Business
Final Results
Final Results.
About this update from Cloudcoco Group Plc
[{"type":"text","content":"\n\n31 March 2025 \nCloudCoCo Group plc\n(\"CloudCoCo\", the \"Company\" or the \"Group\")\n \nFinal Results\n \nCloudCoCo (AIM: CLCO), a growth-focused technology business specialising in IT procurement solutions via its direct sales team and e-commerce platform at www.morecoco.co.uk, is pleased announce its full year results for the year ended 30 September 2024 (\"FY 2024\"). \n\nHighlights:\n\n\n\n\n· Revenue increased by 6% to £27.5 million (FY23: £25.9 million), of which 27% was generated by E-commerce sales channels (FY23: 14%)\n\n· Post period-end: Completed the sale of CloudCoCo Limited and CloudCoCo Connect Limited on 31 October 2024, for an initial £7.75 million, enabling full repayment of £6.2 million MXC loan notes and strengthening the balance sheet with minimal debt\n\n\n\n\n· Currently exploring new areas for expansion, particularly in consultancy and investment, to broaden our revenue base and accelerate the path to sustainable profitability\n\n\n\n\n· E-commerce Revenues doubled to £7.4 million (FY23: £3.7 million), driven by rising demand for gaming and IT hardware\n\n· Trading Group EBITDA1 of £1.6 million down 16% from £1.9 million as a result of sector challenges\n\n· Gross profit reduced by 10% to £7.6 million (FY23: £8.4 million), a margin of 28% (FY23: 33%)\n\n\n\n\n· Cash at bank of £1.0 million (FY23: £0.8 million).\n\n\n\n\n\n1 profit or loss before net finance costs, tax, depreciation, amortisation, plc costs, exceptional costs and share-based payments \n\nSimon Duckworth, Chairman of CloudCoCo, commented:\n\n\"2024 marked a pivotal year in our company's evolution. The decision to sell a significant portion of our trading assets was necessary to repay the loan notes but also value-enhancing for our shareholders. Since the sale, we've seen promising growth in the trading business, led by Peter Nailer. While the current business is both viable and growing, it is not yet sufficient to fully support the associated plc costs. We continue to look for new opportunities-particularly in consultancy and investment-to create a broader, scalable platform for long-term growth.\...