Iomart confident of further growth

Web-hosting and data storage company Iomart said it has achieved a very strong set of results across both its operating segments, ahead of market forecasts, and is confident of further growth in the next financial year and beyond.

The cloud computing firm expects to show an adjusted EBITDA of not less than £11m for the year to 31 March 2012 compared to £6.6m for the same period in 2011. Adjusted pre-tax profit is expected to be around £6.7m compared to £3.6m the previous year.

"The group has delivered strong organic growth as well as good performances from the acquired businesses and the board sees continued organic and acquisitive expansion prospects for Iomart going forward," it said in a company statement.

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CEO 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."

"Having successfully purchased and integrated Switch Media, EQSN and Global Gold during this financial year the Group continues to pursue additional opportunities for continued accelerated growth through acquisitions," he added.

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