Iomart ‘performing well’ despite profit fall
Reece Donovan: ‘exciting plans’
Cloud computing firm Iomart’s new chief executive said the business was performing well despite posting a 29% fall in pre-tax profits from £8.4m to £6m for the half year to the end of September.
Contributions from the two smaller acquisitions made in the final month of the last financial year offsets some small decline in organic revenues, reflecting the effects of pandemic. Group revenue was up by 2% to £56.3m.
The interim dividend is maintained at 2.6 pence per share.
CEO Reece Donovan, who succeeded long-serving Angus MacSween, commented: “Whilst we have exciting plans for the future of iomart, the focus in the first half of the year had to be the protection of our people, customers and stakeholders in the face of Covid-19.
“I am pleased to report such a resilient set of results and would like to thank our team for their continued efforts and commitment. Iomart’s business model has stood us in good stead and despite the global slowdown in corporate activity, we continue to perform well.
“The previous investments into our sales and operational teams provide us with a strong foundation to accelerate growth once companies regain the economic confidence to make infrastructure transformation decisions.
“We have no doubt the transition to the cloud will continue for many years to come and that we can play a considerable role in being the enablers of that journey for our customers. We remain confident in the long-term prospects for iomart.”