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Half Yearly Results for the period ended 30 September 2015.

2nd December 2015 · Investor News

iomart (AIM:IOM), the cloud computing company, is pleased to report its consolidated half yearly results for the period ended 30 September 2015.

FINANCIAL HIGHLIGHTS

· Revenue growth of 16% to £36.4m (H1 2015: £31.5m)
– Hosting organic growth of 10% (H1 2015: 8%)
· Adjusted EBITDA(1) growth of 11% to £15.5m (H1 2015: £14.0m)
· Adjusted profit before tax(2) growth of 8% to £8.7m (H1 2015: £8.0m)
· Adjusted diluted earnings per share(3) from operations increased by 11% to 6.75p (H1 2015: 6.09p)

OPERATIONAL HIGHLIGHTS

· Acquisition of SystemsUp for an expected maximum consideration of £10m
· Acquisition of United Hosting after the period end for a maximum consideration of £11m
· Significantly increased capability in Hybrid and Public Cloud
· Investment in senior resources to provide platform for future growth

Statutory Equivalents

The above highlights are based on adjusted results. A full reconciliation between adjusted and statutory results is contained within this statement. The statutory equivalents of the above results are as follows:

· Profit before tax growth of 3% to £5.7m (H1 2015: £5.5m)
· Basic earnings per share from operations increased by 8% to 4.57p (H1 2015: 4.25p)

Angus MacSween, CEO commented, “This has been another good trading period for the Group, driven by both organic and acquisitive growth.”

“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. We believe we are well positioned in the market and remain confident in the Group’s growth prospects.”

1 Throughout this statement adjusted EBITDA is earnings before interest, tax, depreciation and amortisation (EBITDA) before share based payment charges and acquisition costs. Throughout this statement acquisition costs are defined as acquisition related costs and non-recurring acquisition integration costs.
2 Throughout this statement adjusted profit before tax is profit before tax, amortisation charges on acquired intangible assets, share based payment charges, mark to market adjustments in respect of interest rate swaps, acquisition costs and the accelerated write off of arrangement fees on the bank borrowing facility which was restructured during the period.
3 Throughout this statement adjusted earnings per share is earnings per share before amortisation charges on acquired intangible
assets, share based payment charges, mark to market adjustments in respect of interest rate swaps, acquisition costs and the accelerated write off of arrangement fees on the bank borrowing facility which was restructured during the period including the taxation effect of these.

The full RNS can be downloaded from this link as a PDF file  iomart_group-plc_interim_report_sept_2015_issued_021215
For further information:

iomart Group plc
Tel: 0141 931 6400
Angus MacSween
Richard Logan

Peel Hunt LLP
(Nominated Adviser and Broker)
Tel: 020 7418 8900
Richard Kauffer
Euan Brown

Alma PR
Tel: 020 7796 9085
Caroline Forde
Hilary Buchanan

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