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Be interesting to see what impact AI has on this sector....
Neither are the MM by the look of it Ragnar.
Well whoever sold their 1,000 shares at 0802 wasn't impressed ;-)
Wel all seems good. Now fireworks, but I'd prefer a good steady stable burn.
See what the market thinks.
Let’s hope CLCO the fastest growing tech company reflects in the fastest growing share price - now that would be nice:)
https://www.insidermedia.com/news/yorkshire/yorkshires-fastest-growing-tech-businesses-revealed
I think also the price has dropped in recent months due to a large seller and now some nice buys coming in so hopefully we’ll beat the all time highs and see the new 25mil turnover reflected in the SP. Currently valued at 8mil there needs to be a rerate at some point.
Sure lavenonews I agree let’s hope the upcoming news will be positive and profits announced:)
Good article on Mr Halpin here https://techblast.co.uk/opinion/critics-used-to-say-i-was-cuckoo-but-not-anymore/
Whilst I enjoyed reading the article on Mark Halpin, really the only 'fact of fire' I would like to read about are industry normal profit margins, cash generation and the consequent creation of value to fellow shareholders in CloudCoco.
CloudCoCo Plc in strategic partnership with Ingram Micro Cloud!!
Looking forward to discussing our multi-cloud capabilities at the Ingram Micro Cloud #gcis event in Las Vegas next week. If you are there and would like to meet me, Lee T. or Gary Saunders then get in touch.
Special thanks to just some very kind people for backing up their words with action - Ovi Gherghel , Issam Bhathal and Matthew Wood
CloudCoCo Plc in strategic partnership with Ingram Micro Cloud
Yorkshire first, Global second :)
#multicloud #ingrammicrocloud #microsoftazure #aws #googlecloudplatform
https://twitter.com/cloudcocoPlc/status/1656910178590113793
https://cloudcoco.co.uk
It still baffles me how a company with a turnover of 25 mill is still only worth 8 mill with an SP of 1p - surely a re-rate is coming!! Or they would be prime to be bought out!
I won't be reviewing any sell position until we are at least well into double digits!! However long that may be I'm in for the ride!!
Great words from a great leader! This is going to rocket over the next 12 months I'm sure. The question is will the SP hit double digits, or not? Da da derr... These guys don't mess about and I'm sure behind the scenes there is plenty of action going on. Anyone wanting to do a bit of research, look at what Mark and his team delivered at Redcentric in their many fruitful years there! IMHO DYOR Onwards and upwards all the way! We remain in faith.
Mark Halpin
CloudCoCo Plc named fastest growing Yorkshire Tech company. Could not be prouder of the team and I am even more fired up for this next chapter as there are no limits to what we can achieve together. Thank you to every one of our amazingly hard working team, every business that trusts us to manage their technology, every amazing partner and every person that has worked with us and supported us on our journey so far.
Sorry I don't know why that reposted.
Yes it's all looking good and can't wait to achieve that turnover.
As the saying goes Thumbsupuk, "fine words butter no parsnips".
YORKSHIRE’S FASTEST GROWING TECH BUSINESSES REVEALED
A listed IT and communications firm, a digital transformation specialist and the company behind a popular mobile football game are among the businesses to feature in Insider's ranking of the region's fastest-growing technology companies.
The Fast Tech 50 list features in the latest edition of Yorkshire Business Insider and ranks digital technology businesses based on their revenue growth.
The 2023 list is topped by listed IT and communications services provider CloudCoCo. The Leeds-based company's revenue increased to £24.2m in the year ended 30 September 2022, up 198 per cent from £8.1m in 2021.
Growth followed the acquisitions of IDE Group Connect and Nimoveri from IDE Group Holdings, as well as Systems Assurance and More Computers in 2021.
Chief executive Mark Halpin told Insider the company was now aiming to "build our business from £25m to £100m revenue through a plan of organic growth with new customers joining our revolution, providing more value to our existing customers and acquiring more businesses that give us scale, extra talent and innovative capabilities".
hTtps://www.insidermedia.com/news/yorkshire/yorkshires-fastest-growing-tech-businesses-revealed
As the saying goes Thumbsupuk, "fine words butter no parsnips".
Wow check this out!! Tialis RNS out today giving a lovely mention to Cloudcoco
· Via our partnership with CloudCoCo two large charities started large lifecycle contracts across all users within their organisations.
https://www.lse.co.uk/rns/TIA/final-results-r80e3cklzlsn17m.html
Here’s also a bearing factor which is keeping the SP low and will need to be resolved before we achieve double digits and where we should be. Btw the whole report is a really good read:
Page 59
As part of a refinancing in October 2019, MXCG, acquired £3.5 million loan notes of the Company, the terms of which were varied such that interest is charged at 12% compound per annum rolled up and payable only at the end of the term, which was also extended to October 2024 with no repayment due until that date unless the Company chooses to pay early. At 30 September 2022, the Company owed MXCG £4.9 million (2021: £4.4 million) in respect of the loan notes.
2023 Report
https://cloudcoco.co.uk/wp-content/uploads/2023/03/CloudCoCo-Group-plc-2022-Full-Report-FINAL.pdf
We need to see that repaid. Would be lovely to see that this happen earlier, especially with all this extra turnover coming in. At least it all looks like we’re heading in the right direction.
Playing around with some figures I make it with the current shares in issue if we can start announcing profits of £4.5 mill + we should see the SP get well over 10p of we go by standard company 3 year valuations. However, if we can hit 100 mill and score profits of 12 mill plus this should see us break 30p. This maybe a little conservative, but there has to be a true value of the SP coming at some point, once decent profits start getting announced. IMHO DYOR
I agree Thumbsupuk. At some stage, they do have to show they can actually make a profit.
All sounds really good and atm we’re already on 24 mill bit we still have a penny SP which we know is not right. However no matter whether it’s a billion turnover no one really cares until we start showing a very clear profit! It’s profit and profit only that will send this SP to the moon. I honestly believe that once we start announcing stunning profits with plenty of cash in the bank we will see 20p + easily. IMHO DYOR bring on the profit announcements:)
“I think there’s more profitability to get out the current platform, whether we sold to another client or we acquired another business or not. You’ve also got the two other strands of that strategy, which are to buy more companies along the next four or five years and to continue the acceleration of sales,” he added.
Those sales should come from focusing on several specific areas: the consultancy division, the CloudCoCo platform, connectivity in multicloud, security and collaboration.
The firm has a lot of pieces in place, including a dark fibre ring connecting 35 of the UK’s datacentres together, a solid relationship with Fortinet as a security partner, plus deep experience in cloud and connectivity.
As investments in the strategy continue, M&A activity could well turn in headlines associated with CloudCoCo, but Halpin is keen to build on the work the business has already put in over the past five years.
“We’ve now got the platform to give us the credibility to compete. I think this next five years behind the vision that I’ve put forward to the team we’re now going to accelerate even faster because we’re able to build the pipeline with more encompassing sight, more sizable contracts, with more credibility to execute because we’ve got the five years behind us in the client reference ability that if you that give you that social proof when you’re going to work with companies to build solutions for them,” he said.
As it continues to move towards its £100m revenue target, the firm garners more customers, acquisitions, and underlines the initial belief that Halpin had around a gap in the market was correct.
“The reason it was called CloudCoCo is because my former organisation called me ‘cloud cuckoo’. They thought it was a stupid idea to not own any assets, have it in relationships with a partner community to go out and listen to clients and find them the right answers,” he said, adding that the results so far have proven those doubters wrong – and he will continue to do so.
The managed service player has ambitions for dynamic growth over the next few years
CloudCoCo has seen its acquisition strategy deliver growth and is far from finished when it comes to expanding the bottom line.
The managed service player hit the headlines earlier this month when it shared numbers for the year to 30 September 2022, which included a 198% increase in revenues from £8.1m to £24.2m. Managed services accounted for 70% of revenues, with 95% of that relating to recurring contracted services.
The firm sealed four acquisitions during its last fiscal year, including IDE Group Connect and Nimoveri, with all of those contributing to its growth and supporting the firm’s decision to focus on four main areas: connectivity, multicloud, collaboration and cyber security.
There are ambitions to keep revenue growing, which could well include more M&A activity in 2023, according to Mark Halpin, CEO of CloudCoCo.
“When I started CloudCoCo in April 2018, the premise around it was to provide something that was asset-light, and listening to customers and bringing together the right partners and the right technology to fit the clients’ requirements,” he recalled.
“I felt that there was a missing piece in the industry from a lot of what are now competitors, where finding the answer with clients or prospects always tended to be on the assets they’d spent loads of money investing in. Our model was asset-light, listening and answering solutions with our ecosystem,” he added.
Five years on from its launch, the firm now has a platform serving more than 1,000 clients and turning over £25m.
“We’ve built a platform that’s got huge potential within it. We’ve really got the ambition to drive forward to the £100m turnover that I’ve stated in the results,” he said, adding that increasing profitability was also crucial and that would also increase over the next few years.
Halpin has a three-pronged strategy to deliver growth over the next few years, relying on its scale, maturity and customer acquisition.
“We’ll continue with our new business expertise, being agile and responsive. Our competition with some of those methodologies has proven very successful for us. We’ve built this base-level platform and we’ll be able to compete on larger deals with a bigger train set that we’ve acquired with the acquisitions in terms of capability,” he said.
“Part of closing that £8.4m gap will be to organically sell, not only to acquire new customers, but to sell the greater train set into more of our 1,000 customers,” he added.
So if the company has 750 million shares in issue at the current SP makes it worth £7.5 million. So are we saying a company trading 25 million turnover or the planned £100 million is then still only worth only 7.5? Hmmm
I agree Rylander and achieving £100 million turnover with millions of profit and an SP still sitting around a penny means there is seriously something wrong!! 50p I think is a realistic price at some point, it's just a case of when. I think if they do achieve there plan and the SP is still as ridiculously priced as it is, there would be every tom dick and harry jumping out to snap up the whole company.