Tag: CloudCoCo

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. Read more…

Cloudy CloudCoCo has reported revenues of £8.1 million for the 12 months ending 30 September 2021, up £100,000 from the previous year.

CEO Mark Halpin described the 12-months as “significant progress” for CloudCoCo.

“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. With an exceptional team in place, improving market conditions and having demonstrated our ability to overcome challenges as and when they arise, we remain confident in our ability to continue making good progress towards our growth ambitions”, he said.

CloudCoCo claims that it will financially benefit from its acquisitions this year, claiming that it will put in place “corrective actions” to stem losses in the former IDE business and push it to turn a profit in the second half of this year.

The MSP said that it added 35 new customer logos during the year and renewed key multi-year contracts with clients such as Vantage Motor Group, Kings College London and Boohoo [no really. ed]

“With an enlarged Group serving circa 1,000 customers, we now have the ability and impetus to provide a broader range of services to a broader range of customers. We have made an exceptional start to the new financial year – our best ever quarter by sales – and have made excellent progress in integrating the acquisitions, with the actions taken to get Connect from loss-making to anticipated profitability later in FY22 a particularly noteworthy achievement,” added Halpin.

MSP CloudCoCo expects its revenue for the full year 2021 to “marginally exceed” the £8 million it scored last year.

The Warrington and Leeds-based firm expect this year’s trading EBITDA to be “in excess of £700k” which is “up significantly on the £261k reported last year “despite ongoing COVID-19nrelated challenges in the period”.

CloudCoCo CEO Mark Halpin said that the outfit had delivered a robust performance in spite of the challenges posed by COVID-19 with a substantial increase in trading EBITDA.

“We focus on doing the basics well and we will continue to invest in our people and ways in which we provide support to our customers.  The future for CloudCoCo is an exciting one and I look forward to updating shareholders on the next stages of our growth strategy”, he said. Read more…