Iomart eyes rise in annual earnings

Cloud computing specialist Iomart today said its annual profits would be in line with City hopes after its web hosting arm picked up a “substantial” amount of new work.

The Glasgow-based firm expects to deliver adjusted pre-tax profits of about £16.6 million for the year to 31 March, up from £14.6m a year ago.

Its web hosting division “continued to win a substantial amount of new business over the year”, Iomart said, pointing to the growing adoption of cloud services by organisations looking to outsource the storage of their data and applications.

Chief executive Angus MacSween said: “Iomart has delivered another solid year of growth. The long-term opportunity remains very real and Iomart is well positioned to take advantage of growth in the cloud.”