CloudCoCo has reported losses and set remedial targets following its acquisition by Adept4 last October in a deal worth £6.1m (with the listed and expanded entity rebranded as CloudCoCo).
For the year ended 30th September 2019, the results reflect the struggling legacy Adept4 business, showing a decline in revenue from £10.2m in the previous year to £7.3m. Operating losses also increased from £3.4m to £5m.
The company has focused on cutting costs but lost customers haven't helped matters. One such disappearing customer generated £700k in sales the previous year.
CloudCoCo says it has set key targets going forward, including increasing sales and cash generation, reducing churn and costs, and an enhanced focus on customer satisfaction.
The company trades from Warrington, Leeds and Aberdeen.