Half Yearly Results
Summary by AI BETAClose X
26 November 2025
Iomart Group plc
("iomart" or the "Group" or the "Company")
Half Yearly Results
iomart (AIM: IOM), the secure cloud services company, reports its half year results for the six months ended 30 September 2025 (H1 FY26)
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Financial Highlights |
H1 FY26 |
H1 FY25 |
FY 25 |
|
Total Revenue (£m) |
77.7 |
62.0 |
143.5 |
|
% of recurring revenue1 |
86% |
91% |
89% |
|
Adjusted EBITDA (£m)2 |
12.9 |
17.0 |
34.3 |
|
Adjusted EBIT (£m)3 |
2.1 |
6.6 |
12.8 |
|
Adjusted (loss) /profit before tax (£m)4 |
(2.5) |
4.3 |
6.5 |
|
Statutory IFRS (loss) /profit before tax (£m) |
(6.5) |
1.0 |
(53.2) |
|
Basic earnings per share(p) |
(4.5p) |
0.3p |
(49.0p) |
|
Adjusted diluted EPS(p)5 |
(1.9p) |
2.6p |
3.4p |
|
Cash flow from operations (£m) |
8.4 |
11.1 |
27.2 |
|
Net debt (£m)6 |
109.6 |
48.1 |
101.9 |
|
Bank revolver loan less cash (£m) |
92.4 |
29.8 |
83.9 |
Financial highlights
|
· |
Results are in line with the trading update issued on 30 October 2025. |
|
· |
Group revenue increased 25% to £77.7 million (H1 FY25: £62.0 million), including £21.7 million from the Atech acquisition. |
|
· |
Organic revenue declined as anticipated by approximately £6.0 million, impacted by previously disclosed customer churn in the prior year. |
|
· |
Adjusted EBITDA of £12.9 million (H1 FY25: £17.0 million), in line with expectations, reflecting the shift in revenue mix and lower recurring revenues in legacy services. |
|
· |
Adjusted loss before tax of £2.5 million (H1 FY25: £4.3 million profit), impacted by lower EBITDA and higher interest costs related to the Atech acquisition. |
|
· |
Net debt of £109.6 million at 30 September 2025 (31 March 2025: £101.9 million), including £97.5 million drawn on the Group's £115 million Revolving Credit Facility. |
Strategic highlights
|
· |
Improved customer renewal rates in H1 and consistently positive net order bookings support future revenue growth. |
|
· |
Microsoft-connected services now represent approximately 30% of Group revenue (H1 FY2024: 7%), reflecting successful strategic repositioning, accelerated with the Atech acquisition, into a high growth segment of the cloud market. |
|
· |
Atech contributing significantly to revenue and expanding the Group's Microsoft and managed cyber security capabilities. |
|
· |
£4 million in annualised cost efficiencies achieved which benefit H2 onwards, with further savings initiatives underway. |
Outlook
|
· |
The Board anticipates an improved performance in the second half of the financial year, and the full year to be within the range of current market expectations. |
For further information:
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iomart Group plc |
Tel: 0141 931 6400 |
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Richard Last, Executive Chair Scott Cunningham, Chief Financial Officer |
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Investec Bank PLC (Nominated Adviser and Broker) |
Tel: 020 7597 4000 |
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Patrick Robb, Virginia Bull |
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Alma Strategic Communications |
Tel: 020 3405 0205 |
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Caroline Forde, Hilary Buchanan, Louisa El-Ahwal |
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Note: Company compiled range is based on known sell-side analyst estimates. The latest known sell-side analyst estimates for the full year ended 31 March 2026 are:
· Revenue in the range of £159m to £160m;
· Adjusted EBITDA(1) in the range of £27.7m to £29.2m;
· Adjusted PBT (2 in the range of £(1.7)m loss to £0.4m profit; and
· Net Debt (including IFRS 16 finance lease liabilities) in the range of £97.5m to £107.8m
Notes to editors
1 Recurring revenue is the revenue that repeats either under long-term contractual arrangement or on a rolling basis by predictable customer habit. % of recurring revenue is defined as Recurring Revenue/ Revenue.
2 Throughout this statement adjusted EBITDA, is earnings before interest, tax, depreciation and amortisation (EBITDA) before share- based payment charges, acquisition costs and exceptional non-recurring costs. Throughout this statement acquisition costs are defined as acquisition related costs and non-recurring acquisition integration costs.
3Throughout this statement adjusted EBIT is earnings before interest and tax (EBIT) before amortisation charges on acquired intangible assets, share-based payment charges, acquisition costs and exceptional non-recurring costs. Throughout these financial statements acquisition costs are defined as acquisition related costs and non-recurring acquisition integration costs.
4 Throughout this statement adjusted (loss)/profit before tax is (loss)/profit before tax, amortisation charges on acquired intangible assets, share based payment charges, acquisition costs, accelerated write-off of arrangement fees on bank facilities and exceptional non-recurring costs.
5 Throughout this statement adjusted diluted earnings per share is earnings per share before amortisation charges on acquired intangible assets, share based payment charges, acquisition costs and the taxation effect of these.
6Net debt is the total of bank revolver loan, lease liabilities and cash and cash equivalents. Bank revolver loan less cash is Net Debt excluding lease liabilities.
7 Net order bookings, represents the gross order value of Annual Recurring Revenue (ARR) contracted during the period, which will be billed in future periods adjusted for ARR revenue churn. Churn reflecting lost or reduced renewal values in the period.
Forward looking statements
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.
About Iomart Group plc
Iomart Group plc (AIM: IOM) is one of the UK's leading providers of secure cloud managed services, simplifying the complexities of modern technology for businesses, with the majority of Group revenue derived from the UK. Our team of 600+ deliver cutting-edge solutions in cloud infrastructure, modern workplace management, and managed security services that enable our customers to innovate, protect, and scale their businesses.
We hold one of the UK's most extensive sets of Microsoft credentials, including Azure Expert MSP, Eight Solution Designations, 15 Advanced Specialisations including the new Copilot award and membership in Microsoft's Intelligent Security Association (MISA). As well as being a top-tier Broadcom Pinnacle Partner for VMware Cloud and Elite MSP Partner for Commvault. Which means we can bring the latest technologies in hybrid cloud, data protection, and cyber resiliency to meet the evolving needs of our customers.
For further information about the Group, please visit www.iomart.com
Half Year Statement
Introduction
This half year has been one of significant transition and strategic realignment for the Group, as we refreshed our leadership structure and sharpened our focus on the distinct strengths of our core business units. These changes have been implemented with a clear objective: to ensure accountability, foster specialist expertise and to better serve the diverse needs of our customers across the portfolio.
Our financial performance for the first half of the year, while a reduction from the prior year, is in line with the Board's expectations and consistent with the pre-close trading update issued on 30 October 2025. We have made tangible progress in strengthening our operational foundations, simplifying our business model and positioning Iomart for sustainable growth.
We have made important strides in operational efficiency, delivering the initial phase of our cost optimisation programme and achieving annualised savings to date of £4m, that will benefit the Group's financial results in the second half and beyond. Our investment in technology, people and process improvements is yielding results, as evidenced by strong order bookings, improved customer retention and the expansion of our capabilities in high-growth areas such as managed security.
Our Business Model
Our vision remains clear and consistent; to establish Iomart as the UK's leading provider of secure cloud services for the SME and enterprise mid-market.
Over recent months, we have strengthened our focus on three core business units, each now led by dedicated leadership teams. This structure is supported by a group-wide sales and marketing function serving both new and existing customers, alongside centralised support functions in finance, procurement, compliance and HR, to ensure strong governance and efficiency. In addition, our captive offshore operations in India now provide scalable expertise across all three business units and central functions, delivering ability to scale the business but also as a means of delivering substantial improvement in business efficiency and thereby driving down our costs.
During the past six months, we have implemented several changes within our Business Units, as outlined below:
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· |
Domain & Mass Hosting (Easyspace) |
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· |
Iomart Cloud Services |
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· |
Atech |
These changes have delivered greater clarity, focus, and alignment with the unique characteristics, maturity cycle and technical requirements of each business unit. The impact of the above revenue reclassification on prior period segmental reporting is covered in note 12.
Strategy and operational highlights
First half highlights
Beyond the success of creating greater clarity, focus, and alignment across our business units, notable highlights in the first half of the year include:
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· |
Strong Order Bookings and Sales Transformation |
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· |
Expansion of Microsoft & Security Capabilities through Atech |
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· |
Customer Alignment and Operational Simplification |
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· |
Technology Advancement |
|
· |
Cost Optimisation Programme |
Second half priorities
Our priorities for the second half of the year are centred on accelerating profitable revenue growth, improving operational efficiency and strengthening our financial position. The key areas of focus are:
· Revenue Growth Initiatives
|
We aim to position the Group strongly for an improved starting point, in terms of monthly recurring revenue, as we enter FY27. Key actions include: |
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|
o |
Onboarding managed security customers: Accelerate the acquisition and integration of managed security clients, leveraging Atech's Microsoft and security expertise to capture high-margin recurring revenue streams. |
|
o |
Productisation of AI Services: Formalise and launch our AI-driven service offerings, creating packaged solutions that address customer needs for automation, optimisation and intelligent security. |
|
o |
Maximising Indirect Channel sales via Oriium: Optimising potential of our channel partner network through the Oriium brand and partnerships with the IT channel. |
|
o |
Leveraging Broadcom Pinnacle Partner status: Differentiate our private cloud hosting capabilities by capitalising on our Elite Partner status, positioning Iomart as a trusted provider for VMware Cloud solutions. |
|
o |
Incremental customer growth in data centre services: Target new customers for colocation and dedicated hosting services, particularly within Rapidswitch, to enhance utilisation and margin contribution. |
· Cost Optimisation and Operational Efficiency
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We will continue our rolling programme of cost optimisation, with a focus on: |
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|
o |
Reducing structural data centre costs: over the medium-term address fixed cost structures through consolidation of facilities and improved energy efficiency factors and utilisation rates. |
|
o |
Driving efficiency across operations: Implement process & system improvements (including AI and automation), alongside investing in our Indian team to allow the business to scale efficiently, while maintaining service quality. |
· Financial Position
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Our focus is to manage effectively our financial position through: |
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|
o |
Positive cash generation and the delivery of strong cash flow in H2. |
|
o |
Continued cost optimisation and disciplined working capital management. |
|
o |
Maintaining financial flexibility to ensure the Group is well-positioned to invest in growth initiatives while reducing net debt leverage levels. |
Together, these actions will enable Iomart to enter FY27 with a stronger revenue base and a more robust financial position, setting the foundation for sustainable growth.
Market Update
The UK cloud computing market has continued to demonstrate growth over the past six months, underpinned by accelerating digital transformation, heightened security requirements and the integration of AI-driven capabilities. Public cloud adoption remains dominant, with Microsoft Azure maintaining a leading position in the UK enterprise segment. However, hybrid and multi-cloud strategies remain a prevailing model, as organisations seek flexibility, resilience and compliance with data sovereignty regulations.
Key market dynamics and how we are responding:
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· |
Hybrid cloud adoption: UK businesses increasingly operate across both public and private cloud environments, driven by regulatory compliance, cost optimisation and the need for operational resilience. Persistent cost challenges, including energy and infrastructure expenses, are accelerating migration away from on-premise systems toward cloud-native and hybrid solutions. This is our heritage. We have proven capabilities in managing this complex landscape for a range of UK businesses. |
|
· |
AI and Automation: Demand for AI-enabled services is reshaping cloud strategies, with enterprises prioritising platforms that deliver automation, predictive analytics and enhanced security. Through our recent innovation in this space, we are launching a range of offerings in H2 to make our products in this space more easily accessible. |
|
· |
Security and Compliance: Rising cyber threats and sector-specific regulations are reinforcing the need for cyber consultancy, incident response managed cyber security services and zero-trust architectures. We have further expanded our 24/7 Security Operations Centre (SOC) and cyber advisory offerings, strengthening our capabilities in cyber security. |
We have seen customers adopt a more conservative approach to technology investment, prioritising essential services such as security, compliance and cost optimisation over discretionary projects. Outsourcing to managed service providers delivers capability to reduce capital expenditure and improve cost control. Iomart is offsetting margin pressure in commoditising areas such as licence consumption by accelerating our drive to ensure differentiation through high-value offerings such as security and managed services, optimising customer costs and compliance.
We are now able to offer hybrid solutions, combining Microsoft public cloud services (Azure infrastructure, Modern Work, and Security) expertise, along with our strong heritage in private cloud infrastructure, making us well positioned in the market.
Financial Review
Revenue
|
|
For the six months ended 30 September |
For the year ended 31 March |
|
|
|
2025 |
20241 |
20251 |
|
|
£'000 |
£'000 |
£'000 |
|
Iomart Cloud Services |
44,504 |
49,445 |
97,059 |
|
Atech |
25,565 |
4,350 |
30,188 |
|
Domain and Mass Hosting (Easyspace) |
7,676 |
8,155 |
16,213 |
|
Total revenue |
77,745 |
61,950 |
143,460 |
1see note 12 for reclassification of historic periods.
Overall revenue from our operations was £77.7m (H1 2025: £62.0m) with a high level of recurring revenue at 86% (H1 2025: 91%). We remain focused on retaining our recurring revenue business model with the combination of multi-year contracts and payments in advance providing us with good revenue visibility. The Atech acquisition reduced the percentage of recurring revenue due to a higher proportion of consultancy activity as we support customers in their digital migrations and security positioning.
Group revenue includes a full six months of revenue from Atech, being £21.7m, growth of 16% on the comparable period. Excluding the impact of acquisitions, the remaining pre-existing Group experienced a revenue decline of around £6.0m, reflecting the accelerated churn of customers from legacy self-managed infrastructure, plus some private managed cloud customers, in the prior year which impacted the monthly run rate entering into this current financial year. A key success in the current period has been the consistent delivery of positive net order bookings driven by a combination of a good level of new orders bookings of £10m annual recurring revenue (H1 2025: £10m) and an improvement in customer renewal rates allowing achievement of net order bookings7 of £4.5m ARR (H1 2025: £0.3m).
Adjusted EBITDA
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|
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For the year ended 31 March |
|
|
For the six months ended 30 September |
||
|
|
2025 |
20241 |
20251 |
|
|
£'000 |
£'000 |
£'000 |
|
Iomart Cloud Services |
9,091 |
15,054 |
27,460 |
|
Atech |
2,581 |
(173) |
3,067 |
|
Domain and Mass Hosting (Easyspace) |
3,886 |
4,513 |
8,562 |
|
Group overheads |
(2,648) |
(2,442) |
(4,777) |
|
Total Adjusted EBITDA |
12,910 |
16,952 |
34,312 |
1see note 12 for reclassification of historic periods.
Adjusted EBITDA(2) was £12.9m, compared to £17.0m in the first half of the previous year, reflecting lower recurring revenues within the traditional private cloud and data centre services which also heavily impacts utilisation of our fixed cost infrastructure, alongside a shift in the Group's mix towards higher-growth, but lower-margin, Microsoft services. Cost efficiency improvements of £4m on an annualised basis have been achieved, which will benefit the second half and beyond.
Trading review by segment
Iomart Cloud Services
Revenue for Iomart Cloud Services in the first half of the year was £44.5m, compared to £49.4m in the same period last year (as reclassified), representing a decrease of £4.9m. This reduction reflects lower contributions from both managed services, which declined by 8%, and self-managed infrastructure, which fell by 24%. The largest element of this decline stems from the lower recurring revenue run-rate at the start of the year, following the higher customer churn experienced in the prior period. Non-recurring revenue remained stable at £5.2m (H1 FY25: £5.3m)
Segmental EBITDA (before share-based payments, acquisition costs and central overheads) of £9.1m represents a drop of £6.0m from the first half of FY25 or £3.3m from the second half of FY25. The trend in margin performance over the last several years has had many moving parts, including changes in revenue mix, timing of inflationary price adjustments and the well documented energy crisis. Revenue mix remains a feature in the period, with lower margin revenue associated with complex managed cloud services (including greater use of Azure public cloud) increasing, while higher margin self-managed infrastructure revenue decreases alongside lower utilisation of our fixed cost infrastructure. This mix shift towards public cloud creates proportionately lower capex requirements. The cost efficiencies already undertaken and our rolling efficiency programme is focussed on this area of the business.
The following is the disaggregation of Iomart Cloud Services revenues of £44.5m (H1 2025 reclassified: £49.5m). Iomart Cloud Services shares the data centre estate and fibre network infrastructure and associated support teams as an important part of the delivery of our recurring revenue services.
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|
For the six months ended 30 September |
For the year ended 31 March |
|
|
|
2025 |
20241 |
20251 |
|
Revenue by operating segment |
£'000 |
£'000 |
£'000 |
|
Cloud managed services |
33,043 |
35,901 |
71,869 |
|
Self-managed infrastructure |
6,230 |
8,232 |
15,241 |
|
Non-recurring |
5,231 |
5,312 |
9,949 |
|
Total revenue |
44,504 |
49,445 |
97,059 |
1see note 12 for reclassification of historic periods.
Cloud managed services (recurring revenue)
Cloud managed services includes the provision of fully managed, complex, bespoke and resilient solutions involving private, public and hybrid cloud infrastructure.
Revenues in this area reduced by 8% to £33.0m (H1 2025 reclassified: £35.9m). The underlying reduction from the prior period is a feature of a lower starting monthly recurring value as we started the financial year and also some delayed billing timing on the orders secured. Within this area, we have seen encouraging growth in Microsoft solutions, including Azure and Modern Work, which generated approximately £3.8m revenue in the H1 period. These activities are expected to transition to Atech during H2, depending on specific customer arrangements.
Self-managed infrastructure (recurring revenue)
Self-managed infrastructure serves customers who prefer to source compute power and connectivity through dedicated servers, managing these directly. This segment represents a lower-growth area of the market and is most exposed to migration towards public cloud, given its transactional nature and reliance on customers' own technical capabilities. Revenue in the first half declined to £6.2m, a reduction of £2.0m compared to the prior year period, but only £0.8m lower than H2 FY25, indicating a slowing rate of decline. Retention rates have improved within the long tail of the customer base, and the Rapidswitch brand continues to demonstrate resilience and stability, supported by our Maidenhead data centre. We have also realigned smaller legacy brands, including Sonassi, into our Domain and Mass Hosting segment to enhance customer experience and retention.
Non-recurring revenue
Non-recurring revenue has been stable at £5.2m (H1 2025: £5.3m) which relates primarily to hardware and software reselling plus professional services. These activities often serve as an entry point for new customers, creating opportunities to expand into higher-value recurring services.
Atech
Atech delivered revenue of £25.6m for the six months ended 30 September 2025. As previously noted, we completed the transition of Extrinsica operations into Atech during the period, consolidating our Microsoft-focused solutions under a single business unit. Extrinsica contributed £4.3m of revenue in the prior period and has maintained a stable profile since, supported by strong renewal levels as contracts are novated between legal entities.
On a pro forma basis, assuming Atech had been part of the Group from 1 April 2024, revenue for the comparable six-month period last year would have been £23.0m. The moderation in growth reflects a weaker contribution from non-recurring revenue and the timing of some larger order bookings, with initial billing expected to commence in the second half.
Atech's EBITDA (before share-based payments, acquisition costs and central overheads) was £2.6m, representing 10% of revenue, compared to £3.2m (13%) in the second half of FY25 (as reclassified). The inclusion of Extrinsica, which was close to break-even on its £4.3m revenue, has diluted margins but provides a strong platform for improvement as part of the enlarged Microsoft Centre of Excellence. During the period, we navigated a more challenging market pricing environment for M365 licensing. While we retained and grew revenue in this area, margins were lower overall. Nevertheless, our participation in this market is important, as it establishes customer relationships that enable us to upsell more value-added services. We have also invested in maturing Atech's product function to support scalable growth and expanded our Security Operations Centre (SOC), strengthening our capabilities in cyber security.
The table below shows Atech's revenue split between recurring and non-recurring activities:
|
|
For the six months ended 30 September |
For the year ended 31 March |
|
|
|
2025 |
20241 |
20251 |
|
Revenue by operating segment |
£'000 |
£'000 |
£'000 |
|
Recurring |
20,221 |
4,081 |
23,739 |
|
Non-recurring |
5,344 |
269 |
6,449 |
|
Total revenue |
25,565 |
4,350 |
30,188 |
1see note 12 for reclassification of historic periods.
Atech (recurring revenue)
Recurring revenue within Atech continues to grow, reaching £20.2m for the six-month period. While growth has been slower in recent months, this is primarily due to the timing of larger order bookings and associated billing schedules, which will benefit the second half.
Atech (non-recurring revenue)
Atech non-recurring revenue was £5.3m, representing 21% of total Atech revenue. The largest component remains consultancy projects in cyber security, including a significant engagement with a long-standing financial services client, which contributed £3.0m revenue during the period. This customer has provided repeat business over several years, and we expect the current scope of work to renew in the coming months. Hardware and software reselling activity from existing customers was subdued between May and July, contributing to the overall decline in non-recurring revenue compared to the prior period.
Domain and Mass Hosting (Easyspace)
The Domain and Mass Hosting segment, which now incorporates the Sonassi brand alongside Easyspace and Hosting UK, recorded revenue of £7.7m for the six months ended 30 September 2025, compared to £8.2m in the prior period (as reclassified), representing a modest decline of 6%. This reduction was primarily driven by higher churn within the Sonassi brand, while the Easyspace and Hosting UK brands maintained more stable performance.
Segment EBITDA (before share-based payments, acquisition costs and central overheads) was £3.9m, equating to 51% of revenue, compared to £4.5m (55% of revenue) in the prior period. The transfer of Sonassi and certain other customer cohorts into this segment introduces higher-margin activities.
The global domain name and mass-market hosting sector continues to expand, underpinned by the growing importance of online presence and e-commerce across all areas of the economy, including the small and micro-business community served by this division. While the market is dominated by a small number of large global operators, we remain committed to reinvigorating this segment. Our ambition is to reverse the historic trend of small, consistent revenue declines and return to modest growth, supported by strong renewal rates across all three brands. We recognise that Sonassi requires targeted investment to improve retention and enhance customer experience, and this work is already underway.
Group overheads
Group overheads, which are not allocated to segments, include the cost of the Board, certain professional fees, all the running costs of the headquarters in Glasgow, and Group led functions such as human resources, marketing, finance and design. Group overheads saw an increase of £0.2m to £2.6m (H1 2025: £2.4m) with no material individual variances on the prior period.
Adjusted EBIT
|
|
|
|
For the year ended 31 March |
|
|
For the six months ended 30 September |
||
|
|
2025 |
2024 |
2025 |
|
|
£'000 |
£'000 |
£'000 |
|
Adjusted EBITDA |
12,910 |
16,952 |
34,312 |
|
Depreciation |
(7,109) |
(7,432) |
(14,730) |
|
Amortisation (non M&A) |
(3,657) |
(2,968) |
(6,757) |
|
Adjusted EBIT |
2,144 |
6,552 |
12,825 |
The Group depreciation charge of £7.1m (H1 2025: £7.4m) fell by £0.3m in the period which as a percentage of recurring revenue is 10.5% (H1 2025: 13.1%). This is the fourth year in a row in which we have seen this percentage value drop and was accelerated in the current period given the very limited CAPEX needs of the Atech business.
The Group charge for amortisation of intangibles, excluding amortisation of intangible assets resulting from acquisitions ("amortisation of acquired intangible assets"), of £3.7m (H1 2025: £3.0m) includes £1.8m in relation to the Broadcom VMware software license arrangements which increased in the period following an extension of the licence pool.
The Group's adjusted EBIT decreased by £4.4m to £2.1m (H1 2025: £6.6m) which in adjusted EBIT margin terms translates to 2.7% (H1 2025: 10.6%). We are focused on delivering an improvement in margin in H2 via our rolling cost efficiency programmes and growing higher margin value added services such as managed cyber security.
Adjusted (loss)/ profit before tax
|
|
|
|
For the year ended 31 March |
|
|
For the six months ended 30 September |
||
|
|
2025 |
2024 |
2025 |
|
|
£'000 |
£'000 |
£'000 |
|
Adjusted EBIT |
2,144 |
6,552 |
12,825 |
|
Net bank & other interest |
(3,734) |
(1,821) |
(5,442) |
|
Accelerated write off of arrangement fees on bank facility |
(319) |
- |
- |
|
Finance lease interest |
(594) |
(466) |
(928) |
|
Adjusted (loss)/profit before tax |
(2,503) |
4,265 |
6,455 |
Finance costs have increased by £2.3m to £4.3m (H1 2025: £2.3m) reflecting the funding of the Atech acquisition on 1 October 2024. After deducting the charges for depreciation, amortisation (excluding the amortisation of acquired intangible assets) and finance costs from the adjusted EBITDA, the adjusted profit before tax for the period reduced by £6.8m to £2.5m loss (H1 2025: £4.3m profit).
Statutory IFRS (loss)/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 where M&A activity forms a significant part of their activities.
A reconciliation of adjusted profit before tax to Statutory IFRS profit after is shown below:
|
|
For the six months ended 30 September |
For the year ended 31 March |
|
|
|
|||
|
|
2025 |
2024 |
2025 |
|
|
£'000 |
£'000 |
£'000 |
|
Total adjusted (loss)/ profit before tax |
(2,503) |
4,265 |
6,455 |
|
Amortisation of acquired intangible assets |
(2,330) |
(1,613) |
(4,902) |
|
Acquisition costs |
- |
(1,151) |
(1,674) |
|
Share based payments |
(77) |
(514) |
(198) |
|
|
|
|
|
|
Administrative expenses - exceptional non-recurring costs |
(1,561) |
- |
- |
|
Goodwill impairment |
- |
- |
(52,900) |
|
Statutory IFRS (loss)/profit before tax |
(6,471) |
987 |
(53,219) |
The larger adjusting items in the current period are:
· non-cash charges for the amortisation of acquired intangible assets of £2.3m (H1 2025: £1.6m), increasing by £0.7m due to intangible assets established for customer relationships and brand on the acquisition of Atech on 1 October 2024; and
· during the period the Group incurred £0.6m of exceptional administrative expenses relating to the change of Chief Executive Officer. Remaining exceptional costs related to the cost efficiency, integration and corporate programmes.
After deducting the charges for share based payments, the amortisation of acquired intangible assets, acquisition costs and exceptional non-recurring costs, the reported loss before tax is £6.5m (H1 2025: £1.0m profit).
Taxation and profit for the period
There is a tax credit in the period of £1.4m (H1 2025: £0.6m charge), represented by a combination of a movement for deferred taxation in the period of £0.8m (H1 2025: credit of £0.1m) and a corporation tax credit on the loss in the period. There is no current tax charge in the period (H1 2024: £0.7m). The adjusted effective tax rate, after adjusting for share based payments and acquisition costs, is 22% (H1 2025: 28%). After deducting the tax credit/(charge) from the loss before tax, the Group has recorded a loss for the period from total operations of £5.1m (H1 2025: £0.4m profit).
Earnings per share
Adjusted diluted earnings per share, which is based on (loss)/profit for the period attributed to ordinary shareholders before share based payment charges, amortisation of acquired intangible assets and acquisition costs. Non-recurring exceptional administrative expenses and the tax effect of these items, was 1.9p loss per share (H1 2025: 2.6p profit per share).
The measure of adjusted diluted earnings per share as described above is a non-statutory measure that is commonly used to analyse the performance of companies where M&A activity forms a significant part of their activities. Basic earnings per share from continuing operations was 4.5p loss per share (H1 2025: 0.3p profit per share). The calculation of both adjusted diluted earnings per share and basic earnings per share is included at note 5.
Cash flow
The Group generated cash from operations (before exceptional costs) in the period of £9.7m (H1 2025: £11.6m) with an adjusted EBITDA conversion to cash ratio7 in the period of 75% (H1 2025: 68%). The first half year typically has a lower conversion ratio. Cash payments for corporation tax in the period were £0.3m (H1 2025: £1.0m) and cash payments associated with exceptional items were £1.4m (H1 2025: £0.5m), resulting in positive net cash flow from operating activities in the period of £8.0m (H1 2025: £10.0m).
Expenditure on investing activities of £5.1m (H1 2025: £8.5m) was incurred in the period. £3.6m (H1 2025: £4.0m) was incurred on the acquisition of property, plant and equipment, principally to provide specific services to our customers, £1.5m (H1 2025: £1.2m) incurred in respect of development costs.
During the first half of the year, net cash used in financing activities was £10.9m (H1 2024: £7.1m (excluding any Atech timing funding only related items)). All shares issued in the current period under share options were issued at nominal value. In the current period we repaid £2.0m of lease liabilities (H1 2025: £2.2m) and paid £3.4m (H1 2025: £1.5m) of finance charges. A total of £5.2m (H1 2025: £2.6m) was paid in relation to software license arrangements, principally annual instalments on the Broadcom VMware partnership commitments during the period. In the current period, M&A related payments were limited to £0.4m final contingent consideration payments on the Accesspoint acquisitions (H1 2025: £0.7m between the Extrinsica and Accesspoint acquisitions). No dividend payment was made in the period (H1 2025: £3.4m). A £0.5m drawdown was made in the period from the revolving credit facility of which £0.4m was used to fund fees associated with the June 25 bank refinancing. As a result, cash and cash equivalent balances at the end of the period was £5.1m (30 September 2024: £10.2m (excluding any Atech timing funding only related items)).
Net Debt
The analysis of the net debt is shown below:
|
|
|
For the six months ended 30 September |
For the year ended 31 March |
|
||
|
|
||||||
|
2025 |
2024 |
2025 |
|
|||
|
£'000 |
£'000 |
£'000 |
|
|||
|
Bank revolver loan |
|
97,500 |
97,000 |
97,000 |
|
|
|
Less: cash and cash equivalents |
|
(5,088) |
(67,212) |
(13,088) |
|
|
|
Bank revolver loan less cash and cash equivalents |
|
92,412 |
29,788 |
83,912 |
|
|
|
Lease liabilities |
|
17,233 |
18,282 |
18,006 |
|
|
|
Net Debt |
|
109,645 |
48,070 |
101,918 |
|
|
At 30 September 2024 we had the unusual situation of holding £67.2m of cash and cash equivalents which included the £57m of drawn funds for the Atech acquisition which completed on the following day. Excluding this transaction, cash and cash equivalents were £10.2m, reflecting normal operating liquidity parameters.
In June 2025, we secured a new £115m Revolving Credit Facility (RCF) from a syndicate comprising The Royal Bank of Scotland plc, HSBC UK Bank plc, and Clydesdale Bank plc (trading as Virgin Money). This facility, which extends to 30 June 2027, provides long-term funding certainty and includes covenants limited to debt cover and interest cover, aligned with the Group's current leverage position and strategic objectives. At current leverage levels, the bank margin under the new RCF is 3.0% above SONIA, with a margin ratchet mechanism that reduces interest costs as the Group deleverages.
Following the Atech acquisition, the net debt position represents 3.65x our adjusted last 12 months EBITDA, or 3.1x excluding IFRS 16 lease liabilities of £17.2m. While this is a higher leverage level than historically, it reflects a deliberate investment in strategic growth and fundamentally repositioning the Group. Importantly, we have a clear and actionable plan to reduce leverage:
· Positive H2 cash generation expected, supported by improved trading, absence of annual Broadcom payments which are paid in the first month of each financial year, and lower exceptional items.
· Cost optimisation programme, already delivering annualised savings of £4m.
· Continued focus on operational efficiency and exploring opportunities to generate surplus cash as we refine strategic plans and business models.
The Board and management team remain fully committed to deleveraging the business and maintaining a robust financial position. Our liquidity, covenant headroom and proactive approach to delivering cost efficiency provide confidence that the Group is well positioned to manage its capital structure effectively.
Recruitment of new CEO
Securing the right leadership is critical to driving the next phase of growth. This process will prioritise candidates with proven experience in scaling technology businesses, delivering sustainable profitability and navigating complex market transitions.
Outlook
The Board anticipates an improved performance in the second half of the financial year, and the full year to be within the range of current market expectations, supported by ongoing positive order bookings, reduced churn within the self-managed infrastructure segment and the achievement of £4 million in annualised cost reductions. Further efficiency savings are being progressed as well as new focussed sales initiatives.
Condensed Consolidated Statement of Comprehensive Income (unaudited)
|
|
Notes |
30 September 2025 £'000 |
30 September 2024 £'000 |
31 March 2025 £'000 |
|
Revenue |
|
77,745 |
61,950 |
143,460 |
|
Cost of sales |
|
(42,336) |
(28,553) |
(72,997) |
|
Gross profit |
|
35,409 |
33,397 |
70,463 |
|
Administrative expenses |
|
(37,233) |
(30,123) |
(117,312) |
|
Operating (loss)/profit |
|
(1,824) |
3,274 |
(46,849) |
|
|
|
|
|
|
|
Analysed as: |
|
|
|
|
|
Adjusted EBITDA |
|
12,910 |
16,952 |
34,312 |
|
Share-based payments |
|
(77) |
(514) |
(198) |
|
Acquisition costs |
|
- |
(1,151) |
(1,674) |
|
Non-recurring administrative expenses |
3 |
(1,561) |
- |
- |
|
Depreciation |
8 |
(7,109) |
(7,432) |
(14,730) |
|
Amortisation acquired intangible assets |
7 |
(2,330) |
(1,613) |
(4,902) |
|
Amortisation other intangible assets |
7 |
(3,657) |
(2,968) |
(6,757) |
|
Goodwill impairment charge |
|
. |
- |
(52,900) |
|
|
|
|
|
|
|
Net Finance costs |
4 |
(4,647) |
(2,287) |
(6,370) |
|
(Loss)/profit before taxation |
|
(6,471) |
987 |
(53,219) |
|
Taxation |
6 |
1,404 |
(603) |
(1,898) |
|
(Loss)/profit for the period from continuing operations |
|
(5,067) |
384 |
(55,117) |
|
|
|
|
|
|
|
Other comprehensive income |
|
|
|
|
|
Exchange differences on translating foreign operations |
|
(49) |
(65) |
(31) |
|
Fair value (gains)/losses on cashflow hedges |
|
(92) |
- |
(84) |
|
Other comprehensive expense for the period/year |
|
(141) |
(65) |
(115) |
|
|
|
|
|
|
|
Total comprehensive (loss)/income for the period attributable to equity holders of the parent |
|
(5,208) |
319 |
(55,232) |
Condensed Consolidated Statement of Financial Position (unaudited)
|
|
|
30 September 2025 |
31 March 2025 |
|
|
Note |
£'000 |
£'000 |
|
ASSETS |
|
|
|
|
Non-current assets |
|
|
|
|
Goodwill and intangible assets |
7 |
139,823 |
144,305 |
|
Trade and other receivables |
|
111 |
111 |
|
Property, plant and equipment |
8 |
57,037 |
59,515 |
|
|
|
196,971 |
203,931 |
|
Current assets |
|
|
|
|
Cash and cash equivalents |
9 |
5,088 |
13,088 |
|
Trade and other receivables |
|
38,178 |
36,833 |
|
Current tax asset |
|
1,462 |
842 |
|
|
|
44,728 |
50,763 |
|
Total assets |
|
241,699 |
254,694 |
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
Non-current liabilities |
|
|
|
|
Trade and other payables |
|
(8,573) |
(15,210) |
|
Non-current borrowings |
10 |
(112,051) |
(112,132) |
|
Provisions |
|
(2,502) |
(2,486) |
|
Deferred tax liability |
|
(8,641) |
(10,084) |
|
|
|
(131,767) |
(139,912) |
|
Current liabilities |
|
|
|
|
Contingent consideration |
|
- |
(364) |
|
Trade and other payables |
|
(48,847) |
(48,012) |
|
Current borrowings |
10 |
(2,682) |
(2,874) |
|
|
|
(51,529) |
(51,250) |
|
Total liabilities |
|
(183,296) |
(191,162) |
|
Net assets |
|
58,403 |
63,532 |
|
|
|
|
|
|
EQUITY |
|
|
|
|
Share capital |
|
1,130 |
1,128 |
|
Own shares |
|
(70) |
(70) |
|
Capital redemption reserve |
|
1,200 |
1,200 |
|
Share premium |
|
22,500 |
22,500 |
|
Other reserves |
|
19,874 |
19,938 |
|
Retained earnings |
|
13,769 |
18,836 |
|
Total equity |
|
58,403 |
63,532 |
The following notes form part of these consolidated financial statements.
Condensed Consolidated Statement of Cash Flows (unaudited)
|
|
Period Ended 30 September 2025 |
Period Ended 30 September 2024 |
Year Ended 31 March 2025 |
|
£000 |
£000 |
£000 |
|
|
Cashflows from operating activities: |
|
|
|
|
Loss before tax |
(6,471) |
987 |
(53,219) |
|
Non-cash and other movements in operating assets and liabilities included in profit before tax: |
|
|
|
|
Net finance costs |
4,647 |
2,287 |
6,370 |
|
Depreciation |
7,109 |
7,432 |
14,792 |
|
Amortisation |
5,988 |
4,581 |
11,659 |
|
Impairment1 |
- |
- |
52,900 |
|
Share based payments |
77 |
514 |
198 |
|
Research and development tax credit |
(267) |
(224) |
(532) |
|
Unrealised Foreign exchange (gain)/loss |
(12) |
(340) |
(76) |
|
Other non-cash items |
94 |
- |
- |
|
Non-cash Exceptional costs |
- |
- |
(39) |
|
Exceptional items - operating cash flow impact |
145 |
643 |
(361) |
|
Movement in trade receivables |
(1,346) |
47 |
419 |
|
Movement in trade payables |
(1,606) |
(4,877) |
(4,899) |
|
Cash flow from operating activities |
8,358 |
11,050 |
27,212 |
|
Taxation paid |
(342) |
(1,036) |
(1,866) |
|
Net cash flow from operating activities |
8,016 |
10,014 |
25,346 |
|
Cash flow from investing activities |
|
|
|
|
Purchase of property, plant and equipment |
(3,635) |
(4,049) |
(8,252) |
|
Capitalisation of development costs |
(1,505) |
(1,217) |
(2,907) |
|
|
|
|
|
|
Purchase of intangible assets |
- |
- |
(87) |
|
Payment for subsidiary acquisitions, net of cash acquired |
- |
- |
(48,465) |
|
Payment of contingent consideration |
- |
(680) |
(2,500) |
|
Net cash used in investing activities |
(5,140) |
(8,505) |
(62,211) |
|
|
|
|
|
|
Cash flow from financing activities |
|
|
|
|
Issue of shares |
2 |
2 |
4 |
|
Drawdown of bank loans |
500 |
57,000 |
57,000 |
|
Refinancing costs |
(405) |
- |
- |
|
Lease capital repayments |
(2,037) |
(2,189) |
(4,352) |
|
Payments for long-term licence agreements |
(5,171) |
(2,559)1 |
(2,559) |
|
Repayment of debt acquired on acquisition |
(364) |
- |
(6,244) |
|
Finance costs paid |
(3,401) |
(1,493) |
(4,816) |
|
Dividends paid |
- |
(3,372) |
(4,835) |
|
Net cash generated used in financing activities |
(10,876) |
49,948 |
34,198 |
|
Net decrease in cash and cash equivalents |
(8,000) |
51,457 |
(2,667) |
|
|
|
|
|
|
Cash and cash equivalents at the beginning of the period |
13,088 |
15,755 |
15,755 |
|
Cash and cash equivalents at the end of the period |
5,088 |
67,212 |
13,088 |
1 Prior year cash flow presentation has been reclassified to align with the FY 25 presentation for consistency.
Condensed consolidated statement of Changes in Equity (unaudited)
|
|
Share capital |
Own shares EBT |
Capital redemption reserve |
Share premium account |
Other Reserves1 |
Retained earnings |
Total |
|
|
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
|
Balance at 31 March 2025 |
1,128 |
(70) |
1,200 |
22,500 |
19,938 |
18,836 |
63,532 |
|
Loss for the period |
- |
- |
- |
- |
- |
(5,067) |
(5,067) |
|
Exchange differences |
- |
- |
- |
- |
(49) |
- |
(49) |
|
Fair value (gains)/losses on cashflow hedges |
- |
- |
- |
- |
(92) |
- |
(92) |
|
Total comprehensive income |
- |
- |
- |
- |
(141) |
(5,067) |
(5,208) |
|
Share based payments |
- |
- |
- |
- |
77 |
- |
77 |
|
Issue of share capital |
2 |
- |
- |
- |
- |
- |
2 |
|
Total transactions with owners |
2 |
- |
- |
- |
77 |
- |
79 |
|
|
|
|
|
|
|
|
|
|
Balance at 30 September 2025 |
1,130 |
(70) |
1,200 |
22,500 |
19,874 |
13,769 |
58,403 |
1 Other reserves comprises the merger reserve £6,967k, hedge reserve £(176)k, share based payment reserve £13,141k and the foreign currency translation reserve £(60)k.
|
|
Share capital |
Own shares EBT |
Capital redemption reserve |
Share premium account |
Other Reserves1 |
Retained earnings |
Total |
|
|
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
|
Balance at 31 March 2024 |
1,124 |
(70) |
1,200 |
22,500 |
19,855 |
78,788 |
123,397 |
|
Loss for the period |
- |
- |
- |
- |
- |
384 |
384 |
|
Exchange differences |
- |
- |
- |
- |
(65) |
- |
(65) |
|
Total comprehensive income |
- |
- |
- |
- |
(65) |
384 |
319 |
|
Dividends |
- |
- |
- |
- |
- |
(3,372) |
(3,372) |
|
Share based payments |
- |
- |
- |
- |
- |
514 |
514 |
|
Issue of share capital |
2 |
- |
- |
- |
- |
- |
2 |
|
Total transactions with owners |
2 |
- |
- |
- |
- |
(2,858) |
(2,856) |
|
|
|
|
|
|
|
|
|
|
Balance at 30 September 2024 |
1,126 |
(70) |
1,200 |
22,500 |
19,790 |
76,314 |
120,860 |
1 Other reserves comprises the merger reserve £6,967k, share based payment reserve £13,450k and the foreign currency translation reserve £(44)k.
|
|
Share capital |
Own shares EBT |
Capital redemption reserve |
Share premium account |
Other1 Reserves |
Retained earnings |
Total |
|
|
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
|
Balance at 1 April 2024 |
1,124 |
(70) |
1,200 |
22,500 |
19,855 |
78,788 |
123,397 |
|
Loss for the period |
- |
- |
- |
- |
- |
(55,117) |
(55,117) |
|
Exchange differences |
- |
- |
- |
- |
(31) |
- |
(31) |
|
Fair value (gains)/losses on cashflow hedges |
- |
- |
- |
- |
(84) |
- |
(84) |
|
Total comprehensive income |
- |
- |
- |
- |
(115) |
(55,117) |
(55,232) |
|
Dividends paid |
- |
- |
- |
- |
- |
(4,835) |
(4,835) |
|
Share based payments |
- |
- |
- |
- |
198 |
- |
198 |
|
Issue of share capital |
4 |
- |
- |
- |
- |
- |
4 |
|
Total transactions with owners |
4 |
- |
- |
- |
198 |
(4,835) |
(4,633) |
|
|
|
|
|
|
|
|
|
|
Balance at 31 March 2025 |
1,128 |
(70) |
1,200 |
22,500 |
19,938 |
18,836 |
63,532 |
1 Other reserves comprises the merger reserve £6,967k, hedge reserve £(84)k, share based payment reserve £13,064k and the foreign currency translation reserve £(10)k.
Notes to the condensed financial statements
1. Basis of preparation
The condensed consolidated financial statements for the six months ended 30 September 2025 comprise the consolidated financial statements of impart Group plc ('the Company') and its subsidiaries (collectively 'the Group').
The condensed consolidated financial statements do not include all the information and disclosures required in the Group's annual consolidated financial statements and do not constitute statutory financial statements as defined in section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 March 2025 have been filed with the Registrar of Companies. These accounts included an independent auditor's report, which was unqualified and did not contain any statement under section 493 of the Companies Act 2006.
The accounting policies and estimation techniques applied in the condensed consolidated financial statements are consistent with those applied in Group financial statements for the year ended 31 March 2025. The provisions of IAS 34 'Interim Financial Reporting' have not been applied in full.
The condensed consolidated financial statements are stated in thousands of pounds sterling, which is the Group's presentation currency.
Going concern
The Directors have assessed the Group's ability to continue as a going concern and have not identified any material uncertainties that may cast significant doubt on its ability to continue in operational existence for at least 12 months from the date of approval of these condensed consolidated financial statements.
At the period end, the Group had access to a £115 million revolving credit facility maturing on 30 June 2027, providing funding certainty and liquidity headroom, with all covenants met comfortably. Net debt at the period end was £109.6 million (H1 2025: £48.1 million). Whilst leverage is temporarily elevated, the Board has a clear plan to reduce through cost efficiencies and cash generation.
The Group's financial performance since year-end has remained broadly in line with the Board-approved FY26 budget and the base case used for the bank refinancing which was successfully concluded on 27 June 2025. Stress testing performed at year-end demonstrated adequate covenant headroom, and actual trading since then has not altered this conclusion.
2. Operating segments
The Group's operating segments are defined and presented in accordance with IFRS 8: Operating Segments, based on the internal management reporting structure and financial information reviewed by the Chief Operating Decision Maker (CODM), identified as the Chief Executive Officer. The Group's primary reporting format is by business unit.
During the period, the Group revised its operating segments to align with the updated business unit structure. Comparative information has been restated accordingly. The prior period reclassifications are detailed in note 12.
The Group's revised operating segments are:
Iomart Cloud Services
Provider of managed cloud hosting, colocation, and connectivity services through owned UK data centres. Delivers private and hybrid cloud solutions, backup and disaster recovery, and managed IT services primarily to the larger SME and corporate market.
Atech
Leading and rapidly growing Microsoft Solution Partner, delivering complex, public cloud deployments, modern workplace solutions, digital transformation and specialised managed services to mid-sized enterprises.
Domain and Mass Hosting (Easyspace)
Our domain and mass hosting division delivering domain name registration and mass hosting services primarily to small and micro businesses.
Revenue by operating segment
|
|
For the six months ended 30 September |
For the year ended 31 March |
|
|
|
2025 |
2024* |
2025* |
|
Revenue by operating segment |
£'000 |
£'000 |
£'000 |
|
Iomart Cloud Services |
44,504 |
49,445 |
97,059 |
|
Atech |
25,565 |
4,350 |
30,188 |
|
Domain and Mass Hosting (Easyspace) |
7,676 |
8,155 |
16,213 |
|
Total revenue |
77,745 |
61,950 |
143,460 |
1Reclassification of historic periods is detailed in note 12.
Iomart revenue can be further disaggregated as follows:
|
|
For the six months ended 30 September |
For the year ended 31 March |
|
|
|
2025 |
20241 |
20251 |
|
Iomart disaggregated revenue |
£'000 |
£'000 |
£'000 |
|
Cloud managed services |
33,043 |
35,901 |
71,869 |
|
Self-managed infrastructure |
6,230 |
8,232 |
15,241 |
|
Non-recurring |
5,231 |
5,312 |
9,949 |
|
Total revenue |
44,504 |
49,445 |
97,059 |
1Reclassification of historic periods is detailed in note 12.
Recurring and Non-Recurring Revenue
The amount of recurring and non-recurring revenue recognised during the year can be summarised as follows:
|
|
For the six months ended 30 September |
For the year ended 31 March |
|
|
|
2025 |
2024* |
2025* |
|
|
£'000 |
£'000 |
£'000 |
|
Recurring |
67,189 |
56,638 |
126,272 |
|
Non-recurring |
10,556 |
5,312 |
17,188 |
|
Total revenue |
77,745 |
61,950 |
143,460 |
1see note 12 for reclassification of historic periods.
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. No individual country other than the United Kingdom contributes a material amount of revenue; therefore revenue from outside the United Kingdom has been shown as from Rest of the World.
|
|
For the six months ended 30 September |
For the year ended 31 March |
|
|
|
2025 |
2024 |
2025 |
|
|
£'000 |
£'000 |
£'000 |
|
United Kingdom |
71,662 |
54,765 |
126,272 |
|
Rest of world |
6,083 |
7,185 |
17,188 |
|
|
77,745 |
61,950 |
143,460 |
Profit by operating segment
|
For the six months ended 30 September 2025 |
|
|
|
|
|
|
|||||||||||
|
|
£'000 |
Iomart |
Atech |
Easyspace |
Corporate centre |
Total |
|||||||||||
|
|
Adjusted EBITDA |
9,091 |
2,581 |
3,886 |
(2,648) |
12,910 |
|||||||||||
|
|
Depreciation |
(6,901) |
(146) |
(62) |
- |
(7,109) |
|||||||||||
|
|
Amortisation other intangibles |
(3,182) |
(146) |
(172) |
(157) |
(3,657) |
|||||||||||
|
|
Total adjusted EBIT |
(992) |
2,289 |
3,652 |
(2,805) |
2,144 |
|||||||||||
|
|
Finance costs |
|
|
|
(4,647) |
(4,647) |
|||||||||||
|
|
Share based payments |
|
|
|
(77) |
(77) |
|||||||||||
|
|
Exceptionals |
|
|
|
(1,561) |
(1,561) |
|||||||||||
|
|
Amortisation acquired intangibles |
|
|
|
(2,330) |
(2,330) |
|||||||||||
|
|
Statutory IFRS profit/(loss) before tax |
|
|
|
|
(6,471) |
|||||||||||
|
|
For the six months ended 30 September 2024 |
|
|
|
|
|
|||||||||||
|
|
£'000 |
Iomart |
Atech |
Easyspace |
Corporate centre |
Total |
|||||||||||
|
|
Adjusted EBITDA |
15,054 |
(173) |
4,514 |
(2,442) |
16,952 |
|||||||||||
|
|
Depreciation |
(7,385) |
(9) |
(39) |
- |
(7,432) |
|||||||||||
|
|
Amortisation other intangibles |
(2,561) |
(138) |
(175) |
(95) |
(2,968) |
|||||||||||
|
|
Total adjusted EBIT |
5,108 |
(320) |
4,300 |
(2,537) |
6,552 |
|||||||||||
|
|
Finance costs |
|
|
|
(2,287) |
(2,287) |
|||||||||||
|
|
Share based payments |
|
|
|
(514) |
(514) |
|||||||||||
|
|
Acquisition costs |
|
|
|
(1,151) |
(1,151) |
|||||||||||
|
|
Amortisation Acquired intangibles |
|
|
|
(1,613) |
(1,613) |
|||||||||||
|
|
Statutory IFRS profit/(loss) before tax |
|
|
|
|
987 |
|||||||||||
|
For the year ended 31 March 2025 |
|
|
|
|
|
|
£'000 |
Iomart |
Atech |
Easyspace |
Corporate centre |
Total |
|
Adjusted EBITDA |
27,460 |
3,067 |
8,562 |
(4,777) |
34,312 |
|
Depreciation |
(14,522) |
(132) |
(76) |
|
(14,730) |
|
Amortisation other intangibles |
(5,945) |
(288) |
(350) |
(174) |
(6,757) |
|
Total adjusted EBIT |
6,993 |
2,647 |
8,136 |
(4,951) |
12,825 |
|
Finance costs |
|
|
|
(6,370) |
(6,370) |
|
Share based payments |
|
|
|
(198) |
(198) |
|
Acquisition costs |
|
|
|
(1,674) |
(1,674) |
|
Exceptionals |
|
|
|
(52,900) |
(52,900) |
|
Amortisation acquired intangibles |
|
|
|
(4,902) |
(4,902) |
|
IFRS profit/(loss) before tax |
|
|
|
|
(53,219) |
3. Acquisition costs and exceptional administrative expenses
|
|
For the six months ended 30 September |
For the year ended 31 March |
|
|
|
2025 |
2024 |
2025 |
|
|
£'000 |
£'000 |
£'000 |
|
Professional fees |
- |
(643) |
(866) |
|
Non-recurring acquisition integration costs |
- |
(508) |
(808) |
|
Total Acquisition costs |
- |
(1,151) |
(1,674) |
|
|
|
|
|
|
Exceptional administrative expenses |
(1,561) |
- |
- |
During the period the Group incurred £0.5m of exceptional administrative expenses relating to the change of Chief Executive Officer. Remaining exceptional costs related to the cost efficiency, integration and corporate programmes plus £0.3m accelerated write-off of bank arrangement fees on bank facilities.
4. Net Finance costs
|
|
For the six months ended 30 September |
For the year ended 31 March |
|
|
|
2025 |
2024 |
2025 |
|
|
£'000 |
£'000 |
£'000 |
|
Finance income: |
|
|
|
|
Bank Interest Receivable |
8 |
105 |
155 |
|
Finance costs: |
|
|
|
|
Bank loan |
(3,497) |
(1,761) |
(5,168) |
|
Interest on lease liabilities |
(594) |
(466) |
(928) |
|
Accelerated write off of arrangement fee on bank facility |
(319) |
- |
- |
|
Other interest charges |
(245) |
(165) |
(429) |
|
|
(4,655) |
(2,392) |
(6,525) |
|
Net finance costs |
(4,647) |
(2,287) |
(6,370) |
5. Earnings per 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 shares held by the Employee Benefit Trust. 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 adjusting for the dilutive potential ordinary shares relating to share options. The calculations of earnings per share are based on the following results:
|
|
For the six months ended 30 September |
For the year ended 31 March |
|
|
2025 |
2024 |
2025 |
|
|
£'000 |
£'000 |
£'000 |
|
|
(Loss)/Profit for the period/year and basic earnings attributed to ordinary shareholders |
(5,067) |
384 |
(55,117) |
|
Weighted average number of ordinary shares: |
|
|
|
|
Called up, allotted and fully paid at start of period |
112,764 |
110,422 |
112,342 |
|
Shares held by Employee Benefit Trust |
(141) |
(141) |
(141) |
|
Issued share capital in the period |
62 |
1,016 |
244 |
|
Weighted average number of ordinary shares - basic |
112,685 |
111,297 |
112,445 |
|
Dilutive impact of share options |
1,190 |
2,496 |
1,128 |
|
Weighted average number of ordinary shares - diluted |
113,875 |
113,793 |
113,573 |
|
|
|
|
|
|
Basic earnings per share (p) |
(4.5) |
0.30 |
(49.0) |
|
Diluted earnings per share (p) |
(4.5) |
0.30 |
(49.0) |
Iomart Group plc assess the performance of the Group by adjusting earnings per share, calculated in accordance with IAS 33, to exclude certain non-trading items. The calculation of the earnings per ordinary share on a basis which excludes such items is based on the following adjusted earnings:
|
|
For the six months ended 30 September |
For the year ended 31 March |
|
|
2025 |
2024 |
2025 |
|
|
£'000 |
£'000 |
£'000 |
|
|
(Loss)/profit for the financial period and basic earnings attributed to ordinary shareholders |
(5,067) |
384 |
(55,117) |
|
Amortisation of acquired intangible assets |
2,330 |
1,613 |
4,902 |
|
Acquisition costs |
- |
1,151 |
1,674 |
|
Non-recurring exceptional administrative expenses |
1,561 |
- |
- |
|
Share based payments |
77 |
514 |
198 |
|
Exceptional goodwill impairment charge |
- |
- |
52,900 |
|
Tax impact of adjusting items |
(992) |
(659) |
(734) |
|
Adjusted loss for the financial year and adjusted basic earnings attributed to ordinary shareholders |
(2,091) |
3,003 |
3,823 |
|
|
|
|
|
|
Adjusted basic earnings per share (p) |
(1.9) |
2.7 |
3.4 |
|
Adjusted diluted earnings per share (p) |
(1.9) |
2.6 |
3.4 |
6. Taxation
|
|
For the six months ended 30 September |
For the year ended 31 March |
|
|
|
2025 |
2024 |
2025 |
|
|
£'000 |
£'000 |
£'000 |
|
Corporation Tax: |
|
|
|
|
Tax credit/(charge) for the period/year |
572 |
(715) |
(1,024) |
|
Adjustment relating to prior years |
- |
- |
414 |
|
Total current taxation credit/(charge) |
572 |
(715) |
(610) |
|
Deferred Tax: |
|
|
|
|
Origination and reversal of temporary differences |
832 |
112 |
24 |
|
Adjustment relating to prior periods |
- |
- |
(1,312) |
|
Total deferred taxation credit/(charge) |
832 |
112 |
(1,288) |
|
Total taxation credit/(charge) for the period/year |
1,404 |
(603) |
(1,898) |
7. Intangible assets
|
|
Goodwill |
Development |
Acquired customer |
Acquired Brand |
Software |
Acquired beneficial contract |
Domain names & IP addresses |
Total |
|
|||||
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
|||||
|
Cost: |
|
|
|
|
|
|
|
|
|
|||||
|
At 1 April 2024 |
109,821 |
18,423 |
67,596 |
- |
11,226 |
86 |
336 |
207,488 |
|
|||||
|
Additions |
- |
1,217 |
- |
- |
16,465 |
- |
- |
17,682 |
|
|||||
|
Foreign exchange differences |
- |
- |
(46) |
- |
(35) |
- |
- |
(81) |
|
|||||
|
At 30 September 2024 |
109,821 |
19,640 |
67,550 |
- |
27,656 |
86 |
336 |
225,089 |
|
|||||
|
Arising on acquisitions |
46,615 |
- |
13,770 |
1,794 |
24 |
- |
- |
62,203 |
|
|||||
|
Additions |
- |
1,690 |
- |
- |
2,246 |
- |
- |
3,936 |
|
|||||
|
Foreign exchange differences |
- |
- |
26 |
- |
20 |
- |
2 |
48 |
|
|||||
|
At 31 March 2025 |
156,436 |
21,330 |
81,346 |
1,794 |
29,946 |
86 |
338 |
291,276 |
|
|||||
|
Arising on acquisitions |
- |
|
|
- |
|
|
|
|
|
|||||
|
Additions |
- |
1,505 |
- |
- |
- |
- |
- |
1,505 |
|
|||||
|
Foreign exchange differences |
- |
- |
(28) |
- |
(21) |
- |
- |
(49) |
|
|||||
|
At 30 September 2025 |
156,436 |
22,836 |
81,318 |
1,794 |
29,925 |
86 |
338 |
292,732 |
|
|||||
|
Accumulated amortisation: |
|
|
|
|
|
|
|
|
||||||
|
At 1 April 2024 |
- |
(14,380) |
(57,537) |
- |
(10,124) |
(83) |
(312) |
(82,436) |
||||||
|
Amortisation |
- |
(1,043) |
(1,613) |
- |
(1,919) |
(2) |
(4) |
(4,581) |
||||||
|
Foreign exchange differences |
- |
- |
46 |
- |
35 |
- |
- |
81 |
||||||
|
Disposals |
- |
- |
- |
- |
- |
- |
- |
- |
||||||
|
At 30 September 2024 |
- |
(15,423) |
(59,104) |
- |
(12,008) |
(85) |
(316) |
(86,936) |
||||||
|
Amortisation |
- |
(1,176) |
(3,215) |
- |
(2,608) |
(1) |
(4) |
(7,004) |
||||||
|
Impairment |
(52,900) |
- |
- |
(74) |
- |
- |
- |
(52,974) |
||||||
|
Foreign exchange differences |
- |
- |
(25) |
- |
(32) |
- |
- |
(57) |
||||||
|
At 31 March 2025 |
(52,900) |
(16,599) |
(62,344) |
(74) |
(14,648) |
(86) |
(320) |
(146,971) |
||||||
|
Amortisation |
- |
(1,368) |
(2,294) |
(148) |
(2,173) |
- |
(4) |
(5,987) |
||||||
|
Foreign exchange differences |
- |
- |
28 |
- |
21 |
- |
- |
49 |
||||||
|
At 30 September 2025 |
(52,900) |
(17,968) |
(64,610) |
(222) |
(16,800) |
(86) |
(324) |
(152,909) |
||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
Carrying amount: |
|
|
|
|
|
|
|
|
||||||
|
At 30 September 2025 |
103,536 |
4,868 |
16,708 |
1,572 |
13,125 |
- |
14 |
139,823 |
||||||
|
At 31 March 2025 |
103,536 |
4,731 |
19,002 |
1,720 |
15,298 |
- |
18 |
144,305 |
||||||
|
At 30 September 2024 |
109,821 |
4,217 |
8,446 |
- |
15,648 |
1 |
20 |
138,153 |
||||||
8. Property, plant and equipment
|
|
Freehold property |
Right of use assets |
Property improvements |
Datacentre equipment |
Computer equipment |
Office equipment |
Motor vehicles |
Total |
|
|
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
|
Cost: |
|
|
|
|
|
|
|
|
|
At 1 April 2024 |
8,236 |
27,530 |
18,140 |
34,467 |
127,292 |
3,094 |
89 |
218,848 |
|
Additions in the period |
- |
1,933 |
24 |
814 |
2,480 |
39 |
- |
5,290 |
|
Disposals in the period |
- |
- |
- |
- |
- |
(3) |
(4) |
(7) |
|
Currency translation differences |
- |
(163) |
- |
- |
(333) |
- |
- |
(496) |
|
At 30 September 2024 |
8,236 |
29,300 |
18,164 |
35,281 |
129,439 |
3,130 |
85 |
223,635 |
|
Acquisition of subsidiary |
- |
258 |
99 |
- |
12 |
78 |
- |
447 |
|
Additions in the period |
- |
898 |
316 |
1,512 |
2,334 |
39 |
- |
5,099 |
|
Disposals in the period |
- |
(312) |
- |
(1,630) |
(72) |
(214) |
- |
(2,228) |
|
Currency translation differences |
- |
91 |
- |
- |
152 |
- |
- |
243 |
|
At 31 March 2025 |
8,236 |
30,235 |
18,579 |
35,163 |
131,865 |
3,033 |
85 |
227,196 |
|
Additions in the period |
- |
1,164 |
206 |
1,623 |
1,786 |
20 |
- |
4,798 |
|
Disposals in the period |
- |
(958) |
- |
- |
- |
- |
- |
(958) |
|
Currency translation differences |
- |
31 |
- |
- |
(33) |
- |
- |
(2) |
|
At 30 September 2025 |
8,236 |
30,472 |
18,785 |
36,786 |
133,618 |
3,053 |
85 |
231,034 |
|
Accumulated depreciation: |
|
|
|
|
|
|
|
|
|
At 1 April 2024 |
(1,533) |
(14,646) |
(10,131) |
(20,302) |
(106,006) |
(2,704) |
(34) |
(155,356) |
|
Disposals in the period |
- |
- |
- |
- |
- |
1 |
4 |
5 |
|
Currency translation differences |
- |
132 |
- |
- |
318 |
- |
- |
450 |
|
Charge for the period |
(119) |
(1,852) |
(498) |
(820) |
(4,056) |
(80) |
(7) |
(7,432) |
|
At 30 September 2024 |
(1,652) |
(16,366) |
(10,629) |
(21,122) |
(109,744) |
(2,783) |
(37) |
(162,333) |
|
Disposals in the period |
- |
312 |
- |
1630 |
72 |
214 |
- |
2,228 |
|
Currency translation differences |
- |
(74) |
- |
- |
(142) |
- |
- |
(216) |
|
Charge for the period |
(118) |
(1,953) |
(577) |
(845) |
(3,752) |
(107) |
(8) |
(7,360) |
|
At 31 March 2025 |
(1,770) |
(18,081) |
(11,206) |
(20,337) |
(113,566) |
(2,676) |
(45) |
(167,681) |
|
Disposals in the period |
- |
672 |
- |
- |
- |
- |
- |
672 |
|
Currency translation differences |
- |
94 |
- |
- |
26 |
- |
- |
120 |
|
Charge for the period |
(115) |
(1,888) |
(713) |
(942) |
(3,369) |
(75) |
(7) |
(7,109) |
|
At 30 September 2025 |
(1,885) |
(19,202) |
(11,919) |
(21,279) |
(116,909) |
(2,751) |
(52) |
(173,997) |
|
|
|
|
|
|
|
|
|
|
|
Carrying amount: |
|
|
|
|
|
|
|
|
|
At 30 September 2025 |
6,351 |
11,270 |
6,866 |
15,507 |
16,709 |
302 |
33 |
57,037 |
|
At 31 March 2025 |
6,466 |
12,154 |
7,373 |
14,826 |
18,299 |
357 |
40 |
59,515 |
|
At 30 September 2024 |
6,584 |
12,934 |
7,535 |
14,159 |
19,695 |
347 |
48 |
61,301 |
9. Analysis of change in net debt
|
Analysis of change in net debt |
Cash and |
Bank |
IFRS 16 |
Total Net Cash/(Debt) |
|
|
£000 |
£000 |
£000 |
£000 |
|
At 1 April 2024 |
15,755 |
(40,000) |
(18,091) |
(42,336) |
|
Additions to lease liabilities |
- |
- |
(1,933) |
(1,933) |
|
New bank loans |
- |
(57,000) |
- |
(57,000) |
|
Currency translation |
- |
- |
19 |
19 |
|
Cash and cash equivalents cash outflow |
51,457 |
- |
- |
51,457 |
|
Lease liabilities cash outflow |
- |
- |
1,723 |
1,723 |
|
At 30 September 2024 |
67,212 |
(97,000) |
(18,282) |
(48,070) |
|
Acquired on acquisition of subsidiary |
3,403 |
(6,244) |
- |
(2,841) |
|
Repayment of debt acquired on acquisition |
- |
6,244 |
- |
6,244 |
|
Additions to lease liabilities |
- |
- |
(1,403) |
(1,403) |
|
Bank loan interest charged |
- |
4,968 |
- |
4,968 |
|
Bank loan interest paid |
- |
(4,968) |
- |
(4,968) |
|
Currency translation |
- |
- |
(22) |
(22) |
|
Cash and cash equivalents cash outflow |
(57,527) |
- |
- |
(57,527) |
|
Lease liabilities cash outflow |
- |
- |
1,701 |
1,701 |
|
At 1st April 2025 |
13,088 |
(97,000) |
(18,006) |
(101,918) |
|
Drawdown of bank loan |
- |
(500) |
- |
(500) |
|
Cash and cash equivalents cash outflow |
(8,000) |
- |
- |
(8,000) |
|
Additions to lease liabilities |
- |
- |
(1,124) |
(1,124) |
|
Disposal to lease liabilities |
- |
- |
452 |
452 |
|
Currency translation |
- |
- |
2 |
2 |
|
Lease liabilities cash outflow |
- |
- |
1,443 |
1,443 |
|
At 30 September 2025 |
5,088 |
(97,500) |
(17,233) |
(109,645) |
10. Borrowings
|
|
30 September 2025 |
30 September 2024 |
31 March 2025 |
|
|
£'000 |
£'000 |
£'000 |
|
Current: |
|
|
|
|
Lease liabilities |
(2,682) |
(2,560) |
(2,874) |
|
Bank loans |
- |
- |
- |
|
Current borrowings |
(2,682) |
(2,560) |
(2,874) |
|
Non-current: |
|
|
|
|
Lease liabilities |
(14,551) |
(15,722) |
(15,132) |
|
Bank loans |
(97,500) |
(97,000) |
(97,000) |
|
Total non-current borrowings |
(112,051) |
(112,722) |
(112,132) |
|
Total borrowings |
(114,733) |
(115,282) |
(115,006) |
At 30 September 2025, the Group had a £115m Revolving Credit Facility ('RCF') which has a maturity date of 30 June 2027. The RCF provide the Group with additional liquidity which will be used for general business purposes and to fund investments, in accordance with the Group's strategic plan. During the year, the Group made a drawdown of £0.5m.
Details of the Group's lease liabilities are included in note 11.
11. Lease Liabilities
The Group leases assets including buildings, fibre contracts, colocation and software contracts. Information about leases for which the Group is a lessee is presented below:
Right-of-use assets
The right-of-use assets in relation to leasehold property and datacentre equipment are disclosed as non-current assets and are disclosed within property, plant and equipment at 30 September 2025 (note 8). The right-of-use assets in relation to software are disclosed as non-current assets and are disclosed within intangibles at 30 September 2025 (note 7).
Lease liabilities
The maturity analysis of undiscounted lease liabilities is shown in the table below:
|
|
30 September 2025 |
30 September 2024 |
31 March 2025 |
|
|
£'000 |
£'000 |
£'000 |
|
Lease liabilities (current) |
(2,682) |
(2,560) |
(2,874) |
|
Lease liabilities (non-current) |
(14,551) |
(15,722) |
(15,132) |
|
Total lease liabilities |
(17,233) |
(18,282) |
(18,006) |
The maturity analysis of undiscounted lease liabilities is shown in the table below:
|
|
30 September 2025 |
30 September 2024 |
31 March 2025 |
|
|
£000 |
£000 |
£000 |
|
Amounts payable under leases: |
£'000 |
£'000 |
£'000 |
|
Within one year |
(3,462) |
(3,539) |
(3,699) |
|
Between two to five years |
(9,873) |
(10,139) |
(10,416) |
|
After more than five years |
(7,341) |
(8,433) |
(7,389) |
|
|
(20,676) |
(22,111) |
(21,504) |
|
Add: unearned interest |
3,443 |
3,829 |
3,498 |
|
Total lease liabilities |
(17,233) |
(18,282) |
(18,006) |
12. Reclassification of segmental reporting- Prior periods
Following the changes to business units as outlined in the business model update in the half year statement, the tables below show the reclassifications applied to each business unit to arrive at the revised segmentation disclosures for the historic periods.
Revenue - historic periods reclassification
|
For the six months ended September 2024 |
Original presentation |
Reclassification |
Revised presentation |
|
|||
|
Iomart Cloud Services |
55,959 |
(6,514) |
49,445 |
|
|||
|
Atech |
- |
4,350 |
4,350 |
|
|||
|
Domain and Mass Hosting (Easyspace) |
5,991 |
2,164 |
8,155 |
|
|||
|
Total Revenue |
61,950 |
- |
61,950 |
|
|||
|
Iomart disaggregated Revenue: |
|
|
|
|
|||
|
Cloud managed services |
38,253 |
(2,352) |
35,901 |
|
|||
|
Self-managed infrastructure |
12,394 |
(4,162) |
8,232 |
|
|||
|
Non-recurring |
5,312 |
- |
5,312 |
|
|||
|
Total Iomart revenue |
55,959 |
(6,514) |
49,445 |
|
|||
|
|
|
|
|
|
|||
|
For the year ended 31 March 2025 |
Original presentation |
Reclassification |
Revised presentation |
||||
|
Iomart Cloud Services |
109,998 |
(12,938) |
97,059 |
||||
|
Atech |
21,463 |
8,725 |
30,188 |
||||
|
Domain and Mass Hosting (Easyspace) |
11,999 |
4,213 |
16,213 |
||||
|
Total Revenue |
143,460 |
- |
143,460 |
||||
|
Iomart disaggregated Revenue: |
|
|
|
||||
|
Cloud managed services |
76,363 |
(4,493) |
71,870 |
||||
|
Self-managed infrastructure |
23,686 |
(8,445) |
15,241 |
||||
|
Non-recurring |
9,949 |
- |
9,949 |
||||
|
Total Iomart revenue |
109,998 |
(12,938) |
97,060 |
||||
Adjusted EBITDA- historic periods reclassification
|
For the six months ended September 2024 |
Original presentation |
Reclassification |
Revised presentation |
|
Iomart Cloud Services |
16,340 |
(1,286) |
15,054 |
|
Atech |
- |
(173) |
(173) |
|
Domain and Mass Hosting (Easyspace) |
3,054 |
1,459 |
4,513 |
|
|
|
|
|
|
Adjusted EBITDA |
19,394 |
- |
19,394 |
|
For the year ended 31 March 2025 |
Original presentation |
Reclassification |
Revised presentation |
|
Iomart Cloud Services |
30,207 |
(2,747) |
27,460 |
|
Atech |
3,211 |
(144) |
3,067 |
|
Domain and Mass Hosting (Easyspace) |
5,671 |
2,891 |
8,562 |
|
Adjusted EBITDA |
39,089 |
- |
39,089 |
13. Post balance sheet events
Issue of share options
On 24 October 2025, the Company granted 7,200,000 share options under its Unapproved Share Option Scheme to the Executive Chair, Chief Financial Officer, and senior management. The options have an exercise price of £0.01 per share and are subject to performance and service conditions, with full vesting occurring on 24 October 2028.
These interim financial statements have not been adjusted as the grant occurred after the reporting date and relates to conditions arising after that date. The Company will account for these options as equity settled share-based payments in accordance with IFRS 2 'Share-based Payment' in future periods.
14. Availability of Interim
The Company's Interim Report for the six months ended 30 September 2025 will shortly be available to view on the Company's website (www.iomart.com).
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