British Cloud Services Provider iomart Group Forecasts Profit in Excess of £10 Million
British managed hosting and cloud computing services provider iomart Group plc has forecast in excess of £10 million ($US15.15 million) profit for the financial year ending 31 March 2013. The news came in a pre-close trading statement released by the company in advance of final results for the year. The forecast compares favorably against the same period in the last financial year, when the group’s profit was listed at £6.9 million ($US10.46 million). iomart Group’s Board expects the positive results to continue in the future.
“iomart continues to benefit from a compelling mix of a growing market, recurring revenues, sticky customers, good forward visibility and a leading competitive position,” explained iomart Group’s CEO, Angus MacSween. ”As a result we remain very confident of further growth in the next financial year and beyond.”
The company’s strong results stem from continued growth alongside strong acquisitions. Key to its success were strong results from iomart Hosting - the group’s web hosting brand – which won a “substantial number of contracts over the year”. In addition, increased interest in the cloud helped increase iomart’s bottom line, as did last year’s purchase of Manchester, UK-based web host, Melbourne Server Hosting. iomart Group’s Easyspace domain name and web hosting branch also contributed to the group’s growth, particularly as a result of 2 successful acquisitions - Skymarket and HostingUK.
The company will release its full year results for the period on Wednesday 29 May 2013.
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