Cloud CoCo has reported a 6.5 percent revenue dip to £4.1m for its first half of FY21.
The IT and comms provider saw its managed IT services revenue tumble nearly 10 percent year-on-year to £2.9m for the period ending 31 March 2021.
However, its Value Added Resale category – which includes IT hardware and telephony products – reported a two percent growth for the period. Elsewhere, EBITDA skyrocketed by 435 percent to £364,000.
The firm is confident of its resilience, highlighting two multi-year renewals from two of its biggest customers, Vantage Motor Group and Baywater Healthcare. It also pointed to its growing pipeline in its post-period highlights.
“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,” stated CloudCoCo CEO, Mark Halpin.
“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.”
The company was previously known as Adept4, but acquired CloudCoCo in 2019 and adopted its name.
The company has also made some key personnel changes. It appointed Nigel Redwood, former CEO of AIM-listed Nasstar, as a Strategic Consultant. Chief Financial Officer Mike Lacey is also stepping down from his position for personal reasons and will be replaced by Darron Giddens, who is currently Group Finance Director.
“Progress through the next phase in our development will be bolstered by the post-period hire of Nigel Redwood as Strategic Consultant,” continued Halpin.
“Nigel has a track record of accelerating growth – particularly in the listed IT managed services space – and recognises the importance of fostering a strong company ethos and culture. I have no doubt his counsel will prove invaluable as we deliver our organic growth initiatives and begin to explore the possibility of M&A.”
The company was previously known as Adept4. It acquired CloudCoCo in 2019 and subsequently adopted its name.
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