iomart Group reports record revenues in FY 2023
Cloud computing firm iomart Group has announced that its full-year financial results, for the full year ending 31 March, will be in line with market expectations. Historically iomart has enjoyed high levels of of recurring revenues and this has continued during the period, accounting for 92% of total revenues. The sales pipeline improvement noted in H1 resulted in a stronger order book in H2.
The Group expects to report record revenues of approximately £115m (FY22: £103m), adjusted EBITDA of c.£36.2m (FY22: £38m) and adjusted PBT of c.£14.6m (FY22: £17.1m).
The record revenue figure of £115 million was due to a return to long-term historic customer renewal levels, inflationary pricing adjustments, primarily for datacentre energy usage, plus the successful completion of the acquisition of Concepta Capital Limited in August 2022.