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iomart Group Plc half yearly results for the period ended 30th September 2018

4th December 2018 · Investor News

iomart (AIM:IOM), the cloud computing company, is pleased to report its consolidated half yearly results for the period ended 30 September 2018.

 

FINANCIAL HIGHLIGHTS

  • Revenue growth of 8% to £50.9m (H1 2018: £47.0m)
  • Adjusted EBITDA¹ growth of 10% to £21.1m (H1 2018: £19.2m)
  • Adjusted profit before tax² growth of 7% to £12.4m (H1 2018: £11.6m)
  • Adjusted diluted earnings per share³ increased by 6% to 9.23p (H1 2018: 8.71p)
  • Period end net debt of £33.6m, less than one times annualised EBITDA
  • Interim dividend of 2.45p per share (H1 2018: £2.25p)

OPERATIONAL HIGHLIGHTS

  • Substantial growth in sales pipeline due to re-structuring of our sales and marketing activities
  • Continued investment in cloud hosting products and services to allow us to deliver all elements of a hybrid environment
  • Strong focus on efficiency and customer service which ensures market leading profitability
  • Further expansion of our UK datacentre resources and points of presence across the globe
  • Acquisition of Bytemark, a managed hosting business in York, for total consideration of £4.9m

Statutory Equivalents

 

The above highlights are based on adjusted results. A full reconciliation between adjusted and statutory results is contained within this statement. The largest variance within the adjustments relates to a net increase in the contingent consideration on 2017 acquisitions, as performance was ahead of expectations within a range of earnings which had a high multiple factor under a ratchet mechanism. Accounting standards require the £1.4m additional consideration to be recorded as a loss within the profit before tax, with no such sum in the prior period comparative. The statutory equivalents of the above results are as follows:

  • Profit before tax of £7.3m (H1 2018: £7.8m)
  • Basic earnings per share of 5.48p (H1 2018: 5.85p)

Angus MacSween, CEO commented, “iomart’s continued strong trading performance is a reflection of the strength of our cloud capabilities and business model, the breadth of our customer base and the ongoing growth of the cloud market. We help companies at all stages of their journey, with a wide portfolio of managed cloud services, which makes us confident about the significant and sustainable market opportunity ahead.

The high levels of visibility within our recurring revenue business model and strong cost control provides stability to our trading performance for the second half of the year, ensuring the full year should deliver a similar overall year on year progression as we have reported in the first half. We remain very confident in the Group’s long term prospects.”

Download the full statement.

 

For further information:

 

iomart Group plc          Tel: 0141 931 6400
Angus MacSween, Chief Executive Officer            
Scott Cunningham, Chief Financial Officer
Peel Hunt LLP

(Nominated Adviser and Broker)

Tel: 020 7418 8900

 

Edward Knight

Nick Prowting

Alma PR Tel: 020 3405 0212
Caroline Forde
Helena Bogle

 

About iomart Group plc

 

For over 20 years iomart Group plc (AIM:IOM) has been helping growing organisations to maximise the flexibility, cost effectiveness and scalability of the cloud. From data centres we own and operate in the U.K., and from connected facilities across the globe, we deliver 24/7 storage and protection for data across the most complex of cloud and legacy infrastructures. Our team of over 400 dedicated staff work with our customers at the strategy stage through to delivery and ongoing management, to implement the secure cloud solutions that deliver to their business requirements.

 

For further information about the Group, please visit www.iomart.com

 

 

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