iomart announce 37% rise in Pre-tax profits
RapidSwitch's parent company, iomart Group plc (AIM: IOM), has today announced its annual results for the year ended 31 March 2014.
iomart announced a 37% increase in pre-tax profits to £14.6m (2013: £10.7m); revenue growth of 29% to £55.6m (2013: £43.1m), with revenues from its hosting segment growing by 40% to £44.7m (2013: £32.0m); and a 43% increase in adjusted EBITDA to £23.6m (2013: £16.5m).
iomart said the increase in profitability had been driven by both by organic and acquisitive growth. It now owns and operates datacentres in eight locations throughout the UK to support the delivery of cloud solutions.
Angus MacSween, Chief Executive of iomart, said: "We continue to believe in the long term opportunity for iomart as IT spending moves towards the 'cloud', as networks and connectivity expand and mobility increases. Our vision remains to be the best in the UK at the delivery of compute, storage and network in the cloud in a seamless, efficient and scalable way."
iomart continues to invest in the tools and technologies used to deliver cloud services and has completed a £multi-million state-of-the-art extension to its datacentre in Maidenhead to meet the computing needs of the growing number of SME and enterprise level customers who are moving to the cloud.
Angus MacSween added: "To date it has mainly been the web-facing elements of infrastructure that have been outsourced to the cloud and the back-office workload continues to be handled 'on premise.' Most of this back-office infrastructure is bought in the same way as it was 15 years ago. We believe this will change and we can already see the early adopters starting to move to the cloud. This reinforces the 'dripping roast' nature of the market opportunity and as I have been saying for the last five years, it has a long, long way to go. iomart is at the forefront of this transformational shift and I expect the cloud opportunity to continue for many years to come."
The full results statement can be viewed online