Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Cloud computing company Iomart reported a fall in annual profit as revenue from on-premise projects were hurt by the work from home trend as a result of the pandemic.
For the year ended 31 March 2021, pre-tax profit fell 25.7% to £12.5 million year-on-year as revenue slipped 0.6% to £111.9 million.
Organic cloud services revenue declined by 6%, or £6.0 million following a £5.5 million reduction in non-recurring revenue, with higher reductions in on-premise project revenues, due to the impact of Covid-19 on corporate spend, the company said.
The company proposed to pay a final dividend of 4.50p per share, taking the total for the year to 7.10p, representing a 9% increase on the prior year.