CloudCoCo Founder and CEO Mark Halpin has signed off from the Leeds-based MSP as it announced a “solid” (but delayed) set of full-year results.
Halpin, who founded CloudCoCo in 2017, admitted he was filled with a mix of emotions as he publicised his departure in a LinkedIn post this morning.
He will be replaced on an interim basis by industry veteran Ian Smith.
In an action-packed morning, AIM-listed CloudCoCo also announced it had resolved a loan notes saga that had hung over much of its fiscal 2023. Its existing loan note holder, MXCG (whose parent company, MXC Capital, Smith heads up), has agreed to extend the redemption date of the loan notes from 21 October 2024 to 31 August 2026.
At the same time, CloudCoCo unveiled a delayed set of annual accounts showing revenue for its year to 30 September 2023 rising 7% to £26m – 64% of which was generated by recurring contracts. Operating losses narrowed slightly to £1.8m.
CloudCoCo had temporarily suspended its shares from trading on AIM after delaying the publication of the accounts.
“Confidence over immediate future of business”
Non-Executive Chair Simon Duckworth said he thanked Mark “for his service to the business during a period of both organic and acquisitive growth”.
“We are pleased that we have been able to secure an extension to the loan notes with MXCG,” Duckworth said.
“This, together with the publication this morning of a solid set of results for FY23, will give our staff, customers and suppliers confidence over the immediate future of the business.
“We look forward to working with Ian and utilising his vast experience in the IT services market as we review the company’s strategy for its next phase of development”.
Halpin originally founded CloudCoCo in late 2017 ahead of its reverse acquisition by AIM-listed Adept4 in 2019 (Adept4 took the CloudCoCo name).
“Six years ago, I embarked on this rollercoaster ride of entrepreneurship armed with nothing but a dream, a dash of madness after being called Cloud Cuckoo, and an unmatched burning fire. And F#£%, what a ride it has been,” he wrote in his LinkedIn post (see above).
