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November 28, 2012

Iomart Group reports rise in revenue

Group's pre-tax profits increased 66% to £4.9m during the period compared to £3m it reported last year

By CBR Staff Writer

UK based cloud computing company Iomart has reported 29% rise in its revenue to £19.9m during first half of 2012 compared to £15.4m it reported during corresponding period last year.

The Glasgow-based company has web hosting group’s pre-tax profits increased 66% to £4.9m during the period compared to £3m it reported last year.

Company’s adjusted EBITDA rose 51% to £7.6m from £5m reported during last half while its cashflow from operations increased by 54% to £6.4m during the period.

Iomart Group CEO Angus MacSween said the company has delivered substantial growth both organically and through acquisitions.

"Trading in the second half of the year has begun well as the trend to outsource more and more services and infrastructure into the cloud accelerates," MacSween said.

"We continue to invest in our skills, product sets and infrastructure to deliver an increasing range and depth of cloud services and expect to continue the growth we have recently enjoyed."

During last half the company acquired three web hosting companies, including Melbourne Server Hosting in Manchester, and invested in a laying fibre network connecting iomart’s seven data centres.

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The company plans to add about 1486 m² (16,000 ft²) of data centre space in Maidenhead which will be completed over the next 12 months.

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