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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


  • Lucy Dimes (CEO): Director at Babcock International Group plc, previously on board of Berendsen plc
  • 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.
  • NED’s: Adrian Chamberlain, Dr Annette Nabavi, Karyn Lamont, Andrew Taylor


P&L31 March 2022
31 March 2022
Gross Revenue
Cost of Sales(52,080)(41,712)
Gross Profit63,55861,306
Profit before tax8,50212,168
Total dividend for the year5.44p/ share6.02p/ share
Balance Sheet31 March 2022
31 March 2022
Cash & cash equivalents 13,81815,332
Total assets218,676208,337
Total liabilities(98,120)(89,446)
Net assets120,556118,891


Media Coverage

Investors Chronicle (Jun 2023):“Iomart’s cash generation comes cheap”
“iomart Group (US:IOM) is currently switching its focus from self-managed infrastructure to cloud managed services; the problem with this shift is that self-managed infrastructure (SMI) is higher margin: in that business, as the name implies, customers are responsible for upkeep, which means fewer costs for Iomart.”


Angus MacSween – 15.46%
Lucy Dimes – 0.55%
Scott Cunningham – 0.12%
Karyn Lamont – 0.01%

Liontrust Asset Management – 13.40%
Gresham House – 12.78%
Lombard Odier – 11.04%
Octopus Investments – 10.55%
Investec Wealth – 5.55%
Rathbones – 5.42%
Tellworth Investments – 4.88%
Canaccord – 3.45%
Noble Grossart – 1.66%

Cavendish (Oct 2023): Trading on track

After a steady set of prelims in June, which demonstrated cost control and a focus on extending growth and capabilities, the trading update continues to deliver the focus on growth. The group has delivered 18% revenue growth to £62.0m (1H23: £52.6m), including £6.5m from the latest two acquisitions, representing 48% of our unchanged forecasts; and EBITDA of £18.5m, which grew 4% in line with margin pressure evident since 2H23, also delivered 48% of expectations. Net debt, expressed by the company inclusive of IFRS16 gross liabilities, accommodated £9.7m of deferred consideration and acquisition payments and £3.6m of dividend payments, settling at £49m (FY23: £39.8m), which we estimate to be c£29.8m of bank net debt in peer group context – equivalent to 0.8x net debt/EBITDA (0.9x when using EBITDA less lease payments) and allowing plenty of headroom for further acquisitions. Extrinsica was acquired in June, adding Microsoft Azure capabilities that extend the TAM of opportunities open to the group, and we would be unsurprised by the addition of further acquisitions in Microsoft and/or cyber expertise. The group has a £100m debt facility to 2026. iomart’s refreshed and embedded sales team remains focused on looking up, with downgrades now a thing of the past (the last was October 2022), and the opportunity in recurring revenue and growth is attractive. T

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