- IT and communications solutions provider CloudCoCo reported narrower annual losses as revenue was boosted by new business wins.

For the year ended 30 September 2020, pre-tax losses were narrwoed to £3.0 million from £5.6 million year-on-year as revenue was up 10% to £8.0 million.

Total contract value signed up 97% to £5.2 million, up from £2.7 million last year, reflecting early successes in prioritising multi-year deals across both new and existing customers, the company said.

Looking ahead, the company said it had made a strong start to FY21 as management accounts for the first 4 months of FY21 showed trading EBITDA was already ahead of the £261,000 achieved in the full 12 months of FY2020.

At 9:19am: [LON:CLCO] share price was 0p at 1.08p

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