Iomart says ‘sticky customers’ will help profits beat market forecasts

Web hosting firm Iomart today said its full-year profits should beat market expectations with a jump of more than 50 per cent.

The Glasgow-based group said pre-tax profits for the year to 31 March should come in at about £10.6 million, up from £6.9m the previous year.

Chief executive Angus MacSween said the firm has enjoyed strong organic growth and a good performance at the businesses it has acquired, such as hosting business Melbourne.

He added: “Iomart continues to benefit from a compelling mix of a growing market, recurring revenues, sticky customers, good forward visibility and a leading competitive position.

“As a result we remain very confident of further growth in the next financial year and beyond.”

The firm is due to report its annual results on 29 May.