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Tech

Shares surge at IT group CloudCoCo after first quarter success

CloudCoCo is expected to report its full-year results at the start of March.

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

Shares in a Warrington -headquartered IT and communications firm, which works with the likes of Boohoo, Mills & Reeve and King's College London, jumped by almost 25% after it reported strong trading for the first quarter of its financial year.

CloudCoCo, which is listed on AIM, reported "continued progress" so far during its year to September 30, 2021 as it enters what it calls its 'get fit' phase of its development where it will focus on growing its business.

In a statement, the company said its revenue generation in the first quarter "has been strong" with the acceleration of new and renewable business driving profitability.

It added that its trading group EBITDA is "significantly ahead" of the same period in the prior year.

The statement said: "The sales pipeline continues to be healthy despite the challenging economic environment, underpinning the progress being made in the group's turnaround."

Following the report, which was issued to the London Stock Exchange, shares in the company jumped by almost 25%.

CloudCoCo is expected to publish its results for the year ended September 30, 2020 in the week of March 1, 2021.