iomart Group plc (AIM:IOM), the cloud computing company, is pleased to provide its pre-close trading statement for the year ending 31 March 2014 ahead of the announcement of its full year results.
Group Trading Performance
The Board is delighted to report that iomart has achieved a very strong set of results.
For the year to 31 March 2014, the Group expects to show adjusted EBITDA(1) of approximately £23.6 million (FY2013: £16.4 million) and adjusted(2) profit before tax of around £14.5 million (FY2013: £10.6 million) both slightly ahead of market consensus expectations.
Over the period, the Group has delivered strong organic growth combined with good performances from its acquired businesses, and the Board anticipates these dual drivers of growth continuing in the future.
The Hosting segment has continued to win a substantial amount of new business over the year, as the Group continues to benefit from the growing adoption of cloud services by organisations that need a strong partner with the necessary infrastructure to provide the certainty, scalability and flexibility they are looking for. Hosting also benefitted from the contribution of Redstation, and Backup Technology, the cloud backup business, both of which were acquired in September 2013. Both businesses have been successfully integrated into the Group.
Easyspace has performed in line with expectations over the year.
Notice of Results
The Group expects to report its full year results for the year ending 31 March 2014 on Wednesday 28 May 2014.
Angus MacSween, CEO of iomart Group plc, stated:
“iomart has enjoyed another year of good organic growth, buoyed further by our recent acquisitions. There is no doubt that we are seeing a long term shift towards a cloud dominated technology landscape, and we are well positioned to take advantage of that.”
(1)adjusted EBITDA means earnings before interest, tax, depreciation, amortisation, share based payment charges, and acquisition related costs.
(2)adjusted profit before tax means profits before, tax, share based payment charges, amortisation of acquired intangibles, acquisition related costs, mark to market adjustments in respect of interest swap arrangements and the accelerated write off of arrangement fees on the bank borrowing facility which was repaid early in the period.Subscribe to RSS Feed