Angus McSween
Angus McSween

iomart reports revenue increase to £47.0m

Glasgow-based iomart, the cloud computing and data storage company has reported a revenue increase of 12% to £47.0m for the six months ending 30 September 2017 with  a growth of 9% in profits to £7.8m for the same period.

This profit growth resulted in a maiden interim dividend of 2.25p per share.

In May the firm acquired the entire share capital of Dediserve for a total purchase price of  £6.7m and in July they acquired the entire share capital of Tier 9 Limited, which trades as “Simple Servers” and provides cloud solutions for the Magento eCommerce application for a maximum purchase price of £6.0m. 

More recently and after the period end, on 17 November 2017 the firm acquired the entire share capital of Sonassi Holding Company Limited which also provides cloud solutions for the Magento eCommerce application for a maximum purchase price of £16.5m.

Angus MacSween, CEO commented “The Group has enjoyed another good period of trading in the first half of the year, with growing recurring revenues in line with our business model. The market opportunity remains significant and we continue to invest in our skills, infrastructure and capabilities to meet the evolving demands of the market. We are firmly on track to deliver another year of material growth and we remain confident in our prospects.”