Cloudcoco performs 'well' during FY

IT firm Cloudcoco said on Monday that it had "continued to perform well" in the year ended 30 September, completing its "get well" and "get fit" despite ongoing Covid-related challenges in the period.

Cloudcoco stated while it had seen a temporary reduction in orders numbers early on in the trading year as a result of customers deferring large-scale projects and challenges in accessing sites in person, it had successfully navigated the impacts of the pandemic.

As a result, Cloudcoco now expects to post full-year revenues to "marginally exceed" the £8.0m recorded last year, while full-year underlying earnings were predicted to be in excess of £700,000 - a significant improvement when measured against the £261,000 reported in the prior year.

Looking ahead, the AIM-listed group highlighted that it was continuing to look for opportunities to deliver against its "get bigger" strategic objective, both through organic and selective acquisitive means.

Cloudcoco added that it was also confident that the 2022 trading year would mark another period of "strong progress".

Chief executive Mark Halpin said: "We have delivered a robust performance in spite of the challenges posed by Covid-19 with a substantial increase in trading EBITDA.

"The future for CloudCoCo is an exciting one and I look forward to updating shareholders on the next stages of our growth strategy."

As of 0955 BST, Cloudcoco shares were up 4.33% at 1.56p.