Growth in cloud computing doubles iomart Group pre-tax profits
Half year results show rise in revenue and pre-tax profit for cloud computing company
iomart Group plc (AIM:IOM), the cloud computing and managed hosting services company, has reported a rise in both revenue and pre-tax profits in its half yearly results.
The Group announced a 36% growth in revenue to £15.4m (H1 2011: £11.4m) and an increase of 106% in pre-tax profits to £2.4m (H1 2011: £1.2m), in its consolidated half yearly results for the period ended 30 September 2011.
Angus MacSween, CEO of iomart Group plc, said: “The market opportunities available to us continue to grow as more and more organisations take advantage of the benefits of outsourcing their IT infrastructure needs to a strong and trusted supplier such as iomart. We continue to expand our skills, product sets and infrastructure to deliver an increasing range of cloud services and expect to continue the growth we have recently enjoyed.”
Adjusted EBITDA¹ showed growth of 85% to £5.0m (H1 £2.7m) with basic earnings per share more than doubling to 2.23p, a rise of 112% (H1 2011: 1.05p). Cashflow from operations was £4.1m (H1 2011: £3.1m) while net cash at the end of period was £3.5m (H1 2011: £5.3m).
The continuing growth in the uptake of cloud services has contributed to iomart’s continuing success. Among the companies that have moved into the cloud with iomart this year are Skyscanner and Nova International.
Angus MacSween continued: “We are continuing to deliver on our strategy of focusing on managed hosting and the growing demand for complex hosting in the cloud. Revenues are strong and we continue to make acquisitions as well as growing organically.”
iomart Group has made three acquisitions in the past 12 months, including the addition of a premium customer base through the purchase of Scottish infrastructure service provider EQSN for £2.5m last week.
iomart Group plc is Scottish Digital IT Company of the Year 2011 and is ranked as one of the top 25 cloud services providers in the world by Talkin’ Cloud 50.
1 Adjusted EBITDA means earnings before interest, tax, depreciation, amortisation charges, share based payment charges, acquisition related costs and non-recurring acquisition integration costs.
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