Scottish Cloud Provider iomart Reports Significant Increase in Annual Revenues
April 1, 2019
Scottish cloud provider iomart Group plc (iomart) has reported a significant increase in its annual revenues. iomart, which has headquarters in Glasgow, Scotland, United Kingdom, is one of Europe’s leading cloud companies. Its services include private clouds, data center services, colocation, hybrid clouds, and domain registration. iomart’s services also extend to managed public cloud services that leverage Amazon Web Services (AWS) and Microsoft’s Azure platforms. Established in 1998, iomart operates eight ISO accredited data centers across the United Kingdom. The company has seen its income this year reach beyond the £100 million ($130 million) barrier.
iomart stated in a recent trading update that it expects income of around £104 million ($136 million), well ahead of last year’s figures of £97.7 million ($127.88 million). Before tax profit was up £12.4 million ($16.24 million), an increase of 7% on the same time last year. The last 12 months have seen the company involved in a marketing effort that was successful in stimulating sales. iomart saw the benefits of this in the second half of the financial year which ended March 31, 2019. The company believes these figures reflect the opportunities available in the UK’s cloud sector and are encouraging despite national concerns over the United Kingdom leaving the European Union (Brexit).
“iomart has delivered yet another year of growth with strong profitability and cash flow underpinned by our recurring revenue business model, diverse customer base and attractive market position,” stated iomart’s CEO Angus MacSween. “The Group's large and building sales pipeline, combined with high levels of visibility and a significant market opportunity, leaves the Board very confident in the outlook for the new financial year, as well as the long term prospects for the Group.”
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