Big bonuses for directors after Iomart profits rise

DIRECTORS at Glasgow-based technology company Iomart received bumper bonuses after delivering strong gains in sales and profits last year.

Chief executive and founder Angus MacSween picked up a £200,600 bonus on top of his basic salary of £206,000. Together with benefits and pension payment, his total remuneration package rose from £416,673 to £458,951.

Sarah Haran, who is responsible for the group’s webhosting businesses, was rewarded with a £130,900 bonus as part of a £293,783 package, up from £260,400. Finance director Richard Logan received a £101,250 bonus as part of a £271,885 package, up from £241,513.

The executive directors shared £432,750 in bonuses according to the group’s annual report.

Chairman Ian Ritchie received fees of £50,000, unchanged from the previous year. Crawford Beveridge, the tech veteran who was appointed a non-executive director last September, received £12,500 for the part of the year he served.

Full-year revenues at Iomart rose 33 per cent to £33.5 million last year, which helped push adjusted pre-tax profits to £6.9m, up from £3.6m a year earlier. The group bought three rival businesses during the period and has said it is looking to complete up to four more acquisitions over the coming year.

MacSween recently described trading since the start of the group’s new financial year as “encouraging” as customers look to cut costs by moving computer applications and data online to its cloud networks.

PERRY GOURLEY