10 September 2020
iomart Group plc
("iomart" or the "Group" or the "Company")
iomart Group plc (AIM:IOM), the cloud computing company, announces that following over 20 years as Chief Executive Officer of iomart Group plc, Angus MacSween, has confirmed his intention to retire as CEO with effect from 1 October 2020. Reece Donovan, who joined the Company and Board as Chief Operating Officer in March 2020, as part of the Board's succession planning, will assume the role of Chief Executive Officer from that date.
Angus will remain on the Board as a Non-Executive Director for up to 12 months to oversee a smooth transition and handover to Reece.
Ian Steele, Chairman, commented:
"I'd like to thank Angus for the truly outstanding contribution he has made to the success of iomart during his 22-year tenure. Having founded the business in 1998, iomart has grown into one of the UK's largest providers of managed cloud computing services with annual revenues of over £100m and more than 400 staff. Angus has focused on developing a robust recurring revenue business model which has consistently delivered profitable growth with strong cash flow. He leaves iomart in excellent health and well positioned for the next phase of development. Reece has already made a great impression since joining in March and we look forward to him assuming the CEO role.
"On a personal level, I have enjoyed working with Angus immensely, he is an inspirational individual and I wish him the very best in his future pursuits."
Angus MacSween, Chief Executive Officer, commented:
"The appetite for cloud computing has grown considerably since we purchased our first data centres in 2007, and yet the market is still only in its infancy. Over the years, the business has navigated all kinds of challenges and events and has been able to prosper throughout. This has been due, in no small part, to the hard work of the whole iomart team since inception. I would like to thank everyone that has played a part in enabling iomart to be the great business it is today and I look forward, in my new role, to helping Reece continue drive the Company forward."
Reece Donovan, Chief Executive Officer designate, added:
"Having spent the last six months getting to know the business, its people and customers, I am delighted to take on the role of Chief Executive of iomart. Angus and the team have built a strong position in the growing cloud computing market, with a reputation for consistent delivery and I look forward to working with Scott and the full iomart team to deliver upon the opportunity ahead."
iomart will publish its normal pre close trading update for the six months ending 30 September 2020 on 1 October 2020.
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 Joint Broker)
Tel: 020 7418 8900
Investec Bank PLC (Joint Broker)
Tel: 020 7597 4000
Tel: 020 3405 0212
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