For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240328:nRSb6050Ia&default-theme=true
RNS Number : 6050I Cloudcoco Group PLC 28 March 2024
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 Via Alma
Mark Halpin (CEO)
Darron Giddens (CFO)
Allenby Capital Limited - (Nominated Adviser & Broker) Tel: +44 (0)20 3328 5656
Jeremy Porter/Daniel Dearden-Williams (Corporate Finance)
Tony Quirke/Amrit Nahal (Equity Sales)
Alma - (Financial PR) Tel: +44 (0)20 3405 0205
David Ison cloudcoco@almastrategic.com
Kieran Breheny
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 (http://www.cloudcoco.co.uk)
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END MSCSEFEFWELSEDD