The
information contained within this announcement is deemed by
CloudCoCo to constitute inside information pursuant to Article 7 of
EU Regulation 596/2014 as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018 as
amended.
28 March 2024
CloudCoCo Group plc
("CloudCoCo", the
"Company" or the "Group")
Delay in published Annual
Accounts
CloudCoCo (AIM: CLCO), a leading UK provider of
Managed IT services and communications solutions to private and
public sector organisations announces that the annual
accounts for the 2023 financial year will not be finalised ahead of
the 31 March 2024 deadline.
The preparation of the Company's financial
statements for the year to 30 September 2023 has been ongoing.
Despite the best efforts of all parties, the Company requires
further time to finalise these accounts and for the auditor to
complete its procedures with respect thereto. The Company expects
the accounts to be published before the end of April.
The audit work is nearing completion and the
Company can reiterate the guidance given in its Trading Update of 7
November 2023, being revenues of no less than £26 million and
Trading Group EBITDA* in the region of £1.9 million.
This delay to publication of the annual
accounts means that trading in the Company's shares will be
temporarily suspended from trading on AIM with effect from 7.30
a.m. on 2 April 2024 until the publication of its audited
accounts.
The Board
states: "We have been working hard
to ensure that the accounts are delivered on time, having started
work with a new audit firm in December 2023. As always with a
change in auditor, additional input is needed from the management
team. In conjunction, the same team have also been working on
refinancing the loan notes, which currently sit at £5.8 million and
become payable on 21 October 2024. The team has been engaged in
managing extensive due diligence and supporting data requests from
several potential lenders. These competing demands on the team's
time has unfortunately led to the delay in the completion of the
annual report and audit. We can assure shareholders that publishing
the accounts and removing the suspension of share trading remain
our key objectives, together with concluding the refinance of the
loan notes.
"We are
pleased with trading in the first six months of the new financial
year and sales and profitability at this stage are expected to be
in line with market expectations."
*Trading Group EBITDA is defined as profit or
loss before net finance costs, tax, depreciation, amortisation, plc
costs, exceptional items and share-based payments.
Contacts:
|
CloudCoCo Group
plc
Mark Halpin (CEO)
Darron Giddens (CFO)
|
Via Alma
|
|
Allenby Capital
Limited - (Nominated Adviser & Broker)
Jeremy Porter/Daniel Dearden-Williams (Corporate
Finance)
Tony Quirke/Amrit Nahal (Equity
Sales)
|
Tel: +44 (0)20 3328 5656
|
|
Alma -
(Financial PR)
David Ison
Kieran Breheny
|
Tel: +44 (0)20 3405 0205
cloudcoco@almastrategic.com
|
About
CloudCoCo
Supported by a team of industry experts and
harnessing a diverse ecosystem of partnerships with blue-chip
technology vendors, CloudCoCo makes it easy for private and public
sector organisations to work smarter, faster and more securely by
providing a single point of purchase for their Connectivity,
Multi-Cloud, Collaboration, Cyber Security, IT Hardware, Licencing,
Support and Professional Services.
CloudCoCo has headquarters in Leeds and regional
offices in Warrington, Sheffield and Bournemouth.
www.cloudcoco.co.uk