Iomart Group PLC Trading Update (7017P)
11 Octubre 2023 - 1:00AM
UK Regulatory
TIDMIOM
RNS Number : 7017P
Iomart Group PLC
11 October 2023
11 October 2023
iomart Group plc
("iomart" or the "Group" or the "Company")
Trading Update
iomart Group plc (AIM:IOM), the cloud computing company, today
provides a trading update for the six months ended 30 September
2023, ahead of the announcement of its half year results expected
to be released in early December 2023.
Group trading performance
iomart has seen a period of continued momentum in the execution
of its growth strategy. The Board anticipates reporting revenue
growth of approximately 18% for the six months to GBP62.0m (H1
FY22: GBP52.6m), with adjusted EBITDA (1) up 4% at approximately
GBP18.5m (H1 FY22: GBP17.8m). Given the bank interest rate
increases since last year, the adjusted profit before tax (2) is
expected to see a more modest increase, to approximately GBP7.5m
(H1 FY22: GBP7.4m). These results reflect a similar business mix as
outlined in the full year results to 31 March 2023, and a GBP6.5m
approximate revenue contribution from the two latest
acquisitions.
The Group's cash generation from trading continues to be strong
and consistent with past performance. Net debt increased, as
expected, to approximately GBP49.0m at 30 September 2023 (31 March
2023: GBP39.8m) following the acquisition on 31 May 2023 of
Extrinsica Global Limited, the Microsoft Azure Cloud solutions
provider, plus the GBP4.0m earn-out payment associated with the
August 2022 Concepta Capital Limited acquisition.
As announced on 18 September 2023, Lucy Dimes has now assumed
the role of CEO following the departure of Reece Donovan.
Outlook
The positive trading performance is a reflection of the strength
of the Group's cloud capabilities and business model, the breadth
of its customer base and the ongoing growth of the cloud market.
The recent acquisitions have enhanced the Group's routes to market
and depth of skills, improving the customer proposition to ensure
iomart and its customers can take full advantage of the broader
hybrid cloud market opportunity. The Board remains confident in the
outlook for the long-term prospects for the Group.
Lucy Dimes, CEO and Chair of iomart Group plc, commented:
"This has been a solid first half of the financial year, seeing
growth in both revenue and profitability. Since assuming the role
of CEO in the last few weeks, I have been impressed by the
knowledge and skills of our team, range of service offering and
diversity of our customer base. These are powerful building blocks
for us to take iomart forward with confidence."
(1) adjusted EBITDA means earnings before interest, tax,
depreciation, amortisation, share based payment charges, gains or
losses on revaluation of contingent consideration, acquisition
related costs and non-recurring items.
(2) adjusted profit before tax means profits before, tax, share
based payment charges, amortisation of acquired intangibles, gains
or losses on revaluation of contingent consideration, acquisition
related costs and non-recurring items.
For further information:
iomart Group plc Tel: 0141
931 6400
Lucy Dimes, Chief Executive Officer and Chair
Scott Cunningham, Chief Financial Officer
Investec Bank PLC (Nominated Adviser and Broker) Tel: 020 7597
4000
Patrick Robb, Virginia Bull, Nick Prowting
Alma Tel: 020 3405
0205
Caroline Forde, Hilary Buchanan, Joe Pederzolli
About iomart Group plc
iomart Group plc (AIM: IOM) is a cloud computing and IT managed
services business providing hybrid cloud infrastructure, network
connectivity, security, and digital workplace capability. Our
mission is simple: to make our customers unstoppable by enabling
them to connect, secure and scale anywhere, anytime. From our
portfolio of data centres we own and operate across the UK to
connected sites around the world, our 480-strong team can design
and deploy the right cloud solution for our customers.
For further information about the Group, please visit www.iomart.com
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END
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