Web hosting firm Iomart today said it was confident of delivering continued strong growth as it reported a 66 per cent jump in first-half profits.
The Glasgow-based group posted an adjusted pre-tax profit of £4.9 million for the six months to 30 September, up from £3m a year earlier, on revenues 29 per cent higher at £19.9m.
During the first half, Iomart shelled out £6.7m for Melbourne Server Hosting and up to £1.4m for Skymarket. Spending on investments such as those acquisitions saw the group move to a net debt position of £2.6m by the end of the period, compared with a net cash position of £3.5m a year ago. Last month the firm agreed another acquisition with a £1.5m deal to buy Internet Engineering.
Chief executive Angus MacSween said: “This has been another excellent trading period for Iomart, delivering substantial growth both organically and through successful acquisitions. Trading in the second half of the year has begun well as the trend to outsource more and more services and infrastructure into the cloud accelerates.
“We continue to invest in our skills, product sets and infrastructure to deliver an increasing range and depth of cloud services and expect to continue the growth we have recently enjoyed. We therefore look forward with confidence.”