Iomart Share News (IOM)

(Alliance News) - Cloud computing group Iomart Group PLC said Tuesday that revenue growth for the first half of its financial year was in line with management expectations, with good visibility going into the second half.

Iomart said that the reorganisation of its commercial operations have borne fruit, with new customer wins and a stronger pipeline of opportunities.

In particular, the group won larger enterprise contract wins, the revenue from which will be recognised in the second half of the year. In addition, Iomart's IT brand Cristie Data delivered a strong performance in the period, bringing new customers into the group.

Looking ahead, despite short term delays to decision making due to continued economic and political uncertainty, Iomart said it is well-positioned to take advantage of the cloud market opportunity.

"It is pleasing to see the increased investments we have made in sales and marketing begin to deliver positive results. New customer wins in our core cloud services offering are growing, supported by growth from the on-premise business which highlights there is still a long way to go on the cloud journey. We are confident we are on track to take advantage of the positive market opportunity and look forward to another successful year of growth," said Chief Executive Officer Angus MacSween.

Shares in Iomart were down 0.6% at 357.50 pence on Tuesday.

By Dayo Laniyan; dayolaniyan@alliancenews.com

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