Directors share in Iomart’s success

Angus MacSween: Pay doubled up on �243,800 bonus. Picture: Peter Devlin
Angus MacSween: Pay doubled up on �243,800 bonus. Picture: Peter Devlin
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BONUSES awarded to directors at Glasgow internet technology group Iomart doubled their basic pay last year.

Co-founder and chief executive Angus MacSween earned a £243,800 bonus on top of his basic salary of the same amount.

The bonus took his total pay package, including benefits and pension contributions to £514,603, up from £458,951 the previous year.

Sarah Haran, chief operating officer, received a £150,000 bonus and £150,000 salary as part of a £315,525 package, up from £293,783.

Finance director Richard Logan received a £120,000 bonus on top of his £160,000 salary for a package of £298,058, up from £271,885.

Chairman Ian Ritchie received fees of £50,000, unchanged from the previous year.

In total, boardroom pay and fees rose by 9 per cent to £1.23 million. The bonuses came after a series of acquisition deals helped the company deliver a 56 per cent jump in annual profits.

Deals during the past year included the £1.4m purchase of Skymarket in July 2012, and the takeover of Melbourne Server Hosting the following month for £6.7m.

The company achieved adjusted pre-tax profit of £10.7m for the 12 months to the end of March, up from £6.9m the previous year. Acquisitions accounted for almost half the profit growth, and the firm also benefited from the shift towards “cloud” computing, where customers outsource the storage of their data and applications.

In May, MacSween told The Scotsman that he expected the company to make further acquisitions in the year ahead. Revenues grew 29 per cent to £43.1m. Shares in Iomart have more than doubled in the past year.