Iomart on prowl after 55% revenue rise

WEB hosting company Iomart expects to return to the acquisition trail before the end of its current financial year after yesterday unveiling a 55 per cent surge in revenue.

News of the takeover schedule comes a day after the company was granted a 10 million credit facility from Lloyds Banking Group to fund acquisitions.

The Glasgow-based firm swung to a pre-tax profit of 1.3m in the year to 31 March from a loss of 1.2m in 2008-9.

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Turnover at the Aim-listed outfit leapt from 11.8m to 18.3m, with 4.7m of the rise coming as a result of the takeover last year of server hosting firm RapidSwitch. The remainder of the turnover boost came from organic growth. Chief executive Angus MacSween said Iomart had reached a "tipping point" and was now showing profitability each month.

He added: "We are operating in a fast growing market where customers are looking to outsource their web facing infrastructure to a trusted supplier."