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CloudCoCo – argues “a solid set of results for FY23”. Really?…

By Steve Moore | Tuesday 30 April 2024

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

Previously writing on group describing itself as “a leading UK provider of managed IT services and communications solutions to private and public sector organisations” CloudCoCo (CLCO), in November with the shares at 0.95p I wrote “year end trading update” attempts to reassure… but just stating “a key priority” doesn’t mean it will be achieved… currently still avoid/sell. It is today stated “we are pleased that we have been able to secure an extension to the loan notes with MXCG. 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”, so what of a current share price response down from 0.75p to below 0.50p?

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