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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)


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 – 15.78%
Scott Cunningham – 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 (Apr 2020) “Built to play defence.”
“Iomart flew under the radar during the bull market, but now has close to ideal credentials for this much tougher environment in our view. These include >85% of contractually recurring revenues focused on ‘keep-the-lights-on’ spend, no customer >1% of revenue, a bias towards complex hosting, plus a historically steady growth profile in dedicated server, and stable ARPU / churn metrics. In the longer term, higher levels of remote working and distributed communication are only likely to drive further cloud adoption.”

Peel Hunt (House Broker – Apr 2020)
“…The implied c.9% organic growth in H2 (vs 3% in H1) validates its new sales regime. In our view, this 9% run-rate will take a pause during FY21E as customers try to navigate the Covid-19 fallout… With a strong balance sheet that has £30m headroom (to 2x net debt to EBITDA), webelieve iomart will emerge in a position of strength in FY22E.”

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