An acquisitive IT and communications company, which works with the likes of Boohoo, Mills & Reeve and King's College London, cut its losses during its latest financial year which its CEO hailed as "another period of significant progress".
Warrington-headquartered CloudCoCo has posted pre-tax losses of £2m for the 12 months to September 30, 2021, down from £2.9m in the prior year.
The company's revenue also increased from £7.9m to £8.1m over the same period.
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During the year CloudCoCo raised £2.1m to fund acquisitions and snapped up Systems Assurance and More Computers.
Following the end of the financial year, the group also snapped up IDE Group Connect and and Nimoveri.
Chief executive Mark Halpin said: "I'm delighted to report on another period of significant progress for CloudCoCo, with our platform now primed for sustainable, long-term growth.
"Since October 2019 we have shaped our future success and laid the foundations for the 'Get Bigger' stage of our strategy.
"After executing on a successful fundraise in August, we acquired a number of complementary businesses.
"The focus now is on stabilising and optimising these businesses while realising synergistic benefits and, ultimately, unlocking the huge potential within them.
"We will continue this strategy in a similar vein through the new financial year while pursuing opportunities for organic growth as our core objective.
"As appropriate, we will also continue to explore the possibility of further accretive acquisitions where they are a good strategic fit.
"With an enlarged group serving circa 1,000 customers, we now have the ability and impetus to provide a broader range of services to a broader range of customers.
"We have made an exceptional start to the new financial year - our best ever quarter by sales - and have made excellent progress in integrating the acquisitions, with the actions taken to get Connect from loss-making to anticipated profitability later in FY22 a particularly noteworthy achievement.
"FY21 was a landmark year for the group and we are now a very different proposition in terms of scale and opportunity, which will be reflected in our FY22 financials.
"With an exceptional team in place, improving market conditions and having demonstrated our ability to overcome challenges as and when they arise, we remain confident in our ability to continue making good progress towards our growth ambitions."
Chairman Simon Duckworth added: "Mark and the CloudCoCo team have once again met and exceeded the Board's expectations, successfully transforming the existing business while delivering on our ambitious acquisition strategy.
"Customer feedback remains exceptionally positive. We have a growing reputation for consistently delivering quality which, coupled with our enhanced service propositions, has allowed the company to record its most successful sales quarter yet at the start of FY22.
"I am grateful to all our colleagues - new and old - for their contributions to the progress we have made during the year under review.
"Their hard work and enthusiasm for the business has driven us forward and makes me excited for what we can achieve together in the new financial year and beyond."
