CloudCoCo has almost tripled its revenues for the first six months of its financial year.
The MSP produced revenues of £11.6 million for the six months until 31 Match 2022, up 183 percent year on year. Some 70 percent of that came from recurring contracts.
Gross profit more than doubled – by 119 percent – year on year to £3.5 million.
Factoring in the £124,000 in costs related to the Connect business puts its profits at £302,000 or 17 per cent lower than the same period last year.
CloudCoCo claims that IDE Connect is performing at a monthly breakeven since March 2022 after the firm implemented “corrective measures” on the business. When CloudCoCo acquired the outfit in October 2021 it was producing annual losses of £800,000.
The MSP puts its “record” sales performance down to delivering a total contract value of £9.7 million during the six months, thanks to its enhanced service propositions, better inbound marketing leads and wider sales and technical delivery capabilities.
It claims to have successfully integrated four recently acquired businesses, adding datacentre locations, private managed network services and e-commerce capabilities to the business.
Aside from IDE Connect, CloudCoCo also bought reseller Systems Assurance last year as well as e-commerce platform More Computers.
