StockMarketWire.com - Cloud computing company Iomart reported a fall in annual profit as revenue from on-premise projects were hurt by the work from home trend as a result of the pandemic.

For the year ended 31 March 2021, pre-tax profit fell 25.7% to £12.5 million year-on-year as revenue slipped 0.6% to £111.9 million.

Organic cloud services revenue declined by 6%, or £6.0 million following a £5.5 million reduction in non-recurring revenue, with higher reductions in on-premise project revenues, due to the impact of Covid-19 on corporate spend, the company said.

The company proposed to pay a final dividend of 4.50p per share, taking the total for the year to 7.10p, representing a 9% increase on the prior year.

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