit.
“Through this process, we have taken important steps to rationalise our cost base and uncovered the significant potential we saw in these acquisitions.”
He added: “We remain focused on driving our organic growth alongside identifying and executing on strategic M&A opportunities to accelerate our growth and deliver shareholder value."