Iomart to outstrip last year's performance as new business rises

Cloud computing firm Iomart on Monday projected that both its first-half revenues and profits will be "well ahead of the comparative period last year".

The company, which owns eight data centres around the UK, said it won good levels of new business throughout the six-month period ended 30 September as both new and existing customers opted for its private, hybrid and public cloud offerings.

Chief executive Angus MacSween said the strong performance was a reflection of the breadth of Iomart's customer base, ongoing market growth and the strength of the company's products.

The period also saw the AIM traded firm reorganise its sales and marketing structure, with the benefits of this strategy expected to start showing in the second half of the year and beyond.

"With a significant and sustainable market opportunity ahead of us, a growing sales pipeline and high levels of revenue visibility, we look to the second half of the year and beyond with confidence," said MacSween.

A statement from Iomart said that the company’s position remains "strong" as many industries and sectors are only now beginning to make the switch to cloud-based technology, giving the business a steady stream of potential customers.

Iomart’s shares were down 1.61% at 426.50p at 0852 BST.