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LONDON (Alliance News) - Iomart Group PLC said Wednesday that it expects to post a rise in pretax profit and earnings before exceptional costs in line with market expectations for its recently-ended financial year.
The cloud computing firm expects to post earnings before interest, tax, depreciation, amortisation, share based payment charges and acquisition costs of around GBP29.0 million for the year to end-March, up fromh GBP23.6 million a year before. It expects to post a pretax profit before share based payment charges, amortisation, acquisition costs and adjustments on interest swap arrangements of GBP16.6 million, up from GBP14.6 million.
Consensus forecasts from six analysts provided by Morningstar show analysts expect Iomart to post an adjusted pretax profit of GBP16.69 million for the year.
Iomart said it had delivered solid organic growth during the year, combined with good performances from businesses it acquired. Its hosting business continued to win new business, benefiting from the growing adoption of cloud services by businesses.
"iomart has delivered another solid year of growth. The long term opportunity remains very real and iomart is well positioned to take advantage of growth in the cloud," said Chief Executive Officer Angus MacSween in a statement.
Shares in Iomart are trading down 0.1% at 204.25 pence Wednesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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