Slower than expected first half growth for Outsourcery
CLOUD computing group Outsourcery saw slower than expected first half sales growth but it has reined in losses.
The Manchester cloud computing company, whose joint chief executive is entrepreneur and Dragons’ Den investor Piers Linney, focuses on delivering cloud services that are based on Microsoft technologies.
In the six months to the end of June revenues increased by 65% to £3.4m and pre-tax losses narrowed to £3.8m from £4.6m. On an EBITDA (earnings before interest, tax, depreciation and amortisation) basis losses were static at £2.7m.
The company said it had experienced steady growth with SME sales partners but it had taken longer than anticipated to build sales with larger companies – the part of the market expected to drive “the most rapid growth”, said Outsourcery.
Chairman Ken Olisa said: “The first six months of this year have not been without challenge, but it is important to remember how much this young and fast growing firm has achieved in the same time. In the first half of the year we have activated new strategic partners; switched on and fired up existing partners; and brought our first, large-scale customer deployments across the line.
“Outsourcery is gaining a reputation in the marketplace for being the go-to problem solver for companies keen to make the cloud move, but unsure of how best to do it. I look forward to the second half as we push ahead with building on that hard earned reputation and proving our capabilities and model.”