Shares in Warrington-based CloudCoCo, formerly Adept4, which provides IT support and services to big names such as Boohoo, Diabetes UK and the Chartered Institute of Environmental Health have fallen below 1p.
The sub-penny trading represents the shares’ lowest level for over three years, since they fell to 0.35p in July 2019.
The latest downturn for CloudCoCo comes shortly after the company’s announcement, in June, of half-year results which showed its pre-tax losses to March 31 growing from £669,000 to £1.5m. This coincided with an increase in revenue of 183 per cent to £11.6m.
Shares in CloudCoCo reached their high point of 25.7p in May 2013, around a month after the company floated on AIM.
Last October the company acquired IDE Group Connect and Nimoveri from IDE Group Holdings for £250,000, and on a more positive note, the half-year results did show that it had brought Connect to breakeven ahead of schedule.
CEO Mark Halpin and his wife Caroline are currently the largest shareholders in the company with a stake of just under 20 per cent.