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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


Reece Donovan (COO): 23 years’ tech and telecoms experience

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

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

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


Gross Revenue
Cost of Sales(44,241)(44,093)
Gross Profit67,64268,488
Profit before tax12,46416,784
Total dividend for the year7.10p/ share6.53p/ share
Balance Sheet 2020
Cash & cash equivalents 23,03815,497
Total assets228,484224,948
Total liabilities111,912(112,954)
Net assets116,572111,994


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 – 15.50%
Reece Donovan – 0.02%
Scott Cunningham – 0.01%
Ian Steele – 0.01%
Richard Masters – 0.01%

Liontrust Asset Management – 16.67%
Octopus Investments – 15.01%
Investec Wealth – 5.77%
Canaccord – 5.03%
interactive investor – 2.39%

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

Investors Chronicle (Jun 2021):“A recurring theme for Iomart.”
“Despite being in line with its April trading update, Iomart’s (IOM) modest sales decline and a 16 per cent fall in operating profit in the year to 31 March were never likely to play well with the market. But the full-year figures demonstrate why we have previously highlighted solid levels of cash conversion and recurring revenues as the mainstays of the investment case.

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.”

Broker Coverage

FinnCap (June 2021)
“The post year end CMD introduced the strategic vision for growth under new CEO Reece Donovan, with a “one iomart” policy to progressively unify brands, enable cross sales, and continue to add capabilities, with an ultimate target of £200m revenue within five years, at 30% EBITDA margin. The strong (90%) visibility and earnings quality remain underappreciated, and board bullishness is reiterated with the dividend 9% ahead of our forecasts. With net debt at 0.7x EBITDA, there is balance sheet capacity for investment and delivery of organic and acquired growth as the new strategy targets increased capabilities, to deliver broader opportunities, for greater share of wallet, from more customers.”

Investec (Sep 2021 – House Broker)
“Interim update data suggests recurring revenue decline of c.3%-4% due to higher churn, alongside a drop in non-recurring revenues. However, profitability was protected and cashflow was strong. With the new CEO’s strategy set to deliver in out-years…”

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