iomart Group: Final Results

13th June 2017 | iomart Group plc

iomart (AIM:IOM), the cloud computing company, is pleased to report its consolidated final results for the year ended 31 March 2017.

FINANCIAL HIGHLIGHTS

  • Revenue growth of 17% to £89.6m (2016: £76.3m)
    • Cloud Services segment organic revenue growth of 10% (2016: 9%)
  • Adjusted EBITDA1 growth of 13% to £36.6m (2016: £32.3m)
  • Adjusted profit before tax growth2 of 18% to £22.4m (2016: £19.0m)
  • Adjusted diluted earnings per share3 from operations increased by 18% to 16.99p (2016: 14.44p)
  • Cashflow from operations increased by 22% to £37.8m (2016: £30.9m)
  • Adjusted profit before tax2 margins maintained at 25% (2016: 25%)
  • Proposed final dividend increased by 90% to 6.00p per share (2016: 3.15p per share)

OPERATIONAL HIGHLIGHTS

  • Acquisition of Cristie Data during the year for a net consideration of £0.7m
  • Acquisition of Dediserve post year end for a consideration of €7.9m
  • Further investment in skills and accreditations to support broadening service offering
  • Strengthened relationships with Hypercloud vendors

Statutory Equivalents

The above highlights are based on adjusted results. A full reconciliation between adjusted and statutory results is contained within this statement. The statutory equivalents of the above results are as follows:

  • Profit before tax growth of 13% to £14.7m (2016: £13.0m)
  • Basic earnings per share from operations increased by 9% to 11.27p (2016: 10.32p)

1 Throughout this statement adjusted EBITDA is earnings before interest, tax, depreciation and amortisation (EBITDA) before share based payment charges, acquisition costs and in the previous year gain on revaluation of contingent consideration. Throughout this statement acquisition costs are defined as acquisition related costs and non-recurring acquisition integration costs.

2 Throughout this statement adjusted profit before tax is profit before tax, amortisation charges on acquired intangible assets, shared based payment charges, mark to mark adjustments in respect of interest rate swaps, acquisition costs, interest on contingent consideration due and in the previous year gain on revaluation of contingent consideration and the accelerated write off of arrangement fees on the bank borrowing facility which was restructured during that year.

3 Throughout this statement adjusted earnings per share is earnings per share before amortisation charges on acquired intangible assets, shared based payment charges, mark to mark adjustments in respect of interest rate swaps, acquisition costs, interest on contingent consideration due, and in the previous year gain on revaluation of contingent consideration and the accelerated write off of arrangement fees on the bank borrowing facility which was restructured during that year, including the taxation effect of these.

Angus MacSween, CEO commented:

“This has been another year of strong growth and trading since the year end remains good.

“The long term opportunity and runway for success remains large and long. iomart remains well positioned to take advantage of that opportunity and to deliver further significant growth.

“I look forward, once again, with confidence to the year ahead.”

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