Iomart expects performance to improve after swing to interim loss

(Alliance News) - Iomart Group PLC on Wednesday said it expects to report full year figures in line with the current market expectations, as it posted an interim adjusted pretax loss that was worse than it had anticipated.

The Glasgow, Scotland-based cloud computing and IT-managed services provider said it swung to a pretax loss of GBP6.5 million in the six months to September 30, from a profit of GBP1.0 million a year prior.

Adjusted pretax loss was GBP2.5 million, worse than the GBP2.3 million the company had guided for in late October, and compared to an adjusted pretax profit of GBP4.3 million a year ago. The latest figure was impacted by higher interest costs related to the Atech acquisition, as well as lower earnings before interest, tax, depreciation and amortisation, Iomart said.

Revenue jumped 25% to GBP77.7 million from GBP62.0 million, confirming figures Iomart had reported in late October.

Revenue in the most recent half-year includes GBP21.7 million from the Atech acquisition, which completed in October 2024.

The company highlighted that Microsoft-connected services now represent about 30% of group services, compared to just 7% a year prior. This reflected "successful strategic repositioning", Iomart said.

Net debt as at September 30 ballooned on-year to GBP109.6 million from GBP48.1 million.

Looking ahead, Iomart said it expects an improved performance in the second financial half, with the full year within the range of current market expectations.

Iomart shares fell 3.1% to 25.00 pence each on Wednesday afternoon in London.

By Tom Budszus, Alliance News slot editor

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