Cloud computing firm Iomart reports Surge in Profits
Glasgow-based cloud storage company Iomart reported a 29% increase in profits in March, taking their revenue to £55.6m, with its hosting business growing by 40% to £44.7m.
Iomart, who provide infrastructure, computing and cloud services off that infrastructure, said it was well placed to deliver a wider range of cloud services to its customer base, after they increased their European footprint and dedicated server expertise by buying Hampshire-based Redstation for a maximum consideration of £8.1m.
The company also acquired a major presence in the cloud backup and disaster recovery market through the acquisition of Backup Technology Holdings for £23m.The company also confirmed it had completed the fit-out of about 600 racks of data centre space in Maidenhead, Berkshire. Iomart now owns and operates data storage centres in eight locations throughout the UK, including Glasgow, London, Manchester and Nottingham.
Chief executive Angus MacSween 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.” The company has enjoyed steady profits for the last few years, but said that these recent figures were ‘slightly above expectations.’