Shares in Iomart have soared after it forecast a significant uplift in half-year profit and confirmed it remains on the hunt for acquisitions.
The cloud computing and internet hosting specialist said trading for the six months to September 30 will see both revenue and profit “materially ahead” of the same period last year.
The company cited the benefit of the SystemsUp business it bought in June particularly in growing its consultancy services to the public sector.
The AIM-listed business said it “continues to seek further strategic acquisitions” having sealed additional backing from Bank of Scotland in July.
In the trading update Iomart outlined that it continues to see strong demand for its services as more companies move data and services into the cloud.
As a result Iomart’s board was said to be optimistic about the outlook for the full trading year.
Angus MacSween, chief executive, said: "We are very pleased with the way the business has performed in the period and the board is highly confident in the future.
“The group is well positioned to sustain its competitive advantage within the hybrid cloud market with its strong customer base and growing expertise in private cloud.
“With an outstanding track record and an established reputation as the UK's leading cloud computing company, we believe the prospects for Iomart continue to be excellent."
Shares were up six per cent at noon.
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