CloudCoCo boss lauds 'significant progress' as pre-tax losses fall

CEO Mark Halpin says business is in ‘good health’ despite fall in revenue

The CEO of CloudCoCo says the company is making "significant progress" following the release of its half-year results which showed that pre-tax losses were reduced.

Losses of £670,000 for the six months to 31 March 2021 were reported, compared to £1.57m during the same period in the previous year.

But while the company's trading group EBITDA increased 435 per cent to £364,000, overall revenue fell from £4.43m to £4.14m year-on-year, though this did increase from the £3.54m recorded in the second half of 2020.

"I am proud to report another period of significant progress for the group, with execution against all of our company objectives and continued growth in our profitability, with trading EBITDA in the first half up 435 per cent year on year on the prior period," said CEO Mark Halpin.

"We have delivered a resilient performance in the period, with notable revenue and total contract value increases on the second half of 2020, despite the continued impact of Covid on the trading environment.

"The business is in good health, both operationally and in the pipeline of opportunities ahead of us. There will continue to be challenges to overcome, but we will meet them head on and remain confident of making further progress in the second half and beyond."

Gross profit was also down from £1.92m in the same period last year to £1.65m but the company said the half-year saw multi-year contract extensions agreed with both Vantage Motor Group and Baywater Healthcare.

CloudCoCo has also announced the appointment of a new CFO in group finance director Darron Giddens who replaces Mike Lacey, while Nigel Redwood, former CEO of AIM-listed Nasstar, will join the business as a strategic consultant.