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Tech

'Green shoots' of recovery for IT group CloudCoCo as full-year results rise

CloudCoCo works with the likes of Boohoo, Mills & Reeve and King's College London

CloudCoCo has published its full-year results

Revenue at a Warrington-headquartered IT and communications firm, which works with the likes of Boohoo, Mills & Reeve and King's College London, increased during its most recent financial year while its pre-tax losses reduced.

CloudCoCo, which is listed on AIM, has reported a revenue of £7.9m for the 12 months to September 30, 2020, up from £7.2m in the prior year.

The company has also posted pre-tax losses of £2.9m compared to £5.5m.

The figures come after CloudCoCo's shares increased by almost 25% last month when it revealed strong trading for the first quarter of its current financial year.

Non-executive chairman Simon Duckworth said: "I am delighted with what the team have been able to achieve, in what was a year of significant upheaval and change for everyone at CloudCoCo under particularly challenging circumstances.

"Through careful planning, consistent hard work, determined execution, and by fostering a positive and collaborative working environment, we have made some significant progress in turning the business around in a remarkably short space of time.

"We are still in the early stages of our long-term plan, but there are green shoots clearly emerging. With a focussed strategy in place to continue making progress, we are confident we are now on the right path to unlocking the immense potential in this business."