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Final Results for year ended 31 March 2010

2nd June 2010 · Investor News

Final Results for the year ended 31 March 2010

iomart (AIM:IOM), the managed hosting and cloud computing services company, is pleased to report its consolidated final results for the year ended 31 March 2010.

Financial Highlights

– Adjusted * EBITDA of £3.1m (2009: loss of £0.3m)

– Revenue growth of 55% to £18.3m (2009: £11.8m)

– Cashflow from operations of £3.9m (2009: £0.3m)

– Earnings per share from continuing operations of 2.12p (2009: negative earnings per share of 1.95p)

– Dividend up 33% to 0.4p per share (2009: 0.3p per share)

– Initial acquisition facility of £10m provided by Lloyds Banking Group

Operational Highlights

– Robust demand in internet usage and cloud computing ensuring high visibility of recurring revenues

– Inflexion point reached such that future sales will contribute high levels of profitability – iomart Hosting customer base more than doubled in size since March 2009

– RapidSwitch integrated into Group and operations completely migrated into own datacentre in Maidenhead

Angus MacSween, Chief Executive Officer commented,

“We are now more established, with more recognition of our presence in the market and with a growing reputation for excellent service. We are also in a fragmented and fast growing market where more and more companies are looking to outsource their web facing infrastructure to a trusted supplier. We intend to be leaders in that market.

We look forward to another exciting year of delivering significant growth and profitability.”

* Throughout this statement adjusted EBITDA for March 2010 is earnings before interest, tax, depreciation and amortisation (EBITDA) before share based payment charges and gain on reduction of deferred consideration and for March 2009 is EBITDA before share based payment charges.

CHAIRMAN’S STATEMENT

Once again I am delighted to report that iomart has enjoyed another very successful year. Focussing on our core strategic goal of becoming one of the UK’s leading managed hosting operators with owned data centres has undoubtedly driven that success.

The highlight of the year is our move into profitability especially in the face of particularly demanding economic conditions. This has been achieved following two years of investment in establishing our managed hosting operation. The move into profitability has been achieved by both continued organic growth and through the successful acquisition and integration of Rapidswitch during the year.

We remain keen to grow the company through further acquisitions and were delighted to secure a facility from our bank to finance future growth.

The success which has been achieved over the year is completely due to the dedication and commitment of the senior management team and all employees of the Group. On behalf of the Board and all shareholders I am pleased to have this opportunity to acknowledge the contribution they have all made to our achievements this year.

I indicated in my statement last year, when I advised of the re-introduction of a dividend payment, that your Board intended, depending on the underlying profitability and cash generation of the Group, to continue to pay dividends going forward. Due to our success during the year we have already declared an interim dividend of 0.4p per share which was paid to shareholders on 1 April 2010. The Board intends to continue to reward shareholders with an increasing dividend stream as profitability and liquidity grows.

Each year since I became Chairman of the Group, I have been in the fortunate position of advising you, in my statement, of the excellent progress which we have made over the year under review. Likewise, each year, as I have considered our future prospects, I have advised you of the confidence we have felt regarding our continued success. This year I can once again assure you that we are convinced that we will deliver another strong performance in the year to come.

Ian Ritchie

Chairman

1 June 2010

Click here for a full copy of the final results (PDF format)

For further information: 

iomart Group plc Tel. 0141 931 6400

Angus MacSween, Chief Executive

Richard Logan, Finance Director

KBC Peel Hunt Tel. 020 7418 8900

Richard Kauffer

Daniel Harris

ICIS Tel. 020 7651 8688

Tom Moriarty

Caroline Evans-Jones

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