iomart (AIM:IOM), the cloud computing company, is pleased to report its consolidated half yearly results for the period ended 30 September 2014.
• Revenue growth of 28% to £31.5m (H1 2014: £24.6m)
• Adjusted EBITDA1 growth of 44% to £14.0m (H1 2014: £9.8m)
• Adjusted profit before tax2 growth of 27% to £8.0m (H1 2014: £6.3m)
• Adjusted basic earnings per share3 from operations increased by 26% to 6.15p (H1 2014: 4.89p)
• Cashflow from operations increased by 49% to £13.5m (H1 2014: £9.1m)
• Cashflow from operations 96% of adjusted EBITDA1 (H1 2014: 93%)
• Adjusted EBITDA1 margins increased to 44% (H1 2014: 40%)
• Development of relationships with strategic Tier 1 providers such as Microsoft, EMC and Dell
• Creation of cloud infrastructure and backup operation in the USA
• Acquisition of ServerSpace after end of period for a maximum consideration of £4.25m
The above highlights are based on adjusted results. A full reconciliation between adjusted and statutory results is contained within this statement. The statutory equivalents of the above results are as follows:
• Profit before tax growth of 26% to £5.5m (H1 2014: £4.4m)
• Basic earnings per share from operations increased by 25% to 4.25p (H1 2014: 3.39p)
Angus MacSween, CEO commented,
“We have demonstrated a further strong performance as we continue to benefit from last year’s acquisitions of Redstation and Backup Technology, and we have made a good start to the second half of the year.
The market opportunity remains large and long term and, in a fast moving and ever evolving industry we have the skills and experience to continue to perform well. Our focus going forward is on continuing to deepen our relationships with the large Tier 1 vendors and their growing trust in our abilities gives me confidence for iomart’ s prospects in the years ahead.”
1 Throughout this statement adjusted EBITDA is earnings before interest, tax, depreciation and amortisation (EBITDA) before share based payment charges and acquisition costs. Throughout this statement acquisition costs are defined as acquisition related costs and non-recurring acquisition integration costs.
2 Throughout this statement adjusted profit before tax is profit before tax, amortisation charges on acquired intangible assets, share based payment charges, mark to mark adjustments in respect of interest rate swaps, acquisition costs and in the prior year the accelerated write off of arrangement fees on the bank borrowing facility which was repaid early.
3 Throughout this statement adjusted earnings per share is earnings per share before amortisation charges on acquired intangible
assets, share based payment charges, mark to market adjustments in respect of interest rate swaps, acquisition costs and in the prior year the accelerated write off of arrangement fees on the bank borrowing facility which was repaid early including the taxation effect of these.
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