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Iomart profit falls as virus impact stifles revenue growth
StockMarketWire.com
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Cloud computing company Iomart reported a fall in first-half profit on lower margins owing to the impact of the Covid-19 pandemic.
For the six months ended 30 September 2020, pre-tax profit ell to £6.0 million from £8.4 million year-on-year, while revenue was up 2% to £56.3 million.
Revenue growth was held back by the impact of Covid-19 on discretionary on-premise projects together with a reduction in revenues from some legacy areas, the company said.
The interim dividend was maintained at 2.6 pence per share.
Looking ahead, the company said revenue and profit margins were expected to benefit in the second half of 2021 from growth from existing customers and operational efficiencies.
At 8:01am: (LON:IOM) Iomart Group PLC share price was 0p at 325p
Story provided by StockMarketWire.com
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