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Profits at iomart group rise by 618%


Article Type: News          Published: 05-2011         Views: 1208   

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iomart Group, the managed hosting and cloud computing services company, has announced a very healthy 618% rise in profit before tax.

The company's financial results for the year ended 31 March 2011 showed profit before tax rose to £2.8m (2010: £0.4m, before gain reduction in deferred consideration of £0.9m). iomart Group's revenue also showed a big increase, up 38% to £25.3m, from £18.3m in the previous financial year.

The majority of growth announced by the Glasgow-headquartered company came from its hosting operations, which generated revenue of £17.7m, a rise of 61% from £11.0m in 2010. This figure includes revenues from the acquisition in November 2010 of Titan Internet for £4.2m. Even taking into account this purchase, hosting revenue still jumped by 47%, with many customers looking specifically for cloud-based and enterprise hosting solutions.

Angus MacSween, CEO of iomart Group, commented: "Cloud computing has become something of a buzzword, with many companies adding the 'cloud' tag to everything they do, without backing it up with reliable delivery mechanisms. At iomart, we have built our technologies from the ground up specifically to be delivered via the cloud. As a result, we are becoming recognised as an authority on the provision of cloud-hosting solutions, and are well positioned to take advantage as the market evolves and people look for reliable vendors."

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