Cloud computing firm Iomart set for ‘excellent results’

Angus MacSween remains confident. Picture: Peter Devlin
Angus MacSween remains confident. Picture: Peter Devlin
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Iomart, the Glasgow-headquartered cloud computing and web services provider, is on track to deliver “another excellent set of results”.

In a trading update yesterday, the group told investors that for the year to 31 March it expects to report adjusted underlying earnings of about £32.3 million, which would be an increase on the £29.1m reported a year earlier.

It also flagged an adjusted profit before tax of about £18.8m, compared with £16.6m last time. Both potential results are in line with market expectations, Iomart noted.

The group said it had delivered “solid” organic growth combined with good performances from its acquired businesses, with the board anticipating these “dual drivers of growth” continuing in the future.

Iomart has undertaken a string of acquisitions as it beefs up its cloud computing provision and reacts to a market that it admitted was becoming “ever more complex”.

Chief executive Angus MacSween said yesterday: “Iomart has delivered yet another solid year of growth. The long-term opportunity remains very real and Iomart continues to broaden its cloud skills, experience and breadth of management to ensure it is well positioned for future growth.”

Brokerage Peel Hunt, which has a “buy” recommendation on the shares, described the pre-close trading update as “positive”.

Iomart, which runs a network of secure data centres, expects to report its results for the full year on 7 June.