Iomart revenues close in on £100m mark

Andrew Seaton (left), Angus MacSween (middle), Richard Logan (right). Picture Peter Devlin
Andrew Seaton (left), Angus MacSween (middle), Richard Logan (right). Picture Peter Devlin
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Cloud computing and web hosting specialist Iomart has seen its annual revenues rise to almost £100 million while hiking its dividend by a fifth.

The Glasgow-based group reported a 9 per cent rise in revenues to £97.7m for the year to the end of March. Adjusted underlying earnings were also up by 9 per cent, to £39.8m.

The firm, which has undertaken a string of acquisitions, proposed a final dividend of 4.93p per share resulting in a total payout for the year of 7.18p, up from 6p the year before.

Chief executive Angus MacSween said: “Since we embarked on our current strategy in 2007, we have successfully executed on our growth strategy, growing revenues from £8m to nearly £100m.

“We strongly believe that the market for cloud computing solutions we identified at the time presents us with as much opportunity now as it did then and that, together with additional acquisitions, will allow us to continue to execute successfully on the strategy we put in place at that time.”

The group noted that since the year end, it had replaced its borrowing facility, due to end in June 2019, with a revolving credit facility of £80m through until June 2022, agreed with Bank of Scotland.

Andy Seaton, relationship director at the bank, said: “Iomart has been very successful on the acquisition trail during its relationship with us, finding businesses with a perfect synergy to its own and growing both at home and abroad. We are pleased to continue our support.”