Cloudcall Group PLC (LON: CALL) have told shareholders that they have had a brilliant year where the Chief departed but business has grown.

The firm said that it has seen double digit growth in revenue and user numbers, which contributed to a year of growth and progress for the firm.

CloudCall is a software and unified communications business that has developed and provides a suite of cloud-based software and communications products and services.

The firm added that revenue, cash and losses before tax adjustments are expected to be in line with market expectations.

Cloudcall said its revenue for 2019 grew by 30% to £11.4 million, with the US continuing to perform particularly strong, helped by a larger customer.

Total users also surged by 35% to over 42,300 year on year, which showed a net monthly user growth of 917 which was a 41% rise from 2018.

The average recurring revenue per user remained constant during the year, Cloudcall said, at £28 per user per month.

Simon Cleaver, Chief Executive Officer of CloudCall, commented:

“2019 has been another outstanding year for CloudCall. Not only has the Company once again delivered organic revenue growth of 30%, it also successfully raised new capital to fund future growth and strengthen the balance sheet.

The two standouts for the year are the quantum increase in interest from enterprise companies and the over-50% growth we delivered in the US.

It is worth noting that the US is now responsible for approximately 40% of our total revenue and with nearly half of the total funds raised in the recent placing coming from US investors, I have little doubt there is a huge, largely untapped, opportunity for CloudCall in the US and this is a key focus of our sales and marketing expansion.

CloudCall has a clear strategy to become the leading provider of ‘integrated communications’. We will continue to build out our product, integrate with more CRMs, expand our geographic reach and engage with ever larger customers – our 4 pillars of growth.

We are entering 2020 with significant opportunities and a well-funded balance sheet that is strong enough to capitalise on those opportunities. The Board continues to be confident in the future outlook for the Company.”

Building on higher revenues in July

In July, the firm saw its shares in red but reported that revenues had grown in an impressive half period update.

The Company’s financials displayed comparative growth in H1 revenues, which were up 30% from 2018 to £5.2 million. Recurring revenues were up 34% on-year for the same period on-year, with the US market making up 40% of recurring revenues.

New order volumes were up 44% year-on-year for the first half and users are up 37% versus H1 2018, to almost 37,000. In Q2 2019, monthly net user growth exceeded 1,000 per month.

The Company added that it agreed terms with Shawbrook Bank for a £3 million debt facility, and that it had cash resources of £4.5 million through its own cash, its credit facility and its expected R&D tax credit.

Cloudcall can be pleased with the year that they have reported, and will hope that the good form can continue across 2020.

Shares in Cloudcall trade at 99p (+1.79%). 16/1/20 15:22BST.