CloudCoCo Revenue Grows Despite Pandemic Challenges

CloudCoCo expects revenue to surpass £8m for its year ending 30 September 2021 “despite” challenges posed by the Covid-19 pandemic.

The MSP had a wobbly H1, experiencing a reduction in the number of orders early in its fiscal year due to customers deferring large scale IT projects and issues with accessing sites in person. Despite this, the company expects revenue to surpass the £8m revenue reported in its FY20 and EBITDA to rocket 168 percent to £700,000.

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.

CloudCoCo added 125 new customers and automation to its business through the acquisition of Sheffield-based Systems Assurance in August, which it described as a “transformative step” for the business.

The company remains on the outlook for opportunities to deliver under its “Get Bigger” strategic objective – whether through organic or inorganic growth – and scale the business.

Mark Halpin, CEO of CloudCoCo, stated:

“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.”