CloudCoCo enters 'get bigger' phase as it forecasts revenue and profit growth for 2021

CEO Mark Halpin: 'We have delivered a robust performance in spite of the challenges posed by COVID-19'

MSP CloudCoCo expects its revenue for the full year 2021 to "marginally exceed" the £8m recorded for 2020, the company has announced in a trading update.

The Warrington and Leeds-based firm also expects FY21 trading EBITDA to be "in excess of £700k" which is "up significantly on the £261k reported in FY20" despite "ongoing Covid-related challenges in the period".

"We have delivered a robust performance in spite of the challenges posed by COVID-19 with a substantial increase in trading EBITDA," Mark Halpin, CEO of CloudCoCo, said.

"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."

The Microsoft partner and provider of services in sectors such as security, communications, connectivity and cloud said it had seen a "temporarily reduced number of orders in early FY21" because of customers delaying projects but that the impact of the pandemic was "successfully navigated".

The financial update also revealed that a further 125 customers were brought to the business through the acquisition of Sheffield-based Systems Assurance Limited and More Computers Limited in September.

CloudCoCo said it is in the final stage - ‘get bigger' - of a three-part programme which will see it pursue growth both through "organic and selective acquisitive means" in order to "build scale in the business and ultimately deliver enhanced value for shareholders".