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Trading in line with expectations

Acquisitions giving boost to cloud firm Iomart

Angus MacSween 2Cloud computing firm Iomart is on track to deliver profits in line with expectations an is benefiting from the contributions of its newly-acquired businesses.

For the year to 31 March 2016, the Group expects to show adjusted EBITDA) of approximately £32.3 million (FY2015: £29.1m) and adjusted profit before tax of about £18.8m (FY2015: £16.6m) both in line with consensus market expectations.

In a pre-closed trading update the group said it has delivered solid organic growth combined with good performances from its acquired businesses, and the board anticipates these dual drivers of growth continuing in the future.

The hosting division has continued to win a substantial amount of new business over the year. Hosting also benefitted from the full year contribution of ServerSpace which was acquired in December 2014 and SystemsUp which has contributed to the results since its acquisition in June 2015.

Easyspace has also performed in line with expectations over the year and has benefitted from the contribution of United Communications since its acquisition in November 2015.

The Group expects to report its results for the year to 31 March 2016 on Tuesday 7 June.

Angus MacSween, CEO, said: “Iomart has delivered yet another solid year of growth. The long term opportunity remains very real and iomart continues to broaden its cloud skills, experience and breadth of management to ensure it is well positioned for future growth.”

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