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Cloud computer firm expanding

Iomart doubles dividend on growth prospects

Cloud computing firm Iomart has almost doubled its dividend as it continues to benefit from growth in the sector.

The Glasgow-based company proposes a 90% rise in the final dividend to 6p per share (2016: 3.15p) after reporting a 17% rise in revenue to £89.6m (2016: £76.3m).

Adjusted EBITDA  grew 13% to £36.6m (2016: £32.3m) while adjusted profit before tax was up18% to £22.4m (2016: £19.0m).

On a statutory basis, profit before tax rose 13% to £14.7m (2016: £13.0m).

Chief executive Angus MacSween (pictured), said: “This has been another year of strong growth and trading since the year end remains good.”

Hinting at further organic growth and more acquisition activity, he added: “The long term opportunity and runway for success remains large and long. Iomart remains well positioned to take advantage of that opportunity and to deliver further significant growth.

” I look forward, once again, with confidence to the year ahead.”

Operational highlights:

 Acquisition of Cristie Data during the year for a net consideration of £0.7m

 Acquisition of Dediserve post year end for a consideration of €7.9m

 Further investment in skills and accreditations to support broadening service offering

 Strengthened relationships with Hypercloud vendors

 

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