(Alliance News) - CloudCoCo Group PLC on Tuesday said that revenue in its most recent half-year more than doubled as it looks forward to a "pipeline of larger multi-year deals".
Shares in the London-based provider of managed IT services and communications solutions were up 9.4% to 1.37 pence each in London on Tuesday morning.
CloudCoCo reported revenue in the six months ended March 31 more than doubled to GBP11.6 million, from GBP4.1 million the year prior. It added that 70% of the revenue was generated from recurring contracts, this equates to GBP8.2 million up from GBP2.5 million in the first half of financial year 2021.
However, pretax loss widened to GBP1.5 million, compared to a loss of GBP669,000 in the six months to March 31, 2021. Looking forward, CloudCoCo said it has continued to sign "significant" multi-year contracts, including two with St John Ambulance and Abbott Laboratories.
Chief Executive Mark Halpin said: "With the marked headway that has been made, we expect to see additional growth in trading performance in the second half as our pipeline of larger multi-year deals is continuing to grow.
"There is still work to be done to enable the group to reach its full potential and the macro-economic environment remains unpredictable, but with the hard work that has taken place in the first half to lay the foundations for sustainable and profitable growth in the future, we are confident of continued progress in the second half and moving into financial year 2023," Halpin added.
By Sophie Rose; sophierose@alliancenews.com
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Cloudcoco (CLCO)