Mark Halpin has stepped down from the Board of CloudCoco and his position as CEO.
Ian Smith, CEO of MXC Capital, will join initially as a consultant to the Board, acting as Interim CEO of the Group’s trading entities.
This follows CloudCoco reaching an agreement with MXC Guernsey, its loan note holder, to extend the redemption date of the loan notes from 21 October 2024 to 31 August 2026.
CloudCoCo will look to appoint a new CEO as soon as possible.
The company has also announced its full year results for the year ended 30 September 2023, with revenue increasing by 7% to £26.0m, of which 64% was generated from recurring contracts.
Its VAR revenues increased by 13% to £8.0m and gross profit increased by 6% to £8.4m, a margin of 33%.
Trading Group EBITDA increased by 19% to £1.9m.
Simon Duckworth, Chairman of CloudCoCo, said: “The IT industry is evolving quickly and with change comes opportunity. To capitalise on this, a great deal of hard work has been carried out across the Group to enhance, reorganise and streamline different functions.
“The year was not without its challenges, but we are moving through FY24 as a leaner and more focused business with everyone pulling in the same direction.
“Looking ahead, the deferral of the 2024 Loan Notes until late 2026 will help us to continue pursuing an organic growth strategy.”