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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

Investors Chronicle (Nov 2019):“iomart reaching for organic growth.”
“Iomart (IOM) has been investing in its sales team to fuel organic growth. The cloud-computing group said in its half-year results that it has ploughed in more than £1m (on an annualised basis) to fund the mission. Management notes that there has been a “complete refresh”; around two-thirds of the sales people who were with the company 18 months ago no longer work there.”

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

Investec (Nov 2019) “Organic engine starting to fire.”
“New business acquisition and order intake are showing encouraging signs and H1 data suggests that Cloud Services could exit FY20 at a high single digit organic growth rate, ahead of plan. Cashflow is also a particular highlight with strong headline improvement y-o-y. A combination of higher IFRS interest cost, gross margin mix and S&M investment drives a c.5% FY20E EPS downgrade, but H1 should mark the trough and momentum now pick up. The shares look significantly undervalued here….”

Peel Hunt (House Broker – Nov 2019) “Continued execution.”
“IOM has always been a high-margin, largely recurring revenue business. It has also deployed capital to acquire accretive growth, while benefiting organically from market growth. With the latter being somewhat weak of late, IOM took steps (c£1m annualised investment) to renew and strengthen its sales engine around a new Sales Director. In this set of results, we are starting to be teased by the results of those actions.”

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