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iomart Group Interim Results Announcement

16th November 2006 · Investor News

iomart group profits as demand for internet security rises

Glasgow based software and web-services business, presents its consolidated interim results for the six month period ended 30 September 2006.

Highlights:

• Total turnover at £13.9m up by 26.7%

• Netintelligence sales orders growing rapidly and now running at c.£200k per month

• Gross Margin maintained at 82%

• Operating profit at £1.6m up 13.7%

• Pre-tax profit at £1.5m up 11.7%

• Basic earnings per share unchanged at 1.75p (fully diluted up 1.2% at 1.71p)

Nick Kuenssberg, Non-executive chairman, commented, “These results show continuing substantial revenue growth. Sales in the first half at both Ufindus and Easyspace have contributed as planned. The new business model for Netintelligence, sold as a ‘Software as a Service’ (SaaS) product, has now gained real momentum and gives us confidence for the future. In the coming months, we plan to invest further in promoting the growth of Netintelligence, underpinning Ufindus processes and generating additional Easyspace revenue.”

Angus MacSween, CEO, commented: “Netintelligence, which is a pure “Software as a Service” (SaaS) product, delivering end point security and control is now performing well. Sales orders have grown quickly giving us confidence that Netintelligence, which has a relatively fixed cost base, will produce significant future profits. Netintelligence is now delivering consistent month on month growth, with a significant deferred revenue line giving good visibility of future earnings.”

Angus MacSween added: “Monthly orders, which continue to grow rapidly, are now running at around £200k per month. We have recently concluded deals with BT to provide services to the customers of its wholesale managed broadband service, The Carphone Warehouse and launched a home security version of the product in the US under the brand name Safekeeper.”

Commenting on the future group’s future prospects, MacSween stated:” We believe that our overall strategic positioning of providing web based services “in the cloud” has left all three of our lines of business – Ufindus, Easyspace & Netintelligence – ideally positioned to take full advantage of the continuing growth opportunities that undoubtedly exist. In particular we believe our perseverance with Netintelligence is proving to be fully justified. The opportunities that exist for our current product are many including the enormous potential in the US market into which we have already taken our first exploratory steps.”

A copy of the full interim results can be found here >>

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