Iomart H1 revenues grow in 'period of continued momentum'

11th Oct 2023 10:18

(Sharecast News) - Cloud computing company Iomart said on Wednesday that H1 had been "a period of continued momentum" in the execution of its growth strategy, with both revenue and adjusted underlying earnings improving year-on-year.

Iomart anticipates reporting revenue growth of approximately 18% to £62.0m for the six months ended 30 September, while adjusted EBITDA was seen up 4% at approximately £18.5m.

However, given bank interest rate increases since last year, Iomart said its adjusted pre-tax profit was expected to see "a more modest increase" from £7.4m to approximately £7.5m.

The AIM-listed group said its "positive trading performance" was a reflection of the strength of its cloud capabilities and business model, the breadth of its customer base, and the ongoing growth of the cloud market. Iomart remains confident in its outlook for the group's long-term prospects.

Chief executive Lucy Dimes said: "This has been a solid first half of the financial year, seeing growth in both revenue and profitability. Since assuming the role of CEO in the last few weeks, I have been impressed by the knowledge and skills of our team, range of service offering and diversity of our customer base. These are powerful building blocks for us to take Iomart forward with confidence."

As of 1015 BST, Iomart shares were up 3.42% at 162.37p.

Reporting by Iain Gilbert at Sharecast.com