Cloud computing firm eyes growth

Scottish cloud computing and hosting services group iomart has secured a £20 million increase to its banking facility.

Long-term lender Bank of Scotland confirmed it had agreed a total revolving credit facility of £80m with iomart.

The increase will help support the group’s growth strategy as it looks to add new clients and pursue further bolt-on acquisitions.

iomart yesterday reported annual revenues of £97.6m in the year to March 31, and a pre-tax profit of £14.79m.

“iomart has been very successful on the acquisition trail during its relationship with us, finding businesses with a perfect synergy to its own and growing both at home and abroad,” Andy Seaton of Bank of Scotland said.

“We have worked closely with the management team over this time to build a comprehensive understanding of the business’ ongoing growth strategy and capital expenditure programme.

“As a result, we are pleased to continue our support by increasing its borrowing by £20 million.”