Iomart Group PLC - Glasgow, Scotland-based managed services and cloud computing firm - Posts lower annual profit and revenue, in line with announcement made in April.

Pretax profit in the financial year ended March 31 falls to £12.2 million from £12.5 million a year ago as revenue shrinks to £103.0 million from £111.9 million. Adjusted earnings before interest, tax, depreciation and amortisation drops to £38.0 million from £41.4 million. Revenue and adjusted Ebitda exactly as firm expected in statement published in April.

Company highlights its investments: ‘In the year we concluded investments in a number of projects that overlapped the prior year end, including the replacement of the cooling system in our second largest data centre in London, and investment into next generation core routing technology which provides 100 gigabytes capacity on our network, with the ability to scale to 400 gigabytes.’

Firm proposes a final dividend of 3.60 pence per share, down from 4.50p a year ago. Total dividend is 6.02p, down from 7.10p.

First two months of new financial year are in line with expectations, ‘consistent with our high recurring revenue business model,’ Iomart explains. ‘Inflation in energy prices is being proactively managed via price increases to our customers while we are using hedging options to provide some certainty for customers and our own planning,’ firm adds.

Current Iomart stock price: 170.60 pence, down 8.4% on Tuesday

12-month change: down 41%

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