StockMarketWire.com - Telecom equipment group CloudCoCo reported a wider pre-tax loss as a weaker performance at its legacy Adept4 business weighed on results.

For the year ended 30 September 2019, pre-tax losses widened to £5.6m from £4.0m on-year and revenue fell to £7.3m from £10.2m.

On 21 October, the company acquired CloudCoCo, but the final results included a contribution from Adept4, which had experienced several problems including a delay in new sales.

Continued delays in new sales in 2019 led to the group experiencing monthly earnings and cash losses, the company said. With the acquisition of CloudCoCo, 'we believe we now have the right platform and the right team to re-invigorate the business,' it added.

At 9:30am: [LON:CLCO] share price was -0.15p at 0.93p



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