LONDON (Alliance News) - Iomart Group PLC, a cloud computing company, on Wednesday reported higher first-half pretax profit, and said it is well positioned in its chosen market.
The Glasgow, Scotland-based company's results come one day after the acquisition of United Communications Ltd, a provider of managed, dedicated and shared hosting services and domains, for up to GBP11.0 million.
Pretax profit grew to GBP5.7 million in the six months ended September 30, from GBP5.5 million the corresponding half the prior year, as revenue rose to GBP36.4 million from GBP31.5 million.
"This has been another good trading period for the group, driven by both organic and acquisitive growth," Chief Executive Angus MacSween said in a statement.
"The cloud market landscape that we occupy continues to evolve and with that, the long term recurring revenue opportunities for Iomart. We are well established as a major player in providing the flexible cloud solutions that businesses require, whether that be the private cloud, public or hybrid cloud spheres, and we are investing in expanding our teams of highly skilled staff to help our customers navigate and deploy a wider choice of solutions," MacSween said.
Shares in Iomart were down 13% at 260.00 pence on Wednesday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Iomart (IOM)