Friday, August 14, 2020

Continued growth for cloud computing company

iomart, the cloud computing company with data centres in Nottingham and Leicester, has witnessed its twelfth consecutive year of growth, according to newly released final results for the year ended 31 March 2020.

Revenue grew by 9% to £112.6m in the year, up from £103.7m in 2019, while profit before tax increased 4% to £16.8m, from £16.2m in 2019. Adjusted EBITDA meanwhile grew 3% to £43.5m from £42.2m.

The news follows the acquisitions of ServerChoice in February 2020 and Memset Limited in March 2020.

Angus MacSween, CEO, said: “This is the twelfth consecutive year of growth since the transition of the business to cloud services in 2008 with the acquisition of our first data centres. Since that time, revenues and profits have grown considerably, with revenue reaching £112.6m, through the combination of continued organic growth and acquisitions.

“As we look forward to the next stage of growth, we do so with our teams all working remotely and the world around us considerably changed due to the global impact of Covid-19. Our focus must be first and foremost on the well being of our people, all of whom have risen to the challenge fantastically, for which I and the Board are extremely grateful.

“Together we have built a strong, resilient business, providing mission critical infrastructure to a wide spread of customers across diverse industries. This resilience will serve us well as we progress through the months ahead. The switch to remote working across the world has only accelerated the move to the cloud which we believe will be a growth driver for our business over the longer term.

“Our high levels of recurring revenues, breadth of customer base, industry leading profit margins and strong cash generation, mean we are confident iomart is well positioned to withstand the current challenges and deliver long-term growth.”

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