Shares in Scottish cloud computing group iomart fell nearly ten percent after it released results that were lowered by the weight of the latest lockdown.
The Glasgow-headquartered company said that “the third and unexpected lockdown of Covid-19 UK hampered the green growth spurts we expected in the second half of the year, causing results to be at the lower end of expectations”.
For the year to March it is expected to report sales of around £ 112 million, slightly below the previous fiscal year’s £ 112.6 million, and adjusted profit before tax of around £ 20 million versus £ 22.8m.
However, the group remains “highly profitable” and the board of directors “is confident that iomart will have a strong growth base” once the UK business Trust is returning and a number of strategic steps currently being taken under the new CEO, Reece Donovan, have been fully implemented.
It is expected that “continued stable financial performance” will be achieved in the second half of the year.