iomart Reports Ongoing Growth

iomart expansion

iomart has recorded revenue growth of nearly 10% amid a year of continued innovation and expansion

Cloud computing company, iomart, has announced revenue growth of nearly 10% for the year ending March 2018, with revenue rising from £89.6 million to £97.7 million.

These figures mark the end of an impressive year for the Glasgow-based company, which seen the creation of software defined fibre networks and a number of high-profile acquisitions, including:

Impressive Growth

iomart’s chairman, Ian Ritchie hailed the company’s performance in the previous year, stating that he was “delighted to report another successful year for the Group.”

The company’s ongoing success comes through a delicate mixture of organic growth and sensible acquisitions, with a highly active 2017 witnessing the acquisition of three innovative companies capable of providing an even higher level of expertise; particularly in the provision of Magento Hosting, which represents the company’s first tentative steps into the area of application support.

Ritchie said in a statement that “all of this progress is a result of a great deal of hard work by our executives and staff and I thank them all on behalf of the Board and shareholders for their efforts”.

Iomart witnessed an adjusted profit before tax growth of 7%, rising from £22.4 million in 2017 to £24 million in the year ending March 2018. Additionally, cashflow from operations increased by 8% from £37.8 million to just over £40 million.

Looking Forward

Chief Executive Angus MacSween commented that as iomart continues to expand, it will fine-tune its skill sets and further expand the customer base. He noted that looking forward the company has great confidence in its ability to flourish and expand.

He said: “We are delighted to report another year of excellent results, with increased revenues and profits and the completion of a number of acquisitions, augmenting the Group’s customer base and skill set.

“Trading in the new year has continued in a similarly positive vein. Since we embarked on our current strategy in 2007, we have successfully executed on our growth strategy, growing revenues from £8 million to nearly £100 million.

“We therefore look to the coming year and beyond with confidence.”

The report comes at the end of a year which marked the company’s second ever major outage in over 20 years.

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