(Alliance News) - Shares in Cloudcoco Group PLC shot up on Tuesday after the company said earnings in its first quarter came in significantly ahead year-on-year despite the challenging economic environment.
Shares in the IT services provider were trading 35% higher at 1.55 pence each on Tuesday morning in London.
Cloudcoco said revenue generation in the first quarter of its financial year ending September 30 has been "strong", with the acceleration of new and renewal business aiding an increase in profit. It added group earnings before interest, tax, depreciation, and amortization were significantly ahead of the amount achieved in the first quarter of financial 2020.
Looking ahead, the Warrington, England-based company outlined a positive outlook, noting a healthy sales pipeline which underpins progress made in its turnaround plan.
Results for the six months to March 31, 2020 - which was the last one published - showed pretax loss widen to GBP1.6 million from GBP1.2 million on revenue of GBP4.4 million, up 6.0% from GBP4.2 million.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Cloudcoco (CLCO)