OVHcloud hikes 2022 revenue target on solid growth momentum

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(Reuters) -French cloud computing firm OVHcloud on Thursday raised its 2022 goal for revenue growth, citing elevated demand for sovereign cloud choices and solid industrial momentum, together with contacts with main firms and public entities.

The newly-listed cloud companies supplier now expects to report revenue growth between 15-17% for the twelve months to August 31, in contrast with its earlier growth estimate of 12.5%-15%.

Cloud computing has turn out to be a significant driver of growth for the large tech lately, with the U.S. giants’ market energy prompting the emergence of smaller rivals like OVHcloud and German software program supplier SubsequentCloud.

“The first half-year outcomes show OVHcloud’s capacity to ship a sturdy, sustainable and worthwhile growth acceleration technique,” Chief Executive Officer Michel Paulin mentioned in an announcement.

Europe’s main cloud supplier, which operates greater than 400,000 servers in 33 information centres throughout 4 continents, reported a 13.3% like-for-like leap in its first-half revenue at 382 million euros ($416.84 million).

Revenue generated in Russia, Belarus and Ukraine represented roughly 1.5% of the group whole, and OVHcloud mentioned its outlook assumed minimal revenue within the area for the complete yr.

The group’s shopper retention confirmed regular enchancment from final yr, with web revenue retention price of 112% within the first half.

It maintains its 2022 margin target on adjusted earnings earlier than curiosity, taxes, depreciation and amortisation (EBITDA) of round 40%.

($1 = 0.9164 euros)

(Reporting by Diana Mandiá in Gdansk; modifying by Milla Nissi)



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