http://www.iomart.com/

The Group's principal activity is providing web based managed hosting services for both the consumer and business.

Originally founded in 1998 as an integrated internet and telecommunications company, the Group has evolved to become one of Europe’s largest providers of managed hosting, colocation, data centre, and business continuity services, serving over 300, 000 customers each day. Having been at the forefront of the UK’s technological revolution for the past decade the Group has developed an enviable reputation for its internet expertise, its service ethic and its product innovation.

The Group holds a unique position within the marketplace. By owning its own data centre and network infrastructure, it is able to deliver the complete set of vertical components in the hosting arena from domain names, virtual web space, security, web marketing, SEO, websites, dedicated servers through to complex managed hosting solutions, colocation space, power, cooling and bandwidth.

As more and more mission critical business applications move on to the web, so organisations need more resilience, security and 24 hour management; the market for managed hosting services and datacentre capacity is expected to grow significantly over the next few years.Described by US Analyst Tier 1 as "currently enjoying the sort of momentum that could soon place it on the list of European heavyweights.", the iomart Group is fast proving to be one of the UK's leading lights in the provision of true cloud computing services.

RNS
RNS Number : 0232R
Iomart Group PLC
06 December 2016
 
 
6 December 2016
iomart Group plc
("iomart" or the "Group" or the "Company")
Half Yearly Results
 
iomart (AIM:IOM), the cloud computing company, is pleased to report its consolidated half yearly results for the period ended 30 September 2016.
 
FINANCIAL HIGHLIGHTS
 
·      Revenue growth of 16% to £42.1m (H1 2016: £36.4m)
o  Cloud Services organic growth of 10% (H1 2016: 10%)
·      Adjusted EBITDA1 growth of 13% to £17.6m (H1 2016: £15.5m)
·      Adjusted profit before tax2 growth of 23% to £10.6m (H1 2016: £8.7m)
·      Adjusted diluted earnings per share3 from operations increased by 19% to 8.03p (H1 2016: 6.75p)
·      Cashflow from operations increased by 22% to £16.7m (H1 2016: £13.6m)
·      Operating cash conversion rate increased to 95% of adjusted EBITDA (H1 2016: 88%)
OPERATIONAL HIGHLIGHTS
 
·      Ongoing investment in all forms of cloud skills
·      Continuing to develop relationships with major Public Cloud suppliers leading to growth in Public Cloud revenues
·      Consultancy division, SystemsUp, gains AWS Public Sector Partner for Government status
 
Statutory Equivalents
 
The above highlights are based on adjusted results. A full reconciliation between adjusted and statutory results is contained within this statement. The statutory equivalents of the above results are as follows:
 
·      Profit before tax growth of 26% to £7.1m (H1 2016: £5.7m)
·      Basic earnings per share from operations increased by 19% to 5.43p (H1 2016: 4.57p)
 
Angus MacSween, CEO commented,
 
"Trading in the first half of the year has been very good and we remain focussed on building our recurring revenues in line with our business model. We are uncovering an increasing breadth of opportunities to constantly grow that recurring revenue and remain confident in our future prospects."
 
 
 
1  Throughout this statement adjusted EBITDA is earnings before interest, tax, depreciation and amortisation (EBITDA) before share based payment charges and acquisition costs. Throughout this statement acquisition costs are defined as acquisition related costs and non-recurring acquisition integration costs.
2  Throughout this statement adjusted profit before tax is profit before tax, amortisation charges on acquired intangible assets, share based payment charges, mark to market adjustments in respect of interest rate swaps, interest charges in respect of contingent consideration due, acquisition costs and in the previous period the accelerated write off of arrangement fees on the restructuring of our bank borrowing facility.
3   Throughout this statement adjusted earnings per share is earnings per share before amortisation charges on acquired intangible
assets, share based payment charges, mark to market adjustments in respect of interest rate swaps, interest charges in respect of contingent consideration due, acquisition costs and in the previous period the accelerated write off of arrangement fees on the restructuring of our bank borrowing facility including the taxation effect of these.
 
This interim announcement contains forward-looking statements, which have been made by the directors in good faith based on the information available to them up to the time of the approval of this report and such information should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying such forward-looking information.
 

6 Dec
finnCap
360.00
Corporate
6 Dec
Peel Hunt
315.00

Pre-close Trading Statement
RNS
RNS Number : 0878B
Iomart Group PLC
31 March 2017
 
Date:                       31 March 2017
On behalf of:        iomart Group plc ("iomart" or the "Group")
Embargoed until: 0700hrs
iomart Group plc
Pre-close Trading Statement
iomart Group plc (AIM:IOM), the cloud computing company, is pleased to provide its pre-close trading statement for the year ending 31 March 2017 ahead of the announcement of its full year results.
 
Group Trading Performance
The Board is pleased to report that iomart expects to deliver another excellent set of results.
For the year to 31 March 2017, the Group expects to show revenue growth of approximately 17% and adjusted EBITDA(1) of approximately £36.6 million (FY2016: £32.3 million), in line with market consensus expectations. In addition we expect to report a 19% increase in adjusted(2) profit before tax to approximately £22.4 million (FY2016: £18.9 million).
Over the period, the Group has delivered good growth in both revenue and profit and the Board anticipates that growth will continue in the future.
 
Operations
The Cloud Services segment has continued to win a substantial amount of new business over the year, benefiting from the growing adoption of cloud services by organisations that need a strong partner with the necessary infrastructure, skills and experience to provide the certainty, scalability and flexibility they require. Cloud Services also benefitted from the full year contribution of SystemsUp which was acquired in June 2015. The choices for businesses considering a move to the cloud are ever more complex and iomart's ability to provide consultancy and services across the whole cloud spectrum, including public, private and hybrid cloud, leaves us well positioned for future growth.
Easyspace has performed in line with expectations, which has seen it return to organic revenue growth after the decline in FY2016, and has benefitted from a full year contribution of United Communications which was acquired in November 2015.
Dividends
We have previously announced a progressive dividend policy under which we would pay a dividend of up to a maximum of 25% of the adjusted diluted earnings per share for the financial year. In the previous financial year, the payout ratio was 22%. In line with past performance the Group has continued to generate high levels of operating cash over the year and in addition we are currently carrying a very low level of gearing with our net debt likely to be around one third of our adjusted EBITDA at the end of this financial year. Consequently, the Board has decided to review the upper limit of the dividend payout ratio. As a result, we now intend to increase the maximum payout ratio to 40% of adjusted diluted earnings per share. The Board anticipates announcing a payout ratio for the current financial year in excess of the previous maximum level of 25% when the results for the year are reported.
Board Change
Following 18 years of service Sarah Haran has decided to pursue other interests and so will stand down from the Board with immediate effect. The Board would like to express its thanks to Sarah for her long term contribution to the success of the Group over many years and wish her well for the future.
 
Notice of Results
The Group expects to report its results for the year to 31 March 2017 on Tuesday 13 June 2017.
Angus MacSween, CEO of iomart Group plc, stated:
"iomart has delivered yet another year of exciting growth. The long term opportunity remains very real and iomart continues to broaden its cloud skills, experience and breadth of management to ensure it is well positioned for future growth. Our strong balance sheet and our increasing cashflow leaves us in good financial health. I would like to add my personal thanks to Sarah Haran who has made a significant contribution to the success of iomart for many years."
 
(1)adjusted EBITDA means earnings before interest, tax, depreciation, amortisation, share based payment charges, acquisition related costs and non-recurring acquisition items and in the previous year a gain on revaluation of contingent consideration.
 (2)adjusted profit before tax means profits before, tax, share based payment charges, amortisation of acquired intangibles,  acquisition related costs, non-recurring acquisition related items, mark to market adjustments in respect of interest swap arrangements, interest charges on contingent consideration and in the previous year the  accelerated write off of arrangement fees on the bank borrowing facility which was repaid early during that year and a gain on revaluation of contingent consideration.

26 Apr
Peel Hunt
315.00
Buy

iomart group PLC (IOM:LSE) set a new 52-week high during today's trading session when it reached 340.00. Over this period, the share price is up 21.32%.

Final Results
RNS
RNS Number : 8742H
Iomart Group PLC
13 June 2017
 
13 June 2017
iomart Group plc
("iomart" or the "Group" or the "Company")
Final Results for the Year ended 31 March 2017
 
iomart (AIM:IOM), the cloud computing company, is pleased to report its consolidated final results for the year ended 31 March 2017.
 
FINANCIAL HIGHLIGHTS
 
·      Revenue growth of 17% to £89.6m (2016: £76.3m)
o  Cloud Services segment organic revenue growth of 10% (2016: 9%)
 
·      Adjusted EBITDA1 growth of 13% to £36.6m (2016: £32.3m)
 
·      Adjusted profit before tax growth2 of 18% to £22.4m (2016: £19.0m)
 
·      Adjusted diluted earnings per share3 from operations increased by 18% to 16.99p (2016: 14.44p)
 
·      Cashflow from operations increased by 22% to £37.8m (2016: £30.9m)
 
·      Adjusted profit before tax2 margins maintained at 25% (2016: 25%)
 
·      Proposed final dividend increased by 90% to 6.00p per share (2016: 3.15p per share)
OPERATIONAL HIGHLIGHTS
 
·      Acquisition of Cristie Data during the year for a net consideration of £0.7m
 
·      Acquisition of Dediserve post year end for a consideration of €7.9m
 
·      Further investment in skills and accreditations to support broadening service offering
 
·      Strengthened relationships with Hypercloud vendors
 
 
 
Statutory Equivalents
 
The above highlights are based on adjusted results. A full reconciliation between adjusted and statutory results is contained within this statement. The statutory equivalents of the above results are as follows:
 
·      Profit before tax growth of 13% to £14.7m (2016: £13.0m)
·      Basic earnings per share from operations increased by 9% to 11.27p (2016: 10.32p)
 
 
1 Throughout this statement adjusted EBITDA is earnings before interest, tax, depreciation and amortisation (EBITDA) before share based payment charges, acquisition costs and in the previous year gain on revaluation of contingent consideration. Throughout this statement acquisition costs are defined as acquisition related costs and non-recurring acquisition integration costs.
2 Throughout this statement adjusted profit before tax is profit before tax, amortisation charges on acquired intangible assets, shared based payment charges, mark to mark adjustments in respect of interest rate swaps, acquisition costs, interest on contingent consideration due and in the previous year gain on revaluation of contingent consideration and the accelerated write off of arrangement fees on the bank borrowing facility which was restructured during that year.
3 Throughout this statement adjusted earnings per share is earnings per share before amortisation charges on acquired intangible assets, shared based payment charges, mark to mark adjustments in respect of interest rate swaps, acquisition costs, interest on contingent consideration due, and in the previous year gain on revaluation of contingent consideration and the accelerated write off of arrangement fees on the bank borrowing facility which was restructured during that year, including the taxation effect of these.
 
 
Angus MacSween, CEO commented,
 
"This has been another year of strong growth and trading since the year end remains good.
 
"The long term opportunity and runway for success remains large and long. iomart remains well positioned to take advantage of that opportunity and to deliver further significant growth.
 
"I look forward, once again, with confidence to the year ahead."
 

10:20 13/06/2017
Broker Forecast - Peel Hunt issues a broker note on Iomart Group PLC
Peel Hunt today reaffirms its buy investment rating on Iomart Group PLC (LON:IOM) and raised its price target to 388p (from 315p). Story provided by StockMarketWire.com
09:40 13/06/2017
Broker Forecast - finnCap issues a broker note on Iomart Group PLC
finnCap today reaffirms its corporate investment rating on Iomart Group PLC (LON:IOM) and raised its price target to 400p (from 360p). Story provided by StockMarketWire.com

re-close Trading Update
RNS
RNS Number : 1669S
Iomart Group PLC
29 September 2017
 
29 September 2017
iomart Group plc
("iomart" or the "Group" or the "Company")
 
Pre-close Trading Update
 
iomart Group plc (AIM:IOM), the cloud computing company, is pleased to provide its pre-close trading statement for the six months ending 30 September 2017, ahead of the announcement of its half yearly results.
 
Group trading performance
 
The Board is pleased to report that the business has continued to perform well in the first half of the financial year, with trading in the six months ending 30 September 2017 in line with management expectations.  The business remains firmly on track to deliver another year of material growth.
 
The Group has seen strong demand for its services as enterprises continue to move their services into the cloud. With our wide range of cloud products, services and consultancy offerings covering private, public and hybrid cloud solutions, iomart is ideally placed to advise these enterprises on the best solution to fit their needs and then to implement the chosen solution.
 
In May 2017 we acquired, Dediserve, expanding the geographical reach of our cloud operation. The business has performed well since acquisition, in line with management expectations.
 
Maiden interim dividend
 
At the end of our last financial year we revised our dividend policy due to our robust cash generation and low level of gearing. As a result, we increased our final dividend for that year by 90% to 6p per share. We now intend to introduce an interim dividend payment in this financial year and further details of this will be given with the publication of our half year results.
 
Outlook  
 
The market opportunity remains strong and we are well positioned to take advantage of it. The Board is confident in the outlook for the full year and optimistic for continued success.
 
Angus MacSween, CEO of iomart Group plc, commented: 
 
"The Group has performed strongly in the period as we consolidate our competitive advantage within the hybrid cloud market. There is growing demand from enterprises moving their services into the cloud and our reputation as the UK's leading cloud computing company means we are ideally placed to service this demand."

2 Oct
Peel Hunt
388.00
Buy

Notice of Results
RNS
RNS Number : 5028U
Iomart Group PLC
25 October 2017
 
25 October 2017
iomart Group plc
("iomart" or the "Group" or the "Company")
 
Notice of Results
 
iomart Group plc (AIM:IOM), the cloud computing company, expects to report half yearly results for the six months ended 30 September 2017 on Tuesday, 5 December 2017.
 

Broker Forecast - Peel Hunt issues a broker note on Iomart Group PLC
BFN
Peel Hunt today reaffirms its buy investment rating on Iomart Group PLC (LON:IOM) and raised its price target to 405p (from 388p).

RNS
RNS Number : 3584Y
Iomart Group PLC
05 December 2017
 
 
5 December 2017
iomart Group plc
("iomart" or the "Group" or the "Company")
Half Yearly Results
 
iomart (AIM:IOM), the cloud computing company, is pleased to report its consolidated half yearly results for the period ended 30 September 2017.
 
FINANCIAL HIGHLIGHTS
 
·      Revenue growth of 12% to £47.0m (H1 2017: £42.1m)
o  Cloud Services growth of 13% (H1 2017: 13%)
·      Adjusted EBITDA1 growth of 9% to £19.2m (H1 2017: £17.6m)
·      Adjusted profit before tax2 growth of 9% to £11.6m (H1 2017: £10.6m)
·      Adjusted diluted earnings per share3 from operations increased by 10% to 8.82p (H1 2017: 8.03p)
·      Maiden interim dividend of 2.25p per share
OPERATIONAL HIGHLIGHTS
 
·      Ongoing investment in cloud skills
·      Further improvements and investment in automation of server deployment
·      Significant investment in software defined network
·      Development of skills in major niche verticals, particularly in the eCommerce sector
·      Acquisition of two eCommerce cloud businesses, one during period and one post period end
 
Statutory Equivalents
 
The above highlights are based on adjusted results. A full reconciliation between adjusted and statutory results is contained within this statement. The statutory equivalents of the above results are as follows:
 
·      Profit before tax growth of 9% to £7.8m (H1 2017: £7.1m)
·      Basic earnings per share from operations increased by 10% to 5.96p (H1 2017: 5.43p)
 
Angus MacSween, CEO commented,
 
"The Group has enjoyed another good period of trading in the first half of the year, with growing recurring revenues in line with our business model. The market opportunity remains significant and we continue to invest in our skills, infrastructure and capabilities to meet the evolving demands of the market. We are firmly on track to deliver another year of material growth and we remain confident in our prospects

13:20 05/12/2017
Broker Forecast - N+1 Singer issues a broker note on Iomart Group PLC
N+1 Singer today reaffirms its buy investment rating on Iomart Group PLC (LON:IOM) and set its price target at 427p. Story provided by StockMarketWire.com

5 Dec
Shore Capital
N/A
Buy
5 Dec
N+1 Singer
427.00
Buy
5 Dec
Peel Hunt
405.00
Buy
5 Dec
finnCap
415.00
Corporate

iomart group PLC (IOM:LSE) set a new 52-week high during today's trading session when it reached 410.00. Over this period, the share price is up 31.69%.

13:00 03/01/2018
Broker Forecast - Peel Hunt issues a broker note on Iomart Group PLC
Peel Hunt today reaffirms its buy investment rating on Iomart Group PLC (LON:IOM) and raised its price target to 440p (from 405p). Story provided by StockMarketWire.com

26 Mar
Peel Hunt
440.00
Buy

Trading Statement
RNS
RNS Number : 3142J
Iomart Group PLC
29 March 2018

Date: 29 March 2018
On behalf of: iomart Group plc ("iomart" or the "Group")
Embargoed until: 0700hrs
iomart Group plc
Pre-close Trading Statement

iomart Group plc (AIM:IOM), the cloud computing company, is pleased to provide its pre-close trading statement for the year ending 31 March 2018 ahead of the announcement of its full year results.

Group Trading Performance
The Board is pleased to report that iomart expects to deliver another strong set of results delivering good growth in both revenue and profit.
For the year to 31 March 2018, the Group expects to show revenue growth of approximately 9%, adjusted EBITDA(1) of approximately £39.8 million (FY2017: £36.6 million) and adjusted(2) profit before tax of approximately £23.9 million (FY2017: £22.4 million) all in line with market consensus expectations.
Given the sustainable nature of the market opportunity, a broadening product offering and a growing reputation within the cloud industry, the Board anticipates that growth will continue in the future.

Operations
The Cloud Services segment has continued to win a substantial amount of new business over the year, benefiting from the growing adoption of cloud services by organisations that need a strong partner with the necessary infrastructure, skills and experience to provide the certainty, scalability and flexibility they require.
Cloud Services also benefitted from the full year contribution of Cristie Data which was acquired in August 2016 and from the contribution of Dediserve, Simple Servers and Sonassi since their acquisition in May 2017, July 2017 and November 2017 respectively. These acquisitions not only bring additional long-term customers into the Group but also have expanded our geographical reach and increased our expertise within high growth areas of the market, such as ecommerce retailing.
The choices for businesses considering a move to the cloud are ever more complex and iomart's ability to provide consultancy and services across the whole cloud spectrum, including public, private and hybrid cloud, leaves us well positioned for future growth.
Easyspace, the segment that provides a range of services to small and micro businesses, has performed well, in line with expectations, having continued the organic revenue growth re-established in the prior year.
Notice of Results
The Group expects to report its results for the year to 31 March 2018 on Tuesday 12 June 2018.
Angus MacSween, CEO of iomart Group plc, stated:
"iomart has delivered yet another year of consistent growth. With a significant and sustainable market opportunity ahead of us, we continue to invest in our business and people to ensure we are well positioned for future growth. We continue to see strong demand for our services and remain confident in our prospects. Our healthy balance sheet, high levels of revenue visibility and our strong and increasing cash conversion leaves us in good financial health."

(1)adjusted EBITDA means earnings before interest, tax, depreciation, amortisation, share based payment charges, gains or losses on revaluation of contingent consideration, acquisition related costs and non-recurring items.
(2)adjusted profit before tax means profits before, tax, share based payment charges, amortisation of acquired intangibles, gains or losses on revaluation of contingent consideration, acquisition related costs, non-recurring items, mark to market adjustments in respect of interest swap arrangements and interest charges on contingent consideration.

09:10 03/05/2018
Broker Forecast - Peel Hunt issues a broker note on Iomart Group PLC
Peel Hunt today reaffirms its buy investment rating on Iomart Group PLC (LON:IOM) and set its price target at 440p. Story provided by StockMarketWire.com Broker Forecasts data provided by www.sharesmagazine.co.uk

Final Results
RNS
RNS Number : 0397R
Iomart Group PLC
12 June 2018


12 June 2018
iomart Group plc
("iomart" or the "Group" or the "Company")
Final Results for the Year ended 31 March 2018

iomart (AIM:IOM), the cloud computing company, is pleased to report its consolidated final results for the year ended 31 March 2018.

FINANCIAL HIGHLIGHTS

· Revenue growth of 9% to £97.7m (2017: £89.6m)

· Adjusted EBITDA1 growth of 9% to £39.8m (2017: £36.6m)

· Adjusted profit before tax growth2 of 7% to £24.0m (2017: £22.4m)

· Adjusted diluted earnings per share3 from operations increased by 6% to 17.96p (2017: 16.99p)

· Cashflow from operations increased by 8% to £40.8m (2017: £37.8m)

· Adjusted profit before tax2 margin maintained at 25% (2017: 25%)

· Proposed final dividend of 4.93p per share resulting in total dividend for year of 7.18p per share, an increase of 20% (2017: 6.00p per share)
OPERATIONAL HIGHLIGHTS

· 3 successful acquisitions completed during the year:
- Dediserve for €7.9m
- Simple Servers for £4.9m
- Sonassi for £11.8m

· Creation of software defined fibre network

· Post year-end extension on London datacentre lease until 2030


Statutory Equivalents

The above highlights are based on adjusted results. A full reconciliation between adjusted and statutory results is contained within this statement. The statutory equivalents of the above results are as follows:

· Profit before tax growth of 1% to £14.8m (2017: £14.7m)
· Basic earnings per share from operations increased by 1% to 11.41p (2017: 11.27p)



1 Throughout this statement adjusted EBITDA is earnings before interest, tax, depreciation and amortisation (EBITDA) before share based payment charges, acquisition costs, gain on revaluation of contingent consideration and non-recurring costs. Throughout this statement acquisition costs are defined as acquisition related costs and non-recurring acquisition integration costs.
2 Throughout this statement adjusted profit before tax is profit before tax, amortisation charges on acquired intangible assets, share based payment charges, mark to mark adjustments in respect of interest rate swaps, acquisition costs, interest on contingent consideration due, gain on revaluation of contingent consideration and non-recurring costs.
3 Throughout this statement adjusted earnings per share is earnings per share before amortisation charges on acquired intangible assets, share based payment charges, mark to mark adjustments in respect of interest rate swaps, acquisition costs, interest on contingent consideration due, gain on revaluation of contingent consideration and non-recurring costs and the taxation effect of these.


Angus MacSween, CEO commented,

"We are delighted to report another year of excellent results, with increased revenues and profits and the completion of a number of acquisitions, augmenting the Group's customer base and skill set. Trading in the new year has continued in a similarly positive vein.

Since we embarked on our current strategy in 2007, we have successfully executed on our growth strategy, growing revenues from £8m to nearly £100m. We strongly believe that the market for cloud computing solutions we identified at the time presents us with as much opportunity now as it did then and that, together with additional acquisitions, will allow us to continue to execute successfully on the strategy we put in place at that time.

There is still a long runway of opportunity as the "IT as a service" philosophy and delivery unfolds, providing us with considerable scope for long-term, sustained growth. We therefore look to the coming year and beyond with confidence".

Directorate Change
RNS
RNS Number : 8100U
Iomart Group PLC
17 July 2018


iomart Group plc
("iomart", the "Group" or the "Company")

Directorate Change

iomart Group plc (AIM:IOM), the cloud computing company, announces that Richard Logan, Group Finance Director, has notified the Board of his intention to retire from his role at iomart after 12 years' service to the Company. The Board is pleased to announce the appointment of Richard's replacement, Scott Cunningham, as Group Finance Director with effect from 3 September 2018. Richard will step down from the Board on this date and has agreed to be available until the end of December 2018 in order to ensure an orderly handover.

Scott has over 25 years' experience in the accounting and finance profession and was Group Finance Director of AIM listed InterBulk Group plc for nine years before the group was successfully sold to Den Hartogh in March 2016. Before this Scott performed a number of roles within the Clyde Blowers portfolio including Group Financial Controller for the Clyde Bergemann Power Group from 2003 to 2006 and more recently was an Investment Director at Clyde Blowers Capital. Scott is a member of the Institute of Chartered Accountants of Scotland having qualified with Arthur Andersen in 1995.

Ian Ritchie, Chairman, commented:

"I'd like to thank Richard for the outstanding contribution he has made to the success of iomart Group during his 12 year tenure. He leaves the Group on a sound financial footing, with high levels of revenue visibility and a strong balance sheet. I wish him every future success."

Angus MacSween, CEO, commented:
"I concur with the Chairman's comments and after a busy 12 years I wish Richard a long and healthy retirement. In Scott we have found another high calibre finance director and look forward to him joining the business in September."

Scott Cunningham, incoming Group Finance Director, commented:

"I am delighted to be joining iomart, which has built a successful position in the growing cloud computing market and has developed a reputation for consistent delivery. iomart has a significant and sustainable market opportunity ahead of it, as the move to the cloud continues, and I look forward to working with Angus and the team to deliver upon that opportunity."