Scotland

Strong profits for internet firm Iomart

Image caption Angus McSween says Iomart intends to become a UK market leader

Internet web hosting firm Iomart has reported strong profits on the back of a surge in new orders.

The Glasgow-based company announced full year pre-tax profits of £3.1m, following losses of £0.3m the previous year.

The group also reported a 55% increase in revenue and a doubling of its customer base.

Iomart provides internet services for some of the country's biggest businesses including Stagecoach and BT.

More than 300 new orders were won during the year, with over half of these coming from new customers.

The group said it was well placed to take advantage of growth in the sector, which is forecast overall to reach £68bn by 2016.

Angus McSween, chief executive of Iomart Group, said: "We are operating in a fast growing market where customers are looking to outsource to a trusted supplier. We intend to be UK leaders in this market."

The group's bank, Lloyds, agreed £10m of funding which Mr McSween said demonstrated the bank's belief in the company in terms of "both our business model and our ability to deliver".

Iomart was founded in 1998, starting out as a telecoms and internet service provider.

The company employs 150 people at various sites throughout the UK.

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