26th Mar 2014 10:12
LONDON (Alliance News) - Iomart Group PLC said Wednesday that it expects to see adjusted earnings before interest, tax, depreciation and amortisation and adjusted pretax profit slightly ahead of consensus expectations for the year ending March 31.
Iomart said it expected to post adjusted EBITDA of around GBP23.6 million, ahead of GBP16.4 million in the previous year, and adjusted pretax profit of around GBP14.5 million, up from GBP10.6 million.
The cloud computing company said it had seen strong organic growth during the period, combined with good performances from its acquired businesses.
It continued to win new contracts in its Hosting segment, as organisations continued to adopt cloud services, and boosted by Iomart's acquisitions of Redstation Ltd and Backup Technology Ltd in September 2013.
Iomart expects to release its results May 28.
"There is no doubt that we are seeing a long-term shift towards a cloud-dominated technology landscape, and we are well positioned to take advantage of that," said Chief Executive Angus MacSween in a statement.
Shares in Iomart were trading up 7.8% at 263.00 pence Wednesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Iomart