CloudCoCo saw its revenue climb from £8.1m in 2021 to £24.2m for the year ended 30 September 2022. This represents a swell of 198%, of which 67% was generated from recurring contracts.
Its gross profit also increased by 147% to £7.9m, a margin of 33% and trading Group EBITDA increased by 129% to £1.6m.
This has been achieved through a record submitted sales performance for the group, delivering a total contract value of £15.7m. CloudCoCo also added 39 new customers during the year.
Mark Halpin, CEO of CloudCoCo, commented: “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.
“Through this process, we have taken important steps to rationalise our cost base and uncovered the significant potential we saw in these acquisitions.”
The account state a desire to drive for £100m revenues and further fortify its position within the managed services and VAR space.
Halpin continues: “Our market opportunity remains vast, underpinned by the significant capabilities and synergies unlocked through acquisition and integration and our investments into our sales functions.
“On this basis, we remain focused on driving our organic growth alongside identifying and executing on strategic M&A opportunities to accelerate our growth and deliver shareholder value."