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Cloud computing firm updates

Iomart expects strong profitability and year of growth

Angus MacSween 2Scottish cloud computing firm iomart expects to deliver another year of revenue growth with consistent, strong profitability and cash generation.

For the year to 31 March 2019, the Group expects to report revenue growing to approximately £104 million (FY2018: £97.7m), adjusted EBITDA of approximately £42.2m (FY2018: £39.8m) and adjusted profit before tax of approximately £25.3m (FY2018: £24m).

Over the last 12 months the Glasgow-based company said it has reinvigorated its sales and marketing function to ensure it is best placed to capture the full market opportunity. The early benefits of this effort started to flow through in the second half of the financial year with an increase in new lead generation from both new and existing customers. This has delivered a strong finish to the year with a significantly larger pipeline of prospects than this time last year and the firm enters the new financial year with confidence.

Results for the year to 31 March 2019 are due on 11 June.

Angus MacSween, CEO, pictured, said: “iomart has delivered yet another year of growth with strong profitability and cash flow underpinned by our recurring revenue business model, diverse customer base and attractive market position.

“The group’s large and building sales pipeline, combined with high levels of visibility and a significant market opportunity, leaves the board very confident in the outlook for the new financial year, as well as the long term prospects for the group. “

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