Iomart revenues pass £100m milestone as buyouts pay off

Iomart chief executive Angus MacSween: 'We enter the new year with confidence'. Picture: Contributed
Iomart chief executive Angus MacSween: 'We enter the new year with confidence'. Picture: Contributed
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Cloud computing and web hosting company Iomart is forecasting further robust growth after annual revenues surpassed £100 million for the first time.

The Glasgow-based group reported a 6 per cent rise in revenues to £103.7m in the year to 31 March, pointing to investment in its sales and marketing functions and a boost from acquisitions as key drivers.

Adjusted pre-tax profits also increased by 6 per cent, reaching £25.5m, while the group maintained a profit margin of around 25 per cent.

This comes on the back of a period of rapid growth for Iomart, which has doubled in size during the past five years through a combination of organic growth and acquisition activity,.

The Aim-quoted IT firm acquired Bytemark and LDeX Group in the financial year, adding new customers and complementary datacentre locations.

The dividend rose for the tenth year running, with the board proposing a final payout of 5.01p per share. This results in an annual dividend of 7.46p per share, a 4 per cent year-on-year rise.

Chief executive Angus MacSween said: “We enter the new year with confidence, underpinned by a significantly larger pipeline of prospects than this time last year. The journey to cloud adoption remains a long-term trend and, as a result, our market opportunity is large and widening.”