iomart shares drop despite positive update

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iomart shares drop despite positive update
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iomart (LON:IOM) has announced that trading in the first half of the year has been in line with expectations, with revenues and profits for the six months ended 30th September being ahead of the same period of last year. Management believe that the company’s acquisitions have put it in a good position to benefit as more industries switch to cloud-based data services.

CEO Angus MacSween said: “iomart’s continued strong trading performance is a reflection of the strength of our cloud capabilities and business model, the breadth of our customer base and the ongoing growth of the cloud market. With a significant and sustainable market opportunity ahead of us, a growing sales pipeline and high levels of revenue visibility, we look to the second half of the year and beyond with confidence“.

Shares in Iomart fell by 1.37% to 427.67p (as of 14:50 BST).

 

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