Glasgow firm Iomart on expansion drive as profits rise
- 19 March 2012
- From the section Scotland business
Hosting and cloud computing firm Iomart is to continue an expansion drive after announcing an expected surge in profits for the year.
The Glasgow-based firm said it expected pre-tax profits to climb from £3.6m to £6.7m for the year to the end of March.
Its results were driven in part by good performances from acquired businesses.
In a trading statement, the company said it was pursuing "opportunities for continued accelerated growth through acquisitions".
The company's Iomart hosting division was boosted by the integration of EQSN, the Glasgow-based hosting business acquired at the end of November for nearly £2.5m.
Iomart said its Easyspace division also delivered improved profitability and cash generation, following the acquisitions of Liverpool domain name and hosting company Switch Media and Essex-based web hosting group Global Gold.
Iomart chief executive Angus MacSween said: "Iomart continues to benefit from a compelling mix of recurring revenues, sticky customers, good forward visibility and a leading competitive position.
"As a result we remain very confident of further growth in the next financial year and beyond."
Iomart, which expects to report full-year results at the end of May, has been listed on the London Stock Exchange's Alternative Investment Market (AIM) since April 2000.