Cloud computing firm announces 12th consecutive year of growth

X The Business Desk

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Managed services business iomart has announced its final results for the year, with revenues up 9%.

iomart, which owns and operates data centres and offices in York, Manchester, Leicester and Nottingham, recorded pre-tax profits of £16.8m, up from £16.2m in 2019.

Revenues have reached £112.6m, up from £103.7m the previous year, with adjusted EBITDA up 3% to £43.5m from £42.2m.

The firm notes that its Cloud Services organic growth rate increased to 6% in the year (2019: 2%).

It add that increased investment in sales engine has led to several multi-million pound, multi-year contracts being secured.

And the company says its acquisitions of ServerChoice in February 2020 and Memset Limited in March 2020, will provide a good quality customer base, with integration of these businesses already underway.

Commenting on the results, CEO Angus MacSween said: “This is the twelfth consecutive year of growth since the transition of the business to cloud services in 2008 with the acquisition of our first data centres.

“As we look forward to the next stage of growth, we do so with our teams all working remotely and the world around us considerably changed due to the global impact of Covid-19.

“The switch to remote working across the world has only accelerated the move to the cloud which we believe will be a growth driver for our business over the longer term.

“Our high levels of recurring revenues, breadth of customer base, industry leading profit margins and strong cash generation, mean we are confident iomart is well positioned to withstand the current challenges and deliver long-term growth.”

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