StockMarketWire.com - iomart expects first half revenues and profits to be substantially ahead of last year.

iomart issued a pre-close update while also noting that Host Europe Holdings Ltd, which is controlled by funds managed by Cinven Capital Management (V) General Partner Limited, does not intend to make a formal offer for the company.

iomart said trading in the six months ending 30 September has been in line with management expectations, with both revenue and profits expected to be substantially ahead of the comparative period last year. These expected results build on the growth of the business in recent years, which has seen iomart deliver a compound annual growth rate in revenues of 32% since 2010 and 66% at the adjusted EBITDA level.

Demand for the Group's services remains strong and growing as the market continues to move towards the provision of products and services over the internet. These strong market drivers leave the Board confident in the outlook for the full year and optimistic for continued long-term success.

Chier executive Angus MacSween said: "The group has delivered strong growth as we continue to execute on our focussed strategy of providing high quality and high margin managed solutions. With an outstanding track record and an established reputation as the UK's leading cloud computing company, we look forward to the future success of iomart."




At 9:03am: [LON:IOM] Iomart Group PLC share price was -36.25p at 226.5p



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