iomart Reports Ongoing Growth
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:
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.
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.