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Cloud firm in bid hunt

Iomart in chase for German hosting company

Angus MacSween 2Cloud computing company Iomart is one of a number of parties pursuing the acquisition of a German company.

The Glasgow-based business confirmed in a stock exchange statement today that it is “in early stage discussions regarding the potential acquisition of the German managed hosting company PlusServer GmbH.”

It added: “There can be no certainty that these discussions will lead to an agreed transaction.”

Chief executive Angus MacSween (pictured), hinted at further organic growth and more acquisition activity, in the annual figures announced earlier this month.

“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.

It recently proposed 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).

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