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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(41,712)(44,241)
Gross Profit61,30667,642
Profit before tax12,16812,464
Total dividend for the year6.02p/ share7.10p/ share
Balance Sheet2022
Cash & cash equivalents 15,33223,038
Total assets208,337228,484
Total liabilities(89,446)(111,912)
Net assets118,891116,572


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 – 15.45%
Reece Donovan – 0.02%
Scott Cunningham – 0.05%
Ian Steele – 0.01%
Richard Masters – 0.01%
Karyn Lamont – 0.01%

Liontrust Asset Management – 16.76%
Octopus Investments – 12.60%
Lombard Odier – 6.56%
Tellworth Investments – 4.71%
Investec Wealth – 4.05%
Canaccord – 3.34%

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 Scotsman (June 2022): “Glasgow cloud computing firm Iomart ‘proactively managing’ energy inflation amid upbeat outlook”
“Releasing full-year results in line with figures flagged in April, the firm said it continued to benefit from a “robust business model” delivering strong levels of recurring revenues, amounting to 93 per cent of group revenues.”

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.

Broker Coverage

FinnCap (June 2022): Restoring stability, then growth
“While the group will likely not get credit for prospective organic growth until it actually happens, iomart has been a serial acquirer since establishing its current strategy in 2007, with a notable recent hiatus, and we expect a return to the M&A path. In the interim, we reiterate our unchanged 325p target equivalent to 9.4x FY24 EBITDA, 25.6x P/E, with a 3.7% free cash flow yield even at that level…”

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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