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LONDON (Alliance News) - Iomart Group PLC said Tuesday it increased its annual revenue after "another year of excellent results".
For the year ended March 31, the company's pretax profit was broadly flat at GBP14.8 million compared to GBP14.7 million the year before. However, Iomart posted a revenue increase of 9.0% to GBP97.7 million from GBP89.6 million.
The IT and cloud computing company said its Cloud Services segment increased revenue by 10% to GBP84.1 million from GBP76.3 million the year before.
The acquisitions of Cristie, Dediserve, Simple Servers and Sonassi "helped this growth". Excluding acquisitions, the segment growth was 3%.
Iomart said the cost of the EUR7.9 million acquisition of Dediserve, the GBP4.9 million acquisition of Simple Servers, and the GBP11.8 million acquisition of Sonassi during the year hurt its profit margin.
The company in proposing a total dividend increase of 20% to 7.18 pence per share from 6.0p the year before.
Looking ahead, iomart said its trading in the new financial year has "continued in a similarly positive vein". The company believes it still has a "long runway of opportunity" and will "look to the coming year and beyond with confidence".
Chief Executive Officer Angus MacSween said: "We are delighted to report another year of excellent results, with increased revenues and profits and the completion of a number of acquisitions, augmenting the group's customer base and skill set. Trading in the new year has continued in a similarly positive vein.
"Since we embarked on our current strategy in 2007, we have successfully executed on our growth strategy, growing revenues from GBP8 million to nearly GBP100 million. We strongly believe that the market for cloud computing solutions we identified at the time presents us with as much opportunity now as it did then and that, together with additional acquisitions, will allow us to continue to execute successfully on the strategy we put in place at that time."
Shares in Iomart are down 4.3% at 378.06 pence each Tuesday.
