Cloudcoco Group PLC Trading Update (3049P)
October 18 2021 - 2:00AM
UK Regulatory
TIDMCLCO
RNS Number : 3049P
Cloudcoco Group PLC
18 October 2021
The information contained within this announcement is deemed by
CloudCoCo to constitute inside information pursuant to Article 7 of
EU Regulation 596/2014 as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018 as amended.
18 October 2021
CloudCoCo Group plc
("CloudCoCo" or the "Group")
Year End Trading Update
CloudCoCo (AIM: CLCO), a leading UK provider of Managed IT
services and communications solutions to private and public sector
organisations, is pleased to provide an update on its progress for
the year ended 30 September 2021 ("FY21").
The Group has continued to perform well, completing its 'get
well' and 'get fit' development phases and progressing through to
'get bigger', despite ongoing Covid-related challenges in the
period.
Whilst we saw a temporarily reduced number of orders in early
FY21, as a result of customers deferring large scale IT projects
and challenges in accessing sites in person, we were successfully
able to navigate the impacts of the pandemic. As a result (subject
to finalisation and audit) the Directors expect revenue performance
in FY21 to marginally exceed the GBP8.0m recorded in the year to 30
September 2020 ("FY20") and also expect the FY21 Trading EBITDA(1)
to be in excess of GBP700k, up significantly on the GBP261k
reported in FY20 and in line with market expectations.
Operationally, the Group continued to make significant progress.
In September 2021, CloudCoCo added a further 125 customers and
automation to its business through the strategic acquisition of
Sheffield-based Systems Assurance Limited and More Computers
Limited. The initial integration phase is underway and the acquired
technology platforms are already being used to improve the overall
operational efficiency of the wider Group.
Looking ahead, the Board continues to look for opportunities to
deliver against its 'get bigger' strategic objective - both through
organic and selective acquisitive means - to build scale in the
business and ultimately deliver enhanced value for shareholders.
Despite the ongoing effects of the pandemic on our end markets,
with an ambitious growth strategy, increasingly optimised
operations and a healthy pipeline of prospective new business, the
Board is confident that FY22 will be another year of strong
progress.
Mark Halpin , CEO of CloudCoCo, commented:
"We have 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."
(1) earnings before net finance costs, tax, depreciation,
amortisation, plc costs, exceptional costs and share-based
payments.
Contacts:
CloudCoCo Group plc Via Alma PR
Mark Halpin (CEO)
Darron Giddens (CFO)
Allenby Capital Limited - (Nominated Tel: +44 (0)20 3328
Adviser & Broker) 5656
Jeremy Porter / James Reeve - Corporate
Finance
Tony Quirke / Amrit Nahal - Equity
Sales
Alma PR - (Financial PR) Tel: +44 (0)20 3405
David Ison 0205
Josh Royston cloudcoco@almapr.co.uk
Kieran Breheny
About CloudCoCo
Supported by a team of industry experts and harnessing a diverse
ecosystem of partnerships with blue-chip technology vendors,
CloudCoCo makes it easy for private and public sector organisations
to work smarter, faster and more securely by providing a single
point of purchase for their connectivity, telephony, cyber
security, cloud, IT hardware and support needs.
CloudCoCo has offices in Warrington, Sheffield and Leeds in the
UK.
www.cloudcoco.co.uk
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