Iomart on cloud nine with recent trading

Angus MacSween, CEO, says firm is performing strongly. Picture: Contributed
Angus MacSween, CEO, says firm is performing strongly. Picture: Contributed
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Cloud computing and web hosting specialist Iomart has provided an upbeat outlook saying it remains on track to deliver another year of “material growth”.

In a trading update, the Glasgow-based group said it has seen strong demand for its services as businesses and other organisations continue to move their services onto the cloud.

The Aim-quoted firm, led by chief executive and co-founder Angus MacSween, also flagged a solid performance from Dediserve, which it acquired in May of this year.

Shareholders were given a further lift with the news that Iomart now intends to introduce an interim dividend payment in the current financial year. Further details are due to be provided with the publication of the group’s half-year results.

MacSween said: “The group has performed strongly in the period as we consolidate our competitive advantage within the hybrid cloud market.

“There is growing demand from enterprises moving their services into the cloud and our reputation as the UK’s leading cloud computing company means we are ideally placed to service this demand.”

The firm, which has undertaken a string of acquisitions, told investors that the market opportunity “remains strong and we are well positioned to take advantage of it”.

Analysts at house broker Peel Hunt issued a “buy” note on the company’s shares saying the group remained “firmly on track”.

“We continue to see Iomart benefiting from multi-cloud adoption,” they added.

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