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CloudCoCo reported a wider pre-tax loss as weaker performance of its legacy Adept4 business amid a challenging period 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 reflected the performance of its legacy business 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 (EBITDA) 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,' the company said.
'There are significant opportunities to improve performance by increasing customer satisfaction through improved customer service, which will enable more sales to the existing customer base as well as driving new customer sales,' it added.
At 9:30am: (LON:CLCO) share price was -0.15p at 0.93p