Scottish cloud company plans to exceed £200 million revenue within five years



Scottish cloud computing group iomart has outlined plans to exceed £200m in revenue within five years.

During a virtual Capital Markets Day, executives explained how the business would expand its solutions, service, skills and geographical reach.

The strategic value creation roadmap for the next two years is centred around four areas of activity: core portfolio organic growth, new services and geographies, complementary acquisitions and protection of the existing base of revenue and earnings run rate.

Chief financial officer Scott Cunningham outlined that medium-term financial targets for earnings margin were set at more than 30%, while the adjusted profit before tax margin is more than 15% and the average free cash flow as a percentage of revenue should also be more than 15%.

The speed and accuracy of reaching targets will depend on specific timing of investments and acquisitions that are made.

Chief executive Reece Donovan commented: “The future of work has shifted in light of the global pandemic with a sharp increase in combined remote and in-office working practices being adopted throughout the UK market and beyond.

“We believe we are in a fantastic position to support these accelerating trends by building on our proven delivery model and further augmenting our offering with additional focus on the tools and services required for businesses to connect, secure and scale operations in the new hybrid working environment.

“We have identified a significant market opportunity, growing our propositions in hybrid cloud, security, the digital workplace and connectivity – with a clear strategic route-map in place for future growth, I am confident in our ability to capture the opportunity ahead.”

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