CloudCoCo sets £100m revenue goal

AIM-listed MSP sees top line treble to £24.2m in 2022

AIM-listed MSP CloudCoCo has set a £100m revenue goal after virtually trebling its top line in its fiscal 2022.

The Leeds-based outfit saw revenues hike by 198 per cent to £24.2m in its year to 30 September 2022 as it integrated four acquisitions made the previous year.

In its final results, CloudCoCo revealed a long-term goal of becoming "one of the larger UK managed services businesses with revenues of over £100m".

This will be achieved through a combination of selected acquisitions and organic customer growth, it explained.

Managed IT services revenues trebled to £15.7m during fiscal 2022, with resale revenue pogoing from £2.5m to £7.1m

Although pre-tax losses for the year widened from £2m to £2.6m, trading group EBITDA more than doubled to £1.6m.

CEO Mark Halpin (pictured above) claimed that the firm's market opportunity remains "vast".

"Our central focus during the year centred around the swift and effective integration of the four acquisitions made in the second half of 2021, while also making sure the group was advancing as a single, unified unit," he said.

"Through this process, we have taken important steps to rationalise our cost base and uncovered the significant potential we saw in these acquisitions.

"Now a stronger and leaner outfit, we remain excited by the trajectory ahead for the business."