Final Results

RNS Number : 2680E

Iomart Group PLC

29 May 2012

 



iomart Group plc

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

Final Results for the year ended 31 March 2012

iomart (AIM:IOM), the cloud computing and managed hosting services company, is pleased to report its consolidated final results for the year ended 31 March 2012.

Financial Highlights

·      Revenue growth of 33% to £33.5m (2011: £25.3m)

·      Adjusted EBITDA¹ growth of 68% to £11.2m (2011: £6.6m)

·      Adjusted profit before tax² growth of 91% to £6.9m (2011: £3.6m) benefitting strongly from operational leverage

·      Adjusted basic earnings per share³ from operations increased by 96% to 6.99p (2011: 3.56p)

·      Cash flow from operations growth of 36% to £9.6m (2011: £7.1m)

·      Adjusted EBITDA¹ margins increased to 33% (2011: 26%)

·      Proposed final dividend increased by 38% to 0.90p per share (2011: 0.65p per share)

Operational Highlights

·      Acquisition and integration of Switch Media, EQSN and Global Gold further accelerating growth

·      Hosting segment organic revenue growth of 21%

·      95% recurring revenue levels

Statutory equivalents

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

·      Profit before tax growth of 109% to £5.8m (2011: £2.8m)

·      Earnings per share from operations increased by 114% to 6.22p (2011: 2.91p)

Angus MacSween, Chief Executive Officer commented,

"We have enjoyed an excellent year and continue to consolidate our position within the UK cloud computing and hosting market. We have continued to invest in our datacentre and network infrastructure, our people and our product set, giving us a firm platform from which to move forward. We are in a market that is essentially still in its infancy with many years of growth ahead and we fully expect to participate robustly in that growth."

iomart Group plc	Tel: [phone]
Angus MacSween, Chief Executive
Richard Logan, Finance Director
Peel Hunt LLP (Nominated Adviser and Broker)	Tel: [phone]
Richard Kauffer
Daniel Harris
Newgate Threadneedle	Tel: [phone]
Caroline Evans-Jones
Hilary Millar

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 and acquisition costs.

³ Throughout this statement adjusted earnings per share is earnings per share before amortisation charges on acquired intangible assets, share based payment charges and acquisition costs.

About iomart Group plc

iomart Group is one of the UK's leading providers of cloud computing and managed hosting services. From a single server through to private cloud networks, iomart specialises in the delivery and management of mission-critical hosting services, enabling customers to reduce the costs, complexity and risks associated with maintaining their own web and online applications.

By physically owning and managing its own network infrastructure, including five state-of-the-art data centres in the UK, iomart offers world-beating levels of service to its customers. The Group offers a unique 100% uptime guarantee with all hosting services being engineered to ensure no single point of failure.

Services offered include: Managed Hosting, Colocation, Complex Hosting solutions, Content Delivery Networks, IP Transit, Data Centre Services and Cloud Computing (Infrastructure as a Service).

For further information about the Group, please visit www.iomart.com

CHAIRMAN'S STATEMENT

iomart has once again delivered a strong performance in this financial year. Our continuing success is as a result of a great deal of hard work and we continue to forge a growing reputation as one of the UK's foremost cloud computing organisations.

As with last year, we have enjoyed a substantial increase in profitability over the year, driven both by organic and acquisitive growth. During the year we welcomed Switch Media Limited, EQSN Limited and Global Gold Holdings Limited into the Group. All are performing as expected and have now been fully integrated into iomart's operations.

As ever the commitment, enthusiasm and energy of our senior management team and all of our employees is essential in delivering this success. I thank them all on behalf of the Board and the shareholders. It was extremely gratifying that our achievements over the last year were acknowledged when we were selected as the Scottish PLC of the Year at the recent 2012 Scotland PLC Awards.

During the year the composition of the Board changed with the retirement of Fred Shedden as a non-executive director and the appointment of Crawford Beveridge as a non-executive director. May I take this opportunity to thank Fred for his many years of first class service and welcome Crawford to the Board.

We have a commitment to pay annual dividends as our profitability and cash generation grows. This year the Board is proposing to pay a final dividend of 0.90p per share on 5 September 2012 to shareholders on the register on 17 August 2012 representing an increase of 38% over the dividend last year. We have decided that we will continue to offer shareholders the option to participate in a Dividend Reinvestment Plan (DRIP) as an alternative to receiving cash. Details of the DRIP scheme will be distributed with the annual accounts in due course. It is our intention to continue to pay annual dividends in future years in line with the underlying profitability and cash generation of the Group.

With the high level of revenue visibility we enjoy we have begun the 2013 financial year in a strong position. I look forward to another exciting year of growth, both organically and through acquisition and look ahead with considerable confidence.

Ian Ritchie

Chairman

28 May 2012

CHIEF EXECUTIVE'S REVIEW

Introduction

This has been another important year in the development of iomart. We have continued to build on the successful business model we established when we invested in our own datacentre capacity and are now enjoying the operating leverage that that gives us. During this year we have managed to increase the level of growth of revenue, adjusted EBITDA and adjusted profit before tax ahead of the record amounts achieved in the last financial year and once again this has been achieved through a combination of sustained organic growth and growth by acquisition.

Market

Our market is large, growing, highly fragmented and here to stay. As I have often said, the fundamental shift to products and services being delivered over the web is changing the way companies organise their internet or 'cloud' infrastructure to ensure resilience, scalability, security and value for money. They are increasingly looking to gain the economies of scale and peace of mind that trusted vendors like iomart can give them by looking after their mission critical business processes 24x7x365. As these services become ever more critical to customers they are now doing far more diligence on the strength of their suppliers and those with a strong balance sheet who have achieved the scale that iomart has are attracting more of the market than was the case three or four years ago.

The next buzz word coming along is 'Big Data' which is a description of the inevitable growth in transactions and information being transmitted around the Web which now need to be stored, managed and analysed. This dramatic growth in data means that vendors in this market will need to have the infrastructure in both storage and connectivity to cope with these ever-increasing demands. iomart is investing in both storage infrastructure and in significantly improving its network capacity to maintain a leading position that will lead to further premium levels of service for our customers and prospects.

Acquisitions

We are pleased to have continued to accelerate our growth through the acquisition of three operations during the year. In April 2011 we acquired Switch Media Limited ("Switch Media") and in November, EQSN Limited ("EQSN") and Global Gold Holdings Limited ("Global Gold"). All three have proven to be good additions to the Group and have now been fully integrated into the business operationally. We continue to look for businesses that fit our acquisition criteria with a view to making further acquisitions in the coming year.

Operational Review

Whilst all of our activities involve the provision of managed hosting services we are organised into two operating segments.

Hosting

Our Hosting segment, which now includes EQSN, continued to perform well over the year.

We provide a range of managed hosting services to both SMEs and corporate customers including the provision of complex solutions that include both private and hybrid cloud solutions.  We believe the corporate market in the UK will continue to prefer bespoke ring-fenced quality infrastructure rather than the largely unsupported public clouds that are in the market. All our solutions are provided from our network of five datacentres located throughout the UK. The more complex managed hosting solutions are provided by iomart Hosting and customers typically pay for these services on a monthly basis on contracts ranging between one and three years in length. We address the dedicated physical server market through our RapidSwitch brand largely through online marketing. We are also building a reseller network to provide a variety of cloud products covering backup, email and storage.

Revenues in this segment have grown by 38% to £24.3m with the majority of this growth as a result of the activities of iomart Hosting. We have won over 600 new orders in the year, including a substantial amount of additional orders from existing customers.

Easyspace

The Easyspace segment's activities have been significantly increased over the year due to the acquisition of Switch Media and Global Gold. Both have now been fully integrated into the operations of the segment.

Our activities within this segment provide a range of products to the micro and SME markets including domain names, shared hosting, dedicated and virtual servers and email services.

Revenues have increased by 21% over the year to £9.1m, largely due to the contribution of the two acquired businesses.

Trading Results

Revenue

Revenues for the year of £33.5m (2011: £25.3m) have grown by 33% with both of our operating segments having contributed to this growth.

The majority of the revenue growth was delivered by our Hosting segment. Revenues in the year from this segment of £24.3m (2011: £17.7m) grew by 38%. This growth was helped by a full year contribution from Titan Internet Limited ("Titan") which we acquired at the end of October 2010 and EQSN which we acquired in November 2011. The growth in Hosting segment revenues excluding the impact of acquisitions was 21%. Over the last four financial years the Hosting segment has grown revenues, through both organic and acquisitive means, from £4.6m in the year to March 2009 to £24.3m this year, an increase of more than five-fold.

Our Easyspace segment also delivered a good level of revenue growth in the period with revenues of £9.1m (2011: £7.6m) showing a 21% increase. The majority of this growth was as a result of the acquisitions of Switch Media in April 2011 and Global Gold in November 2011.

We have good revenue visibility with recurring levels of around 95%. With our larger customers we have multi-year contracts for the provision of complex managed hosting solutions.  Many of our smaller customers pay in advance for the provision of hosting services resulting in a substantial sum of deferred revenue which we then recognise during the period over which we provide our services.

Gross Margin

Our gross profit for the year was £22.4m (2011: £15.6m) representing a gross margin of 67% (2011: 62%) with both operating segments contributing to this improvement. The improvement in our Hosting segment is a result of the high operational leverage of this business. In our Easyspace segment it has been as a result of a small improvement in organically generated margin and also as a result of the impact of acquisitions.

Adjusted EBITDA

The adjusted EBITDA for the year of £11.2m (2011: £6.6m) has increased by 68%. Our percentage adjusted EBITDA margin has also significantly improved to 33% (2011: 26%). Once again both of our operating segments have contributed to both the absolute growth and the improvement in the percentage margin in adjusted EBITDA.

The Hosting segment's adjusted EBITDA was £10.1m (2011: £6.2m), an increase of 63%. In percentage terms the adjusted EBITDA margin has improved to 41% (2011: 35%).This greatly improved performance is a direct result of the additional gross margin delivered by the increase in sales revenue from the Hosting segment offset by an increase in administrative expenses. Administrative expenses have increased as we have continued to invest in additional resources within the Hosting segment during the year to support the high level of revenue growth that has been achieved. The increased costs, mainly relate to the introduction of additional headcount, especially in sales and technical roles. The contribution from Titan for the full year has contributed to the improvement in the adjusted EBITDA in absolute terms and has helped maintain the percentage margin improvement and similarly the contribution from EQSN since November has added to the growth in adjusted EBITDA.

The Easyspace segment's adjusted EBITDA was £3.6m (2011: £2.8m) an increase of 29%. In percentage terms the adjusted EBITDA margin has improved to 39% (2011: 37%). The improvement in adjusted EBITDA is partly the result of improved organic margin and partly from the impact of the acquisitions of Switch Media and Global Gold during the year.

Group overheads, which are not allocated to segments, include the cost of the Board, the running costs of the headquarters in Glasgow, Group marketing, human resource, finance and design functions and legal and professional fees for the year. These overhead costs have increased slightly to £2.5m (2011: £2.3m).

Adjusted profit before tax

Depreciation charges of £3.7m (2011: £2.7m) have increased largely as a result of charges for the equipment bought to provide services to the additional Hosting segment customers and also as a consequence of the acquisitions made in the year.

The charge for amortisation of intangibles, excluding amortisation of intangible assets resulting from acquisitions ("amortisation of acquired intangible assets") of £0.5m (2011: £0.4m) has remained fairly static over the year.

Finance income in the period was £0.1m (2011: £0.2m) and finance costs of £0.3m (2011: £0.2m) include interest on bank loans used to fund acquisitions and also interest on finance leases which are used to fund the purchase of some of the capital equipment needed to provide services to customers.

After deducting the charges for depreciation, amortisation, amortisation of acquired intangible assets, and finance costs and crediting the finance income from the adjusted EBITDA, the Group's adjusted profit before tax was £6.9m (2011: £3.6m).

Profit before tax

The measure of adjusted profit before tax is a non-statutory measure which is commonly used to analyse the performance of companies particularly where M&A activity forms a significant part of their activities.

A reconciliation of adjusted profit before tax to reported profit before tax is shown below:

Reconciliation of adjusted profit before tax to profit before tax			2012 £'000	2011 £'000
Adjusted profit before tax			6,854	3,593
Less: Amortisation of acquired intangible assets			(604)	(316)
Less: Acquisition costs			(304)	(195)
Less: Share based payments			(104)	(290)
Profit before tax			5,842	2,792

The adjusting items are: share based payment charges in the period of £0.1m (2011: £0.3m) which have decreased as a result of both the lapsing of share options and share options issued in previous periods having been fully charged to the statement of comprehensive income; costs of £0.3m (2011: £0.2m) as a result of acquisition costs; and charges for the amortisation of acquired intangible assets of £0.6m (2011: £0.3m) which have increased as a result of the acquisitions made in the year and the full year effect of acquisitions made in previous years.

After deducting the charges for share based payments, charges for the amortisation of acquired intangible assets and acquisition costs from the adjusted profit before tax, the reported profit before tax was £5.8m (2011: £2.8m).

Profit for the year from total operations

There is a tax credit for the year of £0.4m (2011: £0.1m) arising from a deferred tax credit of £0.7m (2011: £0.2m). This was offset by a corporation tax charge of £0.4m (2011: £0.1m) and resulted in a profit for the year from total operations of £6.2m (2011: £2.9m).

Earnings per share

Adjusted earnings per share is based on profit for the year attributed to ordinary shareholders before share based payment charges, amortisation charges of acquired intangible assets and acquisition costs and the tax effect of these items was 6.99p (2011: 3.56p) being an increase of 96%.

The measure of adjusted earnings per share as described above is a non-statutory measure which is commonly used to analyse the performance of companies particularly where M&A activity forms a significant part of their activities.

The calculation of both adjusted earnings per share and basic earnings per share is included at note 8.

Basic earnings per share from continuing operations was 6.22p (2011: 2.91p), an increase of 114% over the year.

Acquisitions

In April 2011 the Company acquired Switch Media for a total consideration of £1.25m, which was paid in full in the year, and in November 2011 the Company acquired EQSN for a maximum consideration of £2.48m and Global Gold for a maximum consideration of £1.20m. At the time of acquisition of EQSN the Company paid £2.25m towards the total purchase price and subsequent to the year-end a further £0.23m has been paid. At the time of acquisition of Global Gold the Company paid £0.73m towards the total purchase price and paid a further £0.02m subsequent to the year end.

Cash flow and net cash

Net cash flows from operating activities

The Group continued to generate high levels of operating cash over the year. Cash flow from operations was £9.6m (2011: £7.1m) with the significant increase over the previous year's level largely due to the improvement in adjusted EBITDA. After deducting a cash payment for corporation tax of £0.6m (2011: £Nil) the net cash flow from operating activities was £9.0m (2011: £7.0m).

Cash flow from investing activities

In line with our strategy of accelerating our growth by acquisition the Group continued to spend substantial sums on investing activities,  spending a total of £7.4m (2011: £7.1m) in the period. Of this amount, a net sum of £4.5m (2011: £3.3m) was incurred in relation to acquisition activities. As well as the investment in the year to acquire Switch Media, EQSN and Global Gold, the Group also paid the contingent consideration due on the acquisition of Titan Internet in the previous financial year.

The Group continues to invest in both its datacentre infrastructure and in the equipment required to provide managed services to both its existing and new customers. During the year the Group invested £2.4m (2011: £3.4m) in such activities, net of related finance lease drawdown.

Expenditure was also incurred on development costs of £0.5m (2011: £0.4m) and the purchase of software of £0.1m (2011: £0.2m).

Cash flow from financing activities

The Group's financing activities generated a net cash inflow of £0.5m (2011: £1.2m) over the year. The issue of new shares, due to the exercise of share options by staff, generated £0.5m (2011: £0.5m) and the Group also drew down £2.0m of bank loans to help fund acquisitions. The Group spent £1.2m (2011: £0.8m) repaying finance leases, £0.6m (2011: £0.4m) on dividends and £0.2m (2011: £0.1m) on interest.

Net cash flow

As a consequence, our overall cash generation during the year was £2.1m (2011: £1.1m) which resulted in cash and cash equivalent balances at the end of the year of £8.9m (2011: £6.9m). After recognising bank loans of £4.0m (2011: £2.0m) and finance lease obligations of £2.5m (2011: £1.8m) net cash balances at the end of the period stood at £2.5m (2011: £3.1m).

Financial position

The Group is now in a position where it is generating substantial amounts of operating cash. The generation of that cash flow together with the bank loan facility for acquisitions and capital expenditure of £10.0m, of which £4.0m has been drawn down, and finance lease facilities for capital expenditure, provides the Group with the liquidity it requires to continue its growth through both organic and acquisitive means.

Current trading and outlook

Since the end of the financial year trading has been encouraging and in line with expectations.

We continue to be well placed to take advantage of the growing trend of companies organising their internet or 'cloud' infrastructure to ensure resilience, scalability, security and value for money. We believe we have the relevant skills and experience which we have built up over many years to be the partner of choice for such organisations.

I look forward with confidence to the year ahead.

Angus MacSween

Chief Executive Officer

28 May 2012

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Year ended 31 March 2012

			Note	2012  £'000	2011  £'000
Revenue				33,476	25,252
Cost of sales				(11,094)	(9,699)
Gross profit				22,382	15,553
Administrative expenses				(16,358)	(12,780)
Operating profit				6,024	2,773
Analysed as:
Earnings before interest, tax, depreciation, amortisation, acquisition costs and share based payments				11,186	6,644
Share based payments				(104)	(290)
Acquisition costs			4	(304)	(195)
Depreciation				(3,698)	(2,689)
Amortisation - acquired intangible assets				(604)	(316)
Amortisation - other intangible assets				(452)	(381)
Finance income				70	197
Finance costs				(252)	(178)
Profit before taxation				5,842	2,792
Taxation			5	356	70
Profit for the year from total operations				6,198	2,862
Other comprehensive income
Currency translation differences				(10)	-
Other comprehensive expense for the year				(10)	-
Total comprehensive income for the year				6,188	2,862
Attributable to equity holders of the parent				6,188	2,862
Basic and diluted earnings per share
Total operations
Basic earnings per share			8	6.22 p	2.91 p
Diluted earnings per share			8	6.03 p	2.85 p

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 31 March 2012

				2012	2011
		Note		£'000	£'000
ASSETS
Non-current assets
Intangible assets - goodwill		9		27,544	23,952
Intangible assets - other		9		3,033	1,978
Deferred tax asset		6		993	619
Lease deposit				2,416	2,016
Property, plant and equipment		10		15,626	14,788
				49,612	43,353
Current assets
Cash and cash equivalents		11		8,935	6,864
Trade and other receivables				4,071	3,100
				13,006	9,964
Total assets				62,618	53,317
LIABILITIES
Non-current liabilities
Non-current borrowings		12		(1,211)	(920)
				(1,211)	(920)
Current liabilities
Contingent consideration due on acquisitions		13		(246)	(600)
Trade and other payables				(10,592)	(9,744)
Current income tax liabilities				(255)	(303)
Current borrowings		12		(5,251)	(2,846)
				(16,344)	(13,493)
Total liabilities				(17,555)	(14,413)
Net assets				45,063	38,904
EQUITY
Share capital		14		1,048	1,038
Own shares				(2,351)	(2,464)
Capital redemption reserve				1,200	1,200
Share premium				20,362	19,977
Foreign currency translation reserve				(10)	-
Retained earnings				24,814	19,153
Total equity				45,063	38,904

CONSOLIDATED STATEMENT OF CASH FLOWS

Year ended 31 March 2012

				2012 £'000	2011 £'000
Profit before taxation				5,842	2,792
Finance costs/(income) - net				182	(19)
Depreciation				3,698	2,689
Amortisation				1,056	697
Share based payments				104	290
Exchange movements				(10)	-
Movement in lease deposits				(400)	(800)
Movement in trade receivables				(405)	194
Movement in trade payables				(487)	1,211
Cash flow from operations				9,580	7,054
Taxation paid				(585)	(12)
Net cash flow from operating activities				8,995	7,042
Cash flow from investing activities
Purchase of property, plant and equipment				(2,397)	(3,419)
Capitalisation of development costs				(474)	(351)
Purchase of  intangible assets - software				(89)	(197)
Payment for acquisitions net of cash acquired				(3,873)	(3,144)
Deferred consideration paid on prior period acquisition				(600)	(1,000)
Receipt from disposal of discontinued operation				-	795
Interest received				31	237
Net cash used in investing activities				(7,402)	(7,079)
Cash flow from financing activities
Issue of shares				512	473
Bank loans				2,000	2,000
Repayment of finance leases				(1,164)	(759)
Interest paid				(227)	(137)
Dividends paid				(643)	(391)
Net cash received from financing activities				478	1,186
Net increase in cash and cash equivalents				2,071	1,149
Cash and cash equivalents at the beginning of the year				6,864	5,715
Cash and cash equivalents at the end of the year				8,935	6,864

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Year ended 31 March 2012

Changes in equity		Share capital	Own  shares JSOP	Foreign currency translation reserve	Capital redemption reserve	Share premium account	Retained earnings	Total
		£'000	£'000	£'000	£'000	£'000	£'000	£'000
Balance at 1 April 2010		1,028	(2,464)	-	1,200	19,514	16,312	35,590
Profit in the year		-	-	-	-	-	2,862	2,862
Total comprehensive income		-	-	-	-	-	2,862	2,862
Share based payments		-	-	-	-	-	290	290
Deferred tax on share based payments		-	-	-	-	-	80	80
Dividends - interim (paid)		-	-	-	-	-	(391)	(391)
Issue of new shares for option redemption		10	-	-	-	463	-	473
Total transactions with owners		10	-	-	-	463	(21)	452
Balance at 31 March 2011		1,038	(2,464)	-	1,200	19,977	19,153	38,904
Profit in the year		-	-	-	-	-	6,198	6,198
Currency translation differences		-	-	(10)	-	-	-	(10)
Total comprehensive income		-	-	(10)	-	-	6,198	6,188
Dividends - final (paid)		-	-	-	-	-	(643)	(643)
Share based payments		-	-	-	-	-	104	104
Deferred tax on share based payments		-	-	-	-	-	(2)	(2)
Issue of own shares from JSOP		-	113	-	-	-	4	117
Issue of new shares for option redemption		10	-	-	-	385	-	395
Total transactions with owners		10	113	-	-	385	(537)	(29)
Balance at 31 March 2012		1,048	(2,351)	(10)	1,200	20,362	24,814	45,063

NOTES TO THE FINAL RESULTS

Year ended 31 March 2012

1.       GENERAL INFORMATION

iomart Group plc is a company incorporated and domiciled in Scotland. The company has a primary listing on the AIM stock exchange. The address of its registered office is Lister Pavilion, Kelvin Campus, West of Scotland Science Park, Glasgow G20 0SP.

 

2.       BASIS OF PREPARATION

These final statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union (EU) and the Companies Act 2006 applicable to companies reporting under IFRS.

The financial statements have been prepared under the historical cost convention.

The financial information set out in the announcement does not constitute the Group's statutory accounts for the years ended 31 March 2012 and 31 March 2011 within the meaning of section 434 of the Companies Act 2006. The financial information for the year ended 31 March 2011 is derived from the statutory accounts for that year which have been delivered to the Registrar of Companies. The financial information for the year ended 31 March 2012 is derived from the statutory accounts for that year which were approved by the Directors on 28 May 2012. The statutory accounts for the year ended 31 March 2012 will be delivered to the Registrar of Companies following the Company's Annual General Meeting. The auditors reported on those accounts; their report was unqualified and did not contain a statement under Section 498(2) or (3) of the Companies Act 2006.

3.       SEGMENTAL ANALYSIS

The chief operating decision-maker has been identified as the Chief Executive Officer ("CEO") of the Company. The CEO reviews the Group's internal reporting in order to assess performance and to allocate resources. The Group has determined its operating segments based on these reports.

The Group currently has two reportable segments.

·      Easyspace - this segment provides a range of shared hosting and domain registration services to micro and SME companies. Switch Media Limited and Global Gold Limited were acquired during the year and have been reported as part of the Easyspace segment since acquisition.

·      Hosting - this segment provides managed hosting facilities and services, through a network of owned datacentres, to the larger SME and corporate markets. The segment uses several routes to market and provides managed hosting services through iomart Hosting, RapidSwitch, Titan Internet, EQSN and iomart Cloud Services. EQSN Limited was acquired during the year and has been reported as part of the Hosting segment since acquisition.

Information regarding the operation of the reportable segments is included below. The CEO assesses the performance of the operating segments based on revenue and a measure of Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) before any allocation of Group overheads, charges for share based payments or costs associated with acquisitions. This segment EBITDA is used to measure performance as the CEO believes that such information is the most relevant in evaluating the results of the segment.

The Group's EBITDA for the year has been calculated after deducting Group overheads from the EBITDA of the two segments as reported internally. Group overheads include the cost of the Board, all the costs of running the premises in Glasgow, the Group marketing, human resource, finance and design functions and legal and professional fees.

The segment information is prepared using accounting policies consistent with those of the Group as a whole.

The assets and liabilities of the Group are not reviewed by the chief operating decision-maker on a segment basis. Therefore none of the Group's assets and liabilities are segmental assets and liabilities and are all unallocated for segmental disclosure purposes. For that reason the Group has not disclosed details of segmental assets and liabilities.

All segments are continuing operations. No customer accounts for more than 10% of external revenues. Inter-segment transactions are accounted for using an arms-length commercial basis.

Operating Segments

Revenue by Operating Segment

	2012			2011
	External	Internal	Total	External	Internal	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Easyspace	9,131	-	9,131	7,558	-	7,558
Hosting	24,345	955	25,300	17,694	896	18,590
	33,476	955	34,431	25,252	896	26,148

Geographical Information

In presenting the consolidated information on a geographical basis, revenue is based on the geographical location of customers. The United Kingdom is the place of domicile of the parent company, iomart Group plc. All of the Group's revenue originates from the United Kingdom.

Analysis of Revenue by Destination

					2012	2011
					£'000	£'000
United Kingdom					29,726	22,585
Rest of the World					3,750	2,667
Revenue from operations					33,476	25,252

Profit by Operating Segment

	2012			2011
	EBITDA before acquisition costs and share based payments	Depreciation,  amortisation, acquisition costs and share based payments	Operating profit/(loss)	EBITDA before acquisition costs and share based payments	Depreciation,  amortisation, acquisition costs and share based payments	Operating profit/(loss)
	£'000	£'000	£'000	£'000	£'000	£'000
Easyspace	3,600	(350)	3,250	2,794	(35)	2,759
Hosting	10,097	(4,404)	5,693	6,178	(3,351)	2,827
Group overheads	(2,511)	-	(2,511)	(2,328)	-	(2,328)
Acquisition costs	-	(304)	(304)	-	(195)	(195)
Share based payments	-	(104)	(104)	-	(290)	(290)
	11,186	(5,162)	6,024	6,644	(3,871)	2,773
Group interest and tax			174			89
Profit for the year	11,186	(5,162)	6,198	6,644	(3,871)	2,862

Group overheads, acquisition costs, share based payments, interest and tax are not allocated to segments.

4.       ACQUISITION COSTS

				2012 £'000	2011 £'000
Professional fees				137	195
Non-recurring integration costs				167	-
Total acquisition costs				304	195

 

5.       TAXATION

				2012 £'000	2011 £'000
Tax charge for the year				(249)	(183)
Adjustment relating to prior year				(134)	33
Total current taxation				(383)	(150)
Origination and reversal of temporary differences				770	220
Effect of changes in tax rates				(31)	-
Total deferred taxation credit				739	220
Total taxation credit				356	70

The Group has a deferred tax asset which has been recognised in respect of tax losses within four subsidiary companies, which have generated taxable profits and are expected to continue to do so.

The differences between the total current tax shown above and the amount calculated by applying the standard rate of UK corporation tax to the profit before tax is as follows:

				2012 £'000	2011 £'000
Profit before tax				5,842	2,792
Tax charge @ 26% (2011 - 28%)				1,519	782
Expenses disallowed for tax purposes				82	25
Non-taxable income				(304)	-
Adjustments in respect of prior years				134	(33)
Movement in deferred tax relating to changes in tax rates				31	-
Effect of research and development tax reliefs				(73)	(50)
Tax effect of share based remuneration				(219)	(191)
Effect of intangible asset tax reliefs				(7)	(7)
Movement in unprovided deferred tax related to fixed assets				128	130
Movement in unprovided deferred tax related to other timing differences				(26)	9
Movement in deferred tax relating to prior periods				(180)	-
Increase in tax losses utilised and recognised				(1,441)	(735)
Taxation credit for the year				(356)	(70)

The weighted average applicable tax rate for the year ended 31 March 2012 was 26% (2011: 28%). The total current tax charge of £249,000 (2011: £183,000) on operations represents 4.3% (2011: 6.6%) of the Group profit before tax of £5,842,000 (2011: £2,792,000). A number of changes to the UK Corporation tax system were announced in the March 2012 Budget Statement with the main rate of corporation tax reduced from 26% to 24% from 1 April 2012. Further reductions to the main rate are proposed to reduce the rate by 1% per annum to 22% by 1 April 2014. These changes had not been substantively enacted at the balance sheet date and, therefore, are not included in these financial statements. It is expected that the effect of these changes will have an immaterial impact on the deferred tax asset currently recognised.

6.       Deferred tax

The Group had recognised deferred tax assets and liabilities as follows:

	2012		2011
	Deferred tax Recognised £'000	Deferred tax Unrecognised £'000	Deferred tax Recognised £'000	Deferred tax Unrecognised £'000
Tax losses carried forward	2,152	-	1,971	1,386
Share based remuneration	381	-	354	-
Capital allowances timing differences	67	-	-	-
Deferred tax on acquired assets with no capital allowances	(1,059)	-	(1,367)	-
Deferred tax on customer relationships	(548)	-	(339)	-
Deferred tax	993	-	619	1,386

At the year end, the Group has unused tax losses of £9.0m (2011: £13.2m) available for offset against future profits. A deferred tax asset has been recognised in respect of £9.0m (2011: £7.7m) of such losses as these losses are expected to be used up by taxable profits by the end of the period covered by future projections.

The movement in the deferred tax account during the year was:

	Tax losses carried forward £'000	Share based remuneration £'000	Capital allowances timing differences £'000	Deferred tax on acquired assets with no capital allowances £'000	Customer relationships £'000	Total £'000
Balance at 1 April 2011	1,971	354	-	(1,367)	(339)	619
Acquired on acquisition of subsidiary	52	-	(26)	-	(389)	(363)
Credited to equity	-	(2)	-	-	-	(2)
Credited to statement of comprehensive income	304	86	100	122	158	770
Effect of changes in tax rates	(175)	(57)	(7)	186	22	(31)
Balance at 31 March 2012	2,152	381	67	(1,059)	(548)	993

The deferred tax asset in relation to tax losses carried forward arises from unutilised tax losses in the both operating segments. The deferred tax asset has been recognised in line with future projections over a three year period. The basis of these projections are:

·     The consistent success of the sales teams in generating new business

·     Expectations about the retention of customers

·     Continued success in achieving a particular product mix and maintaining price yield

Based on the current profitability of certain companies within the operating segments, an assessment of projections and the expectations of sustainable profits in future years, a deferred tax asset in relation to the utilisation of these losses is recognised in line with IAS 12 'Income Taxes'.

The deferred tax asset in relation to share based remuneration arises from the anticipated future tax relief on the exercise of share options.

The deferred tax on capital allowances timing differences arises mainly from plant and equipment in the Hosting segment where the tax written down value varies from the net book value.

The deferred tax on acquired assets arises from datacentre equipment acquired through the acquisition of iomart Datacentres Limited on which depreciation is charged but on which there are no capital allowances available.

The deferred tax on customer relationships arises from timing differences on acquired intangible assets.

 

7.       ACQUISITIONS

Switch Media

The Group acquired 100% of the issued share capital of Switch Media Limited and its subsidiaries ("Switch Media") on 26 April 2011. This transaction has been accounted for by the acquisition method of accounting.

Switch Media supplies domain registration, web hosting and web design services to its client base primarily in the UK and in the Republic of Ireland and the acquisition is in line with the Group's strategy to grow its hosting operations both organically and by acquisition.

During the current year the Group incurred £12,000 of third party acquisition related costs in respect of this acquisition. These expenses are included in administrative expenses in the Group's consolidated statement of comprehensive income for the year ended 31 March 2012.  In the prior year, £76,000 of third party acquisition related costs were incurred and these were included in administrative expenses in the Group's consolidated statement of comprehensive income for the year ending 31 March 2011.

The following table summarises the consideration transferred to acquire Switch Media and the amounts of identified assets acquired and liabilities assumed at the acquisition date:

	£'000
Recognised amounts of net assets acquired and liabilities assumed:
Cash and cash equivalents	126
Trade and other receivables	37
Current deferred tax asset	52
Property, plant and equipment	24
Intangible assets	388
Trade and other payables	(571)
Current deferred tax liability	(39)
Non-current deferred tax liability	(60)
Identifiable net liabilities	(43)
Goodwill	1,293
Total consideration	1,250
Satisfied by:
Cash	1,025
Contingent consideration	225
Total consideration transferred	1,250

The acquisition of Switch Media included a contingent consideration arrangement that required additional consideration to be paid by the Group for Switch Media subject to the integration of that business operation into the Group, the transfer of Switch Media's provisioning platforms to existing Group platforms and the transfer of Switch Media's server estate to the Group's datacentres. During the year £225,000 was paid by the Group in relation to this acquisition and there are no further amounts of contingent consideration due to be paid.

The goodwill arising on the acquisition of Switch Media is attributable to the specialised, industry specific knowledge of the management and staff, the benefits to the Group in merging the business with its existing infrastructure and the anticipated future operating synergies from the combination.  The goodwill is not expected to be deductible for tax purposes.

All services supplied by Switch Media are only invoiced after cash has been received and therefore the fair value of the assets does not include any trade receivables.

The fair value included in respect of the acquired customer relationships intangible asset is £388,000, which is a final valuation.

To estimate the fair value of the customer relationship intangible asset, a discounted cash flow method, specifically the income approach, was used with reference to the directors' estimates of the level of revenue which will be generated from them. A post-tax discount rate of 13.8% was used for the valuation. Customer relationships are being amortised over an estimated useful life of 3 years.

The name, Switch Media Limited, is not actively advertised or promoted, with the majority of Switch Media's business being generated from existing customers or by mail shots to newly registered companies.  Switch Media has given a commitment to customers not to share information held about them with third parties.  No value has therefore been attributed to either the trade name/brand or to the customer lists acquired at the acquisition date.

The fair values of the acquired assets, liabilities and goodwill for Switch Media are final valuations.

Switch Media earned revenue of £1,179,000 and made profits after tax from operations of £233,000 in the period since acquisition.

EQSN

The Group acquired 100% of the issued share capital of EQSN Limited on 23 November 2011. This transaction has been accounted for by the acquisition method of accounting.

EQSN provides colocation and managed hosting facilities and services to the larger SME and corporate markets and the acquisition is in line with the Group's strategy to grow its hosting operations both organically and by acquisition.

During the current year the Group incurred £64,000 of third party acquisition related costs in respect of this acquisition. These expenses are included in administrative expenses in the Group's consolidated statement of comprehensive income for the year ended 31 March 2012. 

The following table summarises the consideration transferred to acquire EQSN and the amounts of identified assets acquired and liabilities assumed at the acquisition date:

	£'000
Recognised amounts of net assets acquired and liabilities assumed:
Cash and cash equivalents	221
Trade and other receivables	354
Property, plant and equipment	104
Intangible assets	979
Trade and other payables	(251)
Current income tax liability	(70)
Borrowings	(24)
Current deferred tax liabilities	(57)
Non-current deferred tax liability	(205)
Identifiable net assets	1,051
Goodwill	1,424
Total consideration	2,475
Satisfied by:
Cash	2,250
Contingent consideration	225
Total consideration transferred	2,475

The acquisition of EQSN includes a contingent consideration arrangement that requires additional consideration of £225,000 to be paid by the Group for EQSN subject to the integration of that business operation into the Group. The maximum value of contingent consideration has been paid subsequent to the year end and therefore £225,000 has been accrued in respect of this contingent consideration.

The goodwill arising on the acquisition of EQSN is attributable to the specialised, industry specific knowledge of the management and staff and the anticipated future operating synergies from the combination.  The goodwill is not expected to be deductible for tax purposes.

The fair value of the assets acquired includes trade receivables of £303,000. The gross amount due under contracts is £320,000 and value of trade receivables against which there is a provision is £17,000.

The fair value included in respect of the acquired customer relationships intangible asset is £979,000, which has been determined on a provisional basis pending a final review.

To estimate the fair value of the customer relationship intangible asset, a discounted cash flow method, specifically the income approach, was used with reference to the directors' estimates of the level of revenue which will be generated from them.  A post-tax discount rate of 11.8% was used for the valuation.  Customer relationships are being amortised over an estimated useful life of 8 years.

The name EQSN Limited is not actively advertised or promoted, with the majority of EQSN's business being generated from existing customers or by word of mouth.  EQSN has given a commitment to customers not to sell, distribute or lease information held regarding them without their permission.  No value has therefore been attributed to either the trade name/brand or to the customer lists acquired at the acquisition date.

EQSN earned revenue of £807,000 and made profits after tax from operations of £36,000 in the period since acquisition.

Global Gold

The Group acquired 100% of the issued share capital of Global Gold Holdings Limited and its subsidiary ("Global Gold") on 24 November 2011. This transaction has been accounted for by the acquisition method of accounting.

Global Gold supplies domain registration, web hosting and email services to its client base primarily in the UK and the acquisition is in line with the Group's strategy to grow its hosting operations both organically and by acquisition.

During the current year the Group incurred £61,000 of third party acquisition related costs in respect of this acquisition. These expenses are included in administrative expenses in the Group's consolidated statement of comprehensive income for the year ended 31 March 2012. 

The following table summarises the consideration transferred to acquire Global Gold and the amounts of identified assets acquired and liabilities assumed at the acquisition date:

	£'000
Recognised amounts of net assets acquired and liabilities assumed:
Cash and cash equivalents	6
Trade and other receivables	137
Property, plant and equipment	265
Intangible assets	181
Trade and other payables	(490)
Current income tax liabilities	(84)
Current borrowings	(53)
Non-current borrowings	(35)
Current deferred tax liability	(19)
Non-current deferred tax liability	(35)
Identifiable net liabilities	(127)
Goodwill	875
Total consideration	748
Satisfied by:
Cash	680
Settlement of directors' loan accounts	47
Contingent consideration	21
Total consideration transferred	748

The acquisition of Global Gold includes a contingent consideration arrangement that requires additional consideration to be paid by the Group for Global Gold subject to the levels of working capital and debt at the date of acquisition, the annualised revenue at 31 March 2012, and to the integration of the business operation into the Group, the transfer of Global Gold's provisioning platforms to existing Group platforms and the transfer of Global Gold's server estate to the Group's datacentres. The maximum contingent consideration payable is £500,000. The levels of working capital and debt at the date of acquisition have now been quantified and agreed with the vendors and the value of annualised revenue at 31 March 2012 has also been agreed. The agreed amount of contingent consideration which has been paid subsequent to the year end was £21,000 and therefore £21,000 has been accrued in respect of this contingent consideration.

The goodwill arising on the acquisition of Global Gold is attributable to the benefits to the Group in merging the business with its existing infrastructure and the anticipated future operating synergies from the combination.  The goodwill is not expected to be deductible for tax purposes.

The fair value of the assets acquired includes trade receivables of £50,000. The gross amount due under contracts is £74,000 and value of trade receivables against which there is a provision is £24,000. 

The fair value included in respect of the acquired customer relationships intangible asset is £181,000, which has been determined on a provisional basis pending a final review.

To estimate the fair value of the customer relationship intangible asset, a discounted cash flow method, specifically the income approach, was used with reference to the directors' estimates of the level of revenue which will be generated from them. A post-tax discount rate of 13.8% was used for the valuation. Customer relationships are being amortised over an estimated useful life of 5 years.

The name Global Gold is not actively advertised or promoted, with the majority of Global Gold's business being generated from existing customers or by word of mouth.  Global Gold has given a commitment to customers not to use for any purpose, other than the service agreement, any confidential information received from the customer.  No value has therefore been attributed to either the trade name/brand or to the customer lists acquired at the acquisition date.

Global Gold earned revenue of £326,000 and incurred losses after tax from operations of £58,000 in the period since acquisition.

Pro-forma full year information

The following summary presents the Group as if the businesses acquired during the year had all been acquired on 1 April 2011.  The amounts include the results of the acquired businesses and depreciation and amortisation of the acquired fixed assets and intangible assets recognised on acquisition.  The amounts do not include any possible synergies from the acquisitions.  The information is provided for illustrative purposes only and does not necessarily reflect the actual results that would have occurred, nor is it necessarily indicative of the future results of the combined companies.

	Pro-forma year ended 31 March 2012
		£'000
Revenue		35,656
Profit after tax for the year		6,042

 

8.       EARNINGS per ordinary share

Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares in issue during the year, after deducting any own shares held by an Employee Benefit Trust in a Joint Share Ownership Plan ("JSOP").  Diluted earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the total of the weighted average number of ordinary shares in issue during the year, after deducting any own shares (JSOP), and adjusting for the dilutive potential ordinary shares relating to share options, including the dilutive effect of JSOP shares that have vested.

Total operations					2012 £'000	2011 £'000
Profit for the financial year and basic earnings attributed to ordinary shareholders					6,198	2,862
					No	No
Weighted average number of ordinary shares:					000	000
Called up, allotted and fully paid at start of year					103,840	102,753
Shares held by Employee Benefit Trust					(4,832)	(4,977)
New shares issued during year (weighted average)					623	674
Weighted average number of ordinary shares - basic					99,631	98,450
Dilutive impact of share options					780	958
Dilutive impact of JSOP shares					2,372	1,026
Weighted average number of ordinary shares - diluted					102,783	100,434
Basic earnings per share					6.22 p	2.91 p
Diluted earnings per share					6.03 p	2.85 p

Adjusted earnings per share					2012 £'000	2011 £'000
Profit for the financial year and basic earnings attributed to ordinary shareholders					6,198	2,862
Add: Amortisation of acquired intangible assets					604	316
Add: Acquisition costs					304	195
Add: Shared based payments					104	290
Less: Tax impact of adjusted items					(247)	(163)
Adjusted profit for the financial year and adjusted earnings attributed to ordinary shareholders					6,963	3,500
Adjusted basic earnings per share					6.99 p	3.56 p
Adjusted diluted earnings per share					6.77 p	3.48 p

 

9.       INTANGIBLE ASSETS

	Goodwill	Development costs	Customer relationships	Software	Domain names	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Cost
At 1 April 2010	20,723	760	800	294	31	22,608
Additions	3,229	-	-	197	-	3,426
Acquired on acquisition of subsidiary	-	-	1,119	-	-	1,119
Development cost capitalised	-	351	-	-	-	351
At 1 April 2011	23,952	1,111	1,919	491	31	27,504
Additions	3,592	-	-	89	-	3,681
Acquired on acquisition of subsidiary	-	-	1,548	-	-	1,548
Development cost capitalised	-	474	-	-	-	474
At 31 March 2012	27,544	1,585	3,467	580	31	33,207
Accumulated amortisation:
At 1 April 2010	-	(378)	(261)	(229)	(9)	(877)
Charge for the year	-	(275)	(316)	(96)	(10)	(697)
At 1 April 2011	-	(653)	(577)	(325)	(19)	(1,574)
Charge for the year	-	(335)	(604)	(107)	(10)	(1,056)
At 31 March 2012	-	(988)	(1,181)	(432)	(29)	(2,630)
Carrying amount:
At 31 March 2012	27,544	597	2,286	148	2	30,577
At 31 March 2011	23,952	458	1,342	166	12	25,930

During the year, goodwill was reviewed for impairment in accordance with IAS 36 'Impairment of Assets'. No impairment charges (2011: nil) arose as a result of this review. For this review goodwill was allocated to individual Cash Generating Units (CGU) on the basis of the Group's operations. The goodwill acquired in the Switch Media and Global Gold acquisitions in the current year has been allocated to the Easyspace CGU and the goodwill acquired in the EQSN acquisition has been allocated to the Hosting CGU which relate to the CGUs expected to benefit from the respective business combinations. The carrying value of goodwill by each CGU is as follows:

Cash Generating Units (CGU)				2012 £'000	2011 £'000
Easyspace				14,482	12,314
Hosting				13,062	11,638
				27,544	23,952

 

10.     PROPERTY, PLANT AND EQUIPMENT

	Freehold property		Leasehold improve-ments	Datacentre equipment	Computer equipment	Office equipment	Motor vehicles	Total
	£'000		£'000	£'000	£'000	£'000	£'000	£'000
Cost:
At 1 April 2010	837		2,139	8,395	4,684	710	7	16,772
Additions in the year	-		1,371	400	2,868	10	-	4,649
Acquisition of subsidiary	-		14	-	421	81	55	571
Disposals in the year	-		-	-	-	-	(24)	(24)
At 1 April 2011	837		3,524	8,795	7,973	801	38	21,968
Additions in the year	-		74	937	3,115	17	-	4,143
Acquisition of subsidiaries	-		26	-	359	8	-	393
At 31 March 2012	837		3,624	9,732	11,447	826	38	26,504
Accumulated depreciation:
At 1 April 2010	(20)		(458)	(1,329)	(2,275)	(414)	-	(4,496)
Charge for the year	(20)		(135)	(709)	(1,758)	(60)	(7)	(2,689)
Disposals in the year	-		-	-	-	-	5	5
At 1 April 2011	(40)		(593)	(2,038)	(4,033)	(474)	(2)	(7,180)
Charge for the year	(19)		(228)	(793)	(2,561)	(80)	(17)	(3,698)
Disposals in the year	-		-	-	-	-	-	-
At 31 March 2012	(59)		(821)	(2,831)	(6,594)	(554)	(19)	(10,878)
Carrying amount:
At 31 March 2012	778		2,803	6,901	4,853	272	19	15,626
At 31 March 2011	797		2,931	6,757	3,940	327	36	14,788

11.     cash and cash equivalents

				2012 £'000	2011 £'000
Cash at bank and on hand				8,935	6,864
Cash and cash equivalents				8,935	6,864

12.     borrowings

				2012 £'000	2011 £'000
Current:
Obligations under finance leases				(1,251)	(846)
Bank loans				(4,000)	(2,000)
Current borrowings				(5,251)	(2,846)
Non-current:
Obligations under finance leases				(1,211)	(920)
Total non-current borrowings				(1,211)	(920)
Total borrowings				(6,462)	(3,766)

13.     contingent CONSIDERATION

				2012 £'000	2011 £'000
Contingent consideration due on acquisitions:
-       Titan Internet Limited				-	(600)
-       EQSN Limited				(225)	-
-       Global Gold Holdings Limited				(21)	-
Total contingent consideration due on acquisitions				(246)	(600)

Subsequent to the year end both contingent considerations have been settled.

14.     SHARE CAPITAL

			Ordinary shares of 1p each
			Number of shares	£'000
Authorised
At 31 March 2010, 2011, and 2012			200,000,000	2,000
Called up, allotted and fully paid
At 31 March 2010			102,752,599	1,028
Exercise of options			1,087,244	10
At 31 March 2011			103,839,843	1,038
Exercise of options			977,561	10
At 31 March 2012			104,817,404	1,048

During the year the Company issued 977,561 (2011: 1,087,244) ordinary shares of 1p each in respect of the exercise of share options by employees for which a net total of £396,314 (2011: £473,000) was received.

On 9 August 2011, 227,105 ordinary shares (2011: nil) were transferred from the Own Shares JSOP reserve following the exercise of Joint Share Ownership options by an employee. The exercise price of the JSOP option was 51.47p and the market price on the exercise date was 97.0p (2011: nil). As at 31 March 2012 the Company held 4,750,079 shares (2011: 4,977,184) in the iomart Group plc Employee Benefit Trust in relation to the JSOP which are accounted for in the Own Shares JSOP reserve and have a nominal value of £47,501 (2011: £49,772).

 

15. ANNUAL REPORT AND ACCOUNTS

The Annual Report and Accounts for 2012 will be posted to shareholders on 22 June 2012 and will also be available free of charge on request from the Company's registered office; Lister Pavilion, Kelvin Campus, West of Scotland Science Park, Glasgow G20 0SP and on the Group's web-site at www.iomart.com.

16. ANNUAL GENERAL MEETING

The Annual General Meeting of the Company will be held at 2.30pm on 30 August 2012 at the Company's registered office.

 

END

 

 

FR EAXSPADSAEFF