Acquisitive growth drives iomart forward
A CLOUD company that owns a major computing business in Yorkshire has seen pre-tax profits soar, driven by organic and acquisitive growth.
iomart Group, which swooped for Leeds-based Backup Technology in a £23m deal last year, today announced pre-tax profits of £14.6m for the year ended March 31.
In its annual results announcement to the London Stock Exchange iomart revealed that adjusted profit before tax had increased by 37% from £10.7m in 2013.
Revenue growth of 29% to £55.6m was reported, with revenues from its hosting segment growing by 40% to £44.7m (2013: £32.0m), as well as a 43% increase in adjusted EBITDA to £23.6m (2013: £16.5m).
Glasgow-based iomart said the increase in profitability had been driven by both by organic and acquisitive growth.
iomart has made 11 acquisitions over the past five years, with cloud backup specialist Backup Technology in Leeds being its biggest to date.
The company now owns and operates datacentres in eight locations throughout the UK to support the delivery of cloud solutions.
Angus MacSween, chief executive of iomart, said: “We continue to believe in the long term opportunity for iomart as IT spending moves towards the ‘cloud’, as networks and connectivity expand and mobility increases. Our vision remains to be the best in the UK at the delivery of compute, storage and network in the cloud in a seamless, efficient and scalable way.”
He added: “We continue to be well placed to deliver an ever wider range of cloud services to our increasing customer base. With our growing reputation and ongoing investment in leading edge technologies alongside our own development skills, we are well positioned for further significant growth. I look forward, once again, with confidence to the year ahead.”
