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Iomart in 'good stead' following 'unprecedented' first half
1st Oct 2020 10:47
(Sharecast News) - Cloud computing company Iomart said on Thursday that it was in "good stead" following an "unprecedented" six month period.
Iomart said despite the global slowdown in corporate activity, it had "performed well", with growth from existing customers in line with expectations for the period.
The AIM-listed firm expects to report interim revenue growth of approximately 2% to over £56.0m and "steady levels" of adjusted underlying earnings at approximately £21.0m.
Iomart highlighted that its first-half results reflected greater uptake of its managed private cloud solutions, the timing of billing for certain orders and only a partial benefit from efficiency adjustments to its cost base.
Looking forward, Iomart anticipates the diversity and limited concentration of its customer base, along with the critical web-centric services it provides, to continue to shelter the group from "the worst of the expected economic pressures over the coming period".
As of 1045 BST, Iomart shares were up 0.28% at 356.0p.
Iomart said despite the global slowdown in corporate activity, it had "performed well", with growth from existing customers in line with expectations for the period.
The AIM-listed firm expects to report interim revenue growth of approximately 2% to over £56.0m and "steady levels" of adjusted underlying earnings at approximately £21.0m.
Iomart highlighted that its first-half results reflected greater uptake of its managed private cloud solutions, the timing of billing for certain orders and only a partial benefit from efficiency adjustments to its cost base.
Looking forward, Iomart anticipates the diversity and limited concentration of its customer base, along with the critical web-centric services it provides, to continue to shelter the group from "the worst of the expected economic pressures over the coming period".
As of 1045 BST, Iomart shares were up 0.28% at 356.0p.