Iomart flags '˜excellent' full-year numbers

Iomart, the Glasgow-headquartered cloud computing and IT provider, is on track to deliver 'another excellent set of results'.

Angus MacSween, CEO Iomart Group. Pic: Peter Devlin

In a trading update, the group told investors that for the year to 31 March it expects to show adjusted underlying earnings of about £32.3 million, which would be an increase on the £29.1m reported a year earlier.

It flagged an adjusted profit before tax of about £18.8m, compared with £16.6m last time. Both potential results are in line with consensus market expectations, Iomart noted.

The group said it had delivered “solid” organic growth combined with good performances from its acquired businesses, with the board anticipating these “dual drivers of growth” continuing in the future.

The firm expects to report its results for the year on 7 June.

Chief executive Angus MacSween said: “Iomart has delivered yet another solid year of growth. The long-term opportunity remains very real and Iomart continues to broaden its cloud skills, experience and breadth of management to ensure it is well positioned for future growth.”

Brokerage Peel Hunt, which has a “buy” recommendation on the shares, described the pre-close trading update as “positive”.