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iomart Group PLC (AIM:IOM) enables businesses and organisations to operate their online data and IT environments safely and securely.

Headquartered in Glasgow, Scotland, iomart partners with leading vendors such as VMware, Amazon, EMC, Microsoft, Asigra, Arbor and Dell to offer customers a centrally managed, controlled and completely agnostic set of hybrid, private and public cloud platforms.

By owning a global network and datacentre infrastructure, iomart can support any customer who wishes to move seamlessly between any and all of these platforms with a consultative level of knowledge and expertise, delivering cloud services to meet exact business needs.

Their website is available at


Angus MacSween (CEO): Founded iomart in ’98. Received Glenfiddich Spirit of Scotland Business Award in’04.

Ian Steele (Chairman): 16 years at Deloitte. NED of STV Group plc and Killinchy Aerospace Holdings Limited

Scott Cunningham (FD): 25 yrs accounting experience. Ex FD AIM listed InterBulk Group plc . Ex Group Financial Controller for Clyde Bergemann Power Group

Andy McDonald (Co Sec), Richard Masters (NED), Karyn Lamont (NED)


Gross Revenue
Cost of Sales(36,965)(34,785)
Gross Profit66,74463,109
Profit for the year12,87712,378
Total dividend for the year7.46p/ share7.18p/ share
Balance Sheet2019
Cash & cash equivalents 10,0699,495
Total assets191,021174,212
Total liabilities(86,624)(75,740)
Net assets104,39798,472


Peer Group

Redcentric (AIM:RCN)
A UK IT managed services provider

Cloud based customer service solutions

Servelec Group Plc (AIM:SERV)
Software services to the healthcare sector

Specialists in software quality


Angus MacSween – 15.78%
Scott Cunninghan – 0.004%

Liontrust Asset Management – 16.52%
Octopus Investments – 14.05%
Investec Wealth – 5.30%
Noble Grossart Inv’t – 3.06%
Lombard Odier – 2.16%

Macro Indicators

“Gartner estimates the cloud market will grow to some $317bn by 2022 (16.9% CAGR). What is more interesting is Gartner’s estimate that the need for multi-cloud/hybrid-cloud will grow from c30% today to >75% by 2022, making the existence of the likes of iomart a necessity alongside public cloud giants such as Amazon.” Peel Hunt Note (Dec 2018)

“Internet of things grows to $19 trillion.” Washington Post (Jan 2014)

Media Coverage

The Times (June 2019): “Bigger deals are on the agenda at iomart”
“Iomart is looking for acquisitions after increasing its dividend for a tenth year in a row. Revenue at the IT and cloud computing group rose by 6 per cent to £103.7 million in the year to April. Pre-tax profit rose 9 per cent to £16.2 million and the dividend was lifted 4 per cent to 7.46p a share.”

Investors Chronicle (Dec 2018):“iomart’s sales build on restructuring.”
“There was much to satisfy investors within iomart’s Half Year Results to September. Even though statutory earnings were down on the 2017 Half Year this simply reflects accounting treatment.”

Broker Coverage

Investec (Sep 2019) “Heading for cloud nine.”
“We see iomart as a case of defensive quality, with attractive revenue base,, margin and cashflow characteristics, and an ability to withstand a tougher business/ macro environment…Valuation looks anomalously low versus the wider sector and peer group multiples, and the supposed public cloud threat has not materialised.”

Peel Hunt (House Broker – Dec 2018) “Setting the stage for organic acceleration.”
“… iomart is making substantial changes to its sales and marketing effort during the period. We expect benefits of these changes to shine through in the coming periods. In fact, the group is already flagging “substantial growth” in its sales pipeline.”

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