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Iomart Group PLC - Glasgow-based cloud computing company - Expects to report revenue of about GBP115 million for the year ended on March 31, up from GBP103.0 million the year before. This is in line with analyst estimates of range of GBP105 million to GBP116 million for revenue. Adjusted pretax profit, however, is expected to be about GBP14.6 million, down from GBP17.1 million, and adjusted earnings before interest, tax, depreciation and amortisation is expected to be about GBP36.2 million, down from GBP17.1 million the year before. Market expectations for pretax profit and adjusted Ebitda are in ranges of GBP13.5 million to GBP15.9 million, and GBP34.6 million to GBP37.6 million respectively. Says the Ebitda margin in the year was "heavily impacted by the pass through of energy costs and to a lesser extent lower margin within the Concepta acquisition, primarily from their reselling activities".
Chief Executive Officer Reece Donovan says: "I am pleased with the progress achieved this year in our transition to a secure hybrid cloud offering. We saw our pipeline improve in the first half and this converted to stronger order booking levels as we completed the year. The team has worked hard to ensure momentum in the execution of our strategic plan and continuous improvement within the business. This gives us confidence that we will continue to be successful within the wider growing cloud sector."
Current stock price: 122.34 pence each, up 1.6% on Wednesday afternoon in London
12-month change: down 35%
By Xindi Wei, Alliance News reporter
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