REG - Iomart Group PLC - Final Results
14/06/2022 07:00
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RNS Number : 7235O Iomart Group PLC 14 June 2022
14 June 2022
iomart Group plc
("iomart" or the "Group" or the "Company")
Final Results
Successful delivery of first year of strategic plan provides strengthened
basis for future growth
iomart (AIM: IOM), the cloud computing company, is pleased to report its
consolidated final results for the year ended 31 March 2022 (FY22).
FINANCIAL HIGHLIGHTS
2022 2021 Change
Revenue £103.0m £111.9m -8%
% of recurring revenue(1) 93% 90% +3pp
Adjusted EBITDA(2) £38.0m £41.4m -8%
Adjusted profit before tax(3) £17.1m £19.6m -13%
Profit before tax £12.2m £12.5m -2%
Adjusted diluted EPS(4) 12.0p 14.4p -17%
Basic EPS 8.6p 9.3p -8%
Cash generation from operations £37.9m £43.7m -13%
Proposed final dividend per share 3.6p 4.5p -20%
· The Group continues to benefit from a robust business model
delivering very strong levels of recurring revenues, amounting to 93%(1) of
Group revenues
· The reduction in Group revenue reflects lower non-recurring
equipment and consultancy sales, along with lower customer renewal levels at
the start of the year, which have since returned to normal levels
· Margins remain stable with adjusted EBITDA(2) margin and adjusted
profit before tax(3) margin at 36.9% (2021: 37%) and 16.6% (2021: 17.5%),
respectively. Absolute profit reductions simply follow the revenue profile
in the year
· Strong cash generation from operations in the period of £37.9m
with a consistent cash conversion(6) of 100% (2021: 106%)
· Year-end net debt(5) reduced to £41.3m, comfortable at 1.1 times
adjusted EBITDA
· Successful refinancing with an increased £100m revolving bank
facility from a new group of four leading banks, underpinning the Group's
five-year growth strategy
OPERATIONAL HIGHLIGHTS
· Launch of new brand and successful restructuring of the
organisation to create a "one iomart" team
· Established a new product team and launched new solutions
targeting new and existing customers in areas of Digital Workplace, Secure
Connectivity and Managed Microsoft Azure
· New security alliance with cyber security specialists,
e2e-assure, to deliver proactive 24/7 security operations centre services
· Enhancements made to core operational and service-based systems
and tools, with a primary focus on improved levels of customer service
excellence
· Strengthened commercial leadership with appointment of a new
Chief Commercial Officer
· M&A - positive progress in evaluating targeted opportunities
to further extend the Group's technology, product capabilities and routes to
market, while enhancing revenue, profitability and EPS
· Continued delivery against our ESG programme
OUTLOOK
· The first two months of the new financial year has seen
performance in line with the Board's expectations, consistent with our high
recurring revenue business model
· Inflation in energy prices is being proactively managed via price
increases to our customers while we are using hedging options to provide some
certainty for customers and our own planning
· The launch of the enhanced set of product offerings, coupled with
a clearly defined brand and targeted go to market capability provide for a
positive environment to deliver future growth
STATUTORY EQUIVALENTS
A full reconciliation between adjusted and statutory profit before tax is
contained within this statement. The largest item is the consistent add back
of the non-cash amortisation of acquired intangible assets. The largest
variance, year on year, is a £1.5m lower amortisation of acquired intangible
assets as the amortisation periods expire on certain historic acquisitions.
Reece Donovan, CEO commented,
"We have made good progress on all aspects of our strategic growth plan and
start the second year of this plan in an improved position. With an expanded
offering and strengthened team, as well as an established reputation within
the UK's cloud computing market place, we have a strong platform from which to
return to a growth phase of the business.
"We are mindful that the wider business environment continues to be
challenging. As iomart has shown in the past, during periods of uncertainty,
we have a robust business model and strong financial position to manage such
short-term pressures. This is especially the case as the market for cloud
computing solutions continues to offer long term growth and our strategic
actions taken, together with our M&A plans, puts us in a stronger position
to benefit from this over the coming year and beyond."
(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 (as disclosed in note 3)
/ revenue (as disclosed in the consolidated statement of comprehensive income)
(2) Throughout these financial statements adjusted EBITDA (as disclosed in the
consolidated statement of comprehensive income) is earnings before interest,
tax, depreciation and amortisation (EBITDA) before share-based payment
charges, acquisition costs and gain on the revaluation of contingent
consideration. Throughout these financial statements acquisition costs are
defined as acquisition related costs and non-recurring acquisition integration
costs.
(3)Throughout these financial statements adjusted profit before tax (as
disclosed in the Chief Financial Officer's report) is profit before tax,
amortisation charges on acquired intangible assets, share-based payment
charges, acquisition costs, accelerated write off of arrangement fee on bank
facility and gain on revaluation of contingent consideration.
(4) Throughout these financial statements adjusted diluted earnings per share
is earnings before amortisation charges on acquired intangible assets,
share-based payment charges, acquisition costs, accelerated write off of
arrangement fee on bank facility, gain on revaluation of contingent
consideration and the tax effect of adjusted items/weighted average number of
ordinary shares - diluted (as disclosed in note 6).
(5) Net debt being outstanding bank loans, lease liabilities less cash and
cash equivalents (as disclosed on page 13)
(6) Cash conversion is calculated as cash generation from operations (as
disclosed in the consolidated statement of cashflows) divided by adjusted
EBITDA.
This 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.
For further information:
iomart Group plc Tel: 0141 931 6400
Reece Donovan, Chief Executive Officer
Scott Cunningham, Chief Financial Officer
Peel Hunt LLP (Nominated Adviser and Joint Broker) Tel: 020 7418 8900
Edward Knight, Paul Gillam, James Smith
Investec Bank PLC (Joint Tel: 020 7597 4000
Broker)
Patrick Robb, Virginia Bull, Sebastian Lawrence
Alma PR Tel: 020 3405 0205
Caroline Forde, Hilary Buchanan, Joe Pederzolli
About iomart Group plc
iomart Group plc (AIM: IOM) is a cloud computing and IT managed services
business providing hybrid cloud infrastructure, network connectivity,
security, and digital workplace capability. Our mission is simple: to make our
customers unstoppable by enabling them to connect, secure and scale anywhere,
anytime. From our portfolio of data centres we own and operate across the UK
to connected sites around the world, our 400-strong team can design and deploy
the right cloud solution for our customers.
For further information about the Group, please visit www.iomart.com
(http://www.iomart.com/)
CHAIRMAN'S STATEMENT
I am pleased to report that iomart (the "Group") has delivered a robust
trading performance while executing on the first phase of its strategic growth
plan. Whilst experiencing some revenue reductions, mainly in the first half
of the year, we continue to deliver high levels of profitability and cash
generation with many of our key financial metrics remaining stable throughout
the year.
The start of the year saw the Board embark on a refreshed growth strategy to
achieve an ambitious vision. The central pillars of this plan include the
concept of 'one iomart' and the expansion of our offering to cover a wider
portfolio of services to include hybrid cloud offerings. We are upscaling
the business, we remain acquisitive and we remain ambitious. The full team are
now very much focused on execution and it is pleasing to see good progress on
the key milestones for the first year of the plan.
I would like to thank the iomart team for their hard work and commitment
during the year. One of the strengths of the Group is the quality of its
fantastic workforce. Investing in the workforce and their further development
and support is one of the central tenets of our strategy.
I believe strongly that a culture of strong corporate governance is essential
to our future growth. To enhance the balance and experience of the Board, we
were delighted to announce in July the appointment of Andrew Taylor as a
Non-Executive Director of the Company. Andrew adds additional sector skills
to support our growth plans. We have also made good progress in strengthening
iomart's environmental, social and governance ("ESG") credentials, recently
completing a carbon neutral roadmap which will support our efforts to reduce
further our overall emissions as we work towards achieving carbon neutrality.
This roadmap and other ESG activities are detailed later in this report.
During the year we paid an interim dividend of 2.42p per share which was paid
to shareholders in January 2022. In addition, the Board is now proposing to
pay a final dividend of 3.60p per share taking the total for the year to 6.02p
being at the maximum pay-out ratio under our stated dividend policy of paying
up to 50% of adjusted diluted earnings per share. We believe this is
appropriate given our funding position, robust business model, the low level
of indebtedness within the Group and the fact we have not utilised any of the
government furlough schemes during the Covid-19 pandemic. Subject to
shareholder approval this proposed final dividend would be payable on 2
September 2022 to shareholders on the register at close on 12 August 2022.
I was appointed to the Board of iomart in 2016 and took over as Chairman in
August 2018. It has been both a privilege and a pleasure to serve as
iomart's Chairman. With iomart now well progressed on a clear path to growth,
I have decided not to stand for re-election at the forthcoming Annual General
Meeting and will leave the Board at that time. I thank you for your support
during my years on the Board. The search for my successor is progressing and
the Board aim is to announce that appointment by the time of the AGM. I look
forward to hearing of the continued success of the Group in future years.
Ian Steele
Non-Executive Chairman
14 June 2022
CHIEF EXECUTIVE OFFICER'S REPORT
Introduction
I am encouraged by the progress we have made during the year and pleased to be
reporting financial results in line with current market expectations,
delivering revenue of £103.0m (2021: £111.9m), adjusted EBITDA((1)) of
£38.0m (2021: £41.4m) adjusted profit before tax((2)) of £17.1m (2021:
£19.6m) and profit before tax of £12.2m (2021: £12.5m). We continue to
benefit from the highly recurring nature of our business model, with 93% of
revenue in the year recurring and remain strongly cash-generative.
The 8% year on year reduction in revenue reflects lower non-recurring revenue
and consultancy sales, along with the impact of lower customer renewals we
experienced in the first half of the year which have subsequently returned to
normal levels. Our profitability metrics have remained stable with adjusted
EBITDA margins at 36.9% (2021: 37.0%) and adjusted profit before tax at 16.6%
(2021: 17.5%) of group revenue meaning the absolute reductions simply follow
the revenue profile in the year. The net debt position of the Group at the
end of the year was £41.3m (2021: £54.6m) being a reduction of £13.3m
following strong cash generation in the year, including a 100% EBITDA to
operating cash flow conversion ratio.
Our team has been very focused on the execution of our strategic plan
achieving all the key objectives outlined at the start of the year. We have
launched a number of new solutions, entered into an exciting alliance to
accelerate our managed cyber security offering, reshaped the commercial team,
and invested in our customer service tools, resources and people.
The successful refinancing of our revolving bank facility in December 2021
with four new banks underpins our five-year plan and M&A ambitions, and
this ongoing support from top tier global financial institutions is a clear
endorsement of our strategy.
After more than six years of first class commitment and service, the latter
four years as Chairman, Ian Steele has decided not to stand for re-election at
our forthcoming Annual General Meeting. Both personally and on behalf of
everyone connected with the Group, I want to thank him for his valuable
contribution to the development of iomart over the years.
With an expanded offering and strengthened team, as well as an established
reputation within the UK's cloud computing market place, we have a strong
position from which to return to a growth phase of the business.
Strategy
At the start of the year we announced our vision to position iomart for the
next phase of its growth as a recognised leading secure hybrid cloud business.
We were bold by stating our aspiration to become a £200m revenue business
within five years. Underpinning this was a roadmap with a focus on three
main activities:
· New services and geographies - focused on four new service areas
- hybrid cloud, security, the future digital workplace and connectivity;
· Complementary acquisitions - to expand the customer base and to
acquire new skillsets; and
· Protect and expand the existing base of run rate revenue and
EBITDA which is underpinned by our existing core private cloud infrastructure
and services.
We have made good progress on all aspects of our strategic growth plan and
start the second year of this plan in an improved position as noted in each of
the areas detailed below.
Team and brand
We started the year with a focus on brand development, new product launches
and restructuring the organisation to create a "one iomart" team. Our new
strapline "welcome to straightforward" encapsulates our mission to deliver a
customer-focused service which makes the complicated world of secure hybrid
cloud simple for our customers, gives them peace of mind, and allows them to
focus on what's important to them.
Around "one iomart" we have included updates to our benefits package,
formalised flexible working options and delivered a number of wellbeing,
leadership, technical and management training programmes across the business
and established a People Forum.
New services and partnerships
We have established a new product team and have redefined and launched a
number of new solution initiatives. These are targeted at both new customers
and upselling and cross-selling to our existing customers. They include
specific campaigns around the growth areas of Digital Workplace, Secure
Connectivity and Managed Microsoft Azure. Pipelines are being developed from
each of these campaigns and we are confident our refined approach will give a
greater success rate. Further product releases will be made over the coming
year.
During the year we were delighted to secure our first six figure annual
recurring revenue customer for Managed Microsoft Azure following our
successful sales campaign. The customer's IT workload will be deployed on
Azure infrastructure on a managed basis over the next 4 years. A
well-qualified pipeline of additional sales opportunities is building. We
are now working closely with Microsoft and anticipate this relationship will
continue to strengthen.
In March 2022 we announced a new security partnership with cyber security
specialists, e2e-assure, to deliver proactive 24/7 security operations centre
services. The move into the security market has been a long-standing ambition
of iomart and is a key part of the growth strategy. This partnership enables
us to enter the market in an appropriate manner.
These new initiatives complement and enhance our well established Private
Cloud infrastructure, 24/7 service capability and deep expertise which remains
at the heart of our Hybrid offering.
Commercial
We have strengthened our commercial leadership with the appointment of our new
Chief Commercial Officer, in February 2022, who brings a fresh perspective and
experience to drive our organic growth. We continue to believe that our
existing large customer base represents a fertile sales ground for the Group
and the widening of our solutions offering increases our relevance to a wider
pool of new customers.
M&A
We plan to use selective M&A to augment our organic growth. As well as
acquiring new customer bases operating in recurring revenue business models we
also plan to strengthen our technology, solution offerings and route to
market capabilities. We remain active in evaluating potential targets but the
timing of M&A closure is hard to predict, and we will at all times
maintain a structured and disciplined approach.
Market
The Covid-19 pandemic has created a challenging business environment but we
have again proven during the last year a robustness to our business model and
our team's adaptability. Covid-19 has seen the acceleration in the adoption
of digital transformation and remote working, both of which are likely to
enhance long-term drivers to the cloud but short-term we have seen a lack of
larger-scale IT projects. It appears clear that the UK economy will
experience some negative factors in the short-term, from intensifying
inflationary pressures, supply chain challenges combined with geo-political
uncertainties. While iomart will not be completely immune to this economic
backdrop, the requirement for organisations to be supported with their hybrid
cloud challenges will continue to grow for the foreseeable future.
The concept of "Cloud" computing is now globally recognised. The "public
cloud" giants such as Amazon, Microsoft and Google have vastly contributed to
this general awareness and consequently, as is well documented, have seen high
growth globally as many organisations look for Cloud infrastructure and
capabilities. The reality of the situation is that a vast majority of the
world's IT infrastructure is complex and untidy in nature which means hybrid
cloud models will remain a key market feature for many use cases. Even if
businesses want to use Public Cloud infrastructure fully, many lack the
detailed know-how, skills and resources required to manage all the elements.
iomart is well positioned to meet this demand given our long established
capability in designing and running private clouds and supporting on-premise
solutions along with our plans to continue to complement this with skills and
capabilities for public cloud provisioning and management.
With the insatiable growth in data requirements from across all industries,
the demand for the three core building blocks of compute power, storage and
connectivity continues to expand. Organisations are increasingly outsourcing
these requirements to experts, who can help them navigate a constantly
evolving and complex technical landscape, providing high levels of
reliability, customer support, flexibility and technical knowledge. These
requirements increasingly come with greater security and compliance needs.
No two organisations are the same, and therefore the cloud solution mix in the
future will be unique and reflect the needs of an organisation at that time,
especially for those organisations that are running established applications
that are not public cloud compatible. Many customers are looking for a single
point of accountability for all their cloud needs and iomart is well
positioned to provide this service going forward, particularly for medium to
large enterprises.
Commitment to ESG and sustainability
iomart believes that integrating environmental, social and governance ("ESG")
considerations across our business enables us to accelerate our customers'
success whilst looking after the environment and society. During the year, we
partnered with Schneider Electric to establish carbon reduction targets and
identify ways to reduce further our overall emissions as we work towards
achieving carbon neutrality. This concluded with an alignment with the UK
Government targets and a commitment to achieve Net Zero by 2050, and earlier,
if possible.
We also made progress in other areas of ESG, which will enable us to better
protect stakeholder interests and strengthen our business resilience.
Environmental
· Purchased Renewable Energy Guarantees of Origin ("REGO")
certified renewable electricity across our UK data centre estate which reduces
significantly our carbon emissions
· Improved our data centres efficiency by replacing older equipment
with modern technology
· Installed Katrick Technologies' heat removal system' at our
Glasgow data centre, with initial results showing a potential for up to 50%
reduction in electrical power consumption
Social
· Revamped our brand values, with "People First" at the core
· Enhanced our employee benefits package
· Partnered with local charities that align with our brand focus
and employees' interests, such as SmartSTEMs and Scotland's Empowering Women
to Lead Digital Transformation leadership program
· Hosted Volunteer Days to serve the Glasgow and Manchester
communities to deliver food and prep meals
· Roll-out of Leadership Programme across the Group
· Implemented a "People Forum" of cross group staff
representatives, a first for the Group
Governance
· Added a fourth Non-Executive Director to the Board to support our
growth strategy
· Engaged an external third party to lead an outsourced internal
audit function
Operational Review
While all of our activities involve the provision of services from common
infrastructure, we are organised into two operating segments, Cloud Services
(£91.2m revenue) and Easyspace (£11.8m revenue).
Cloud Services
Within our Cloud Services division, we have three core offerings, recognising
the differing complexity of the solutions designed and the level of ongoing
managed services we provide being: iomart cloud managed services, self-managed
infrastructure and non-recurring revenue. This means we are able to supply
products and services across the full cloud spectrum and to do so using shared
resources and common platforms across the Group.
· iomart cloud managed services: £55.7m revenue (2021: £57.9m):
provides fully managed, complex bespoke designs, resulting in resilient
solutions involving various infrastructures. This has a wide range of offering
across the full cloud spectrum from simpler colocation data centre services to
a full 24/7 managed service complemented by all of our offering around back-up
and disaster recovery. Over the long-term we anticipate this will be the
highest growth area for iomart, supported by the market drivers described
above. This is the part of the business on which new product service launches
are focused because we believe "IT as a service" is what organisations are
looking for to support their business objectives and that we are well placed
to offer.
· Self-managed infrastructure: £28.4m revenue (2021: £30.3m):
provides dedicated, physical, self-service servers to customers. We deliver
many thousands of physical servers for our customers using highly automated
systems and processes which we continue to develop and improve. Over the
last three years we have seen reduction in revenues within this area
especially from a long tail of smaller customers many of whom were within
legacy brands. We will continue to allocate resources to ensure we provide
this customer base with resilient, cost effective and increasingly automated
solutions.
· Non-recurring revenue: £7.1m (2021: £11.7m): relates primarily
to on premise equipment and software reselling via our Cristie Data brand,
plus consultancy projects. By their nature this activity is lower margin but
we believe it to be relevant to our ability to offer support to our existing
customer base and new customer wins. It is often these non-recurring
activities that provide an interesting initial introduction to the wider
iomart Group and evolve customers into a higher level of recurring services.
During the year ended 31 March 2022, Cloud Services revenues decreased by
£8.7m (9%) to £91.2m (2021: £99.9m).
A fall in non-recurring activities accounted for a £4.6m drop in
non-recurring revenue from lower equipment reselling which, coupled with a
large scale consultancy project coming to an end which had contributed £1.3m
of revenue in the prior year, had a disproportionate impact. However, we are
pleased to report that we have commenced the new financial year with an
increased order book and a sales team back at full strength.
Recurring revenue((3)) reduced by £4.2m in the financial year, split equally
between our core cloud managed services areas and self-managed infrastructure
revenues, largely as a result of lower levels of renewals than usual at the
start of the year as a result of, corporate ownership changes, lack of breadth
in public cloud solutions and customer service. Renewals rates have
subsequently returned to normal levels and we are confident the investments we
have made into our customer support processes and the broadening of our
solutions offering in the year will continue to bring positive results in this
regard.
Cloud Services EBITDA (before share based payments, acquisition costs and
central group overheads) was £36.6m being 40.2% of cloud services revenue
(2021: £40.5m (40.5% of cloud services revenue)). The underlying
profitability has been reasonably stable in the year with the reduction in
absolute EBITDA reflecting the revenue trend in the year.
Easyspace
The global domain name and mass market hosting sector continues to grow,
supported by the increasing importance of an internet presence and ecommerce
for all areas of the economy, including the small and micro business community
represented within our Easyspace division. This sector is increasingly
dominated by a smaller number of large global operators and we recognised a
long time ago that the marketing spends required to compete for new business
in this specific area was not the best use of iomart's resources. The
Easyspace segment has performed well during the year, delivering revenues and
EBITDA (before share based payments, acquisition costs and central group
overheads) of £11.8m (2021: £11.9m) and £5.7m (2021: £5.3m), respectively.
Infrastructure investment and energy pricing
Our UK owned infrastructure is an important part of the delivery of our
recurring revenue services, an important differentiator in the market and
allows more of the value add to be retained by iomart. We have a well
maintained data centre estate as this is core to ensuring a resilient service.
In the year we concluded investments in a number of projects that overlapped
the prior year end, including the replacement of the cooling system in our
second largest data centre in London, and investment into next generation core
routing technology which provides 100GB capacity on our network, with the
ability to scale to 400GB. In the year the only other larger project initiated
was the upgrade to our uninterruptible power systems ("UPS") in our core
sites, which will be steadily rolled out over the next two years as part of
our standard infrastructure spend, plus the electrical system upgrade in our
London site. Given some of the lower revenue trends experienced we have also
seen a lower level of spend in servers and storage systems linked to customer
projects. In combination these factors have resulted in an overall equipment
CAPEX spend at a lower level: £9.5m versus £15.2m in prior year.
We are proactively managing the inflation in energy prices. Although the
current volatility of the energy markets may cause us to have to absorb some
of the price fluctuations through the year, the core of our existing customer
agreements, to varying degrees allow us to increase pricing, and some of this
has already been invoked. In addition, any new business, contract renewals or
shorter-term arrangements will be price adjusted at the appropriate time. We
have various options to put in place hedging type arrangements within our
electricity procurement to provide some certainty for our customers and our
own planning.
Current trading and outlook
The first two months of the new financial year has seen financial results in
line with internal expectations, consistent with our high recurring revenue
business model which gives good visibility.
The focus for the coming year is the continued development of our sales
pipeline, timely conversion of the opportunities created by new solution
launches and the cyber security partnership, improvements made in our customer
services, and our refreshed commercial leadership team.
We are mindful that the wider business environment continues to be
challenging. As iomart has shown in the past, during periods of uncertainty,
we have a robust business model and strong financial position to manage such
short-term pressures. This is especially the case as the market for cloud
computing solutions continue to offer long-term growth and our strategic
actions taken, together with our M&A plans, puts us in a stronger position
to benefit from this over the coming year and beyond.
Reece Donovan
Chief Executive Officer
14 June 2022
Definition of alternative performance measures:
(1) Throughout these financial statements adjusted EBITDA (disclosed in the
consolidated statement of comprehensive income) is earnings before interest,
tax, depreciation and amortisation (EBITDA) before share-based payment
charges, acquisition costs and gain on the revaluation of contingent
consideration. Throughout these financial statements acquisition costs are
defined as acquisition related costs and non-recurring acquisition integration
costs.
(2) Throughout these financial statements adjusted profit before tax
(disclosed on page 11) is profit before tax, amortisation charges on acquired
intangible assets, share-based payment charges, acquisition costs, accelerated
write off of arrangement fee on bank facility and gain on revaluation of
contingent consideration
(3) Recurring revenue is the revenue the repeats either under long-term
contractual arrangement or on a rolling basis by predictable customer habit. %
of recurring revenue is defined as Recurring Revenue (as disclosed in note 3)
/ Revenue (as disclosed in the consolidated statement of comprehensive income)
CHIEF FINANCIAL OFFICER'S REPORT
Financial Review
Key Performance Indicators
2022 2021
Revenue £103.0m £111.9m
% of recurring revenue(1) 93% 90%
Gross profit %(2) 59.5% 60.5%
Adjusted EBITDA(3) £38.0m £41.4m
Adjusted EBITDA margin %(4) 36.9% 37.0%
Adjusted profit before tax(5) £17.1m £19.6m
Adjusted profit before tax margin %(6) 16.6% 17.5%
Profit before tax £12.2m £12.5m
Profit before tax margin %(7) 11.8% 11.1%
Basic earnings per share 8.6p 9.3p
Adjusted earnings per share (diluted) (8) 12.0p 14.4p
Cash flow from operations / Adjusted EBITDA %(9) 100% 106%
Net debt / Adjusted EBITDA leverage ratio(10) 1.1 1.3
See page 14 for definition of alternative performance measures
Revenue
Overall revenue from our operations reduced by 8% to £103.0m (2021:
£111.9m). We saw a greater share of recurring revenue at 93% (2021: 90%)
compared to prior years as non-recurring activity levels reduced by a
disproportionate level. We remain focussed on retaining our recurring revenue
business model with the combination of multi-year contracts and payments in
advance providing us with good revenue visibility.
Cloud Services
The following is the disaggregation of Cloud Services revenues of £91.2m
(2021: £99.9m):
Disaggregation of Cloud Services revenue 2022 2021
£'000 £'000
Cloud managed services 55,745 57,961
Self-managed infrastructure 28,363 30,311
Non-recurring revenue 7,128 11,672
91,236 99,944
Cloud managed services (recurring revenue)
The main driver for the £2.2m (4%) lower revenue experienced in the year was
a lower level of customer renewals, primarily in the first half. We saw an
improvement in the renewals in the second half of the year but by then the
cumulative revenue impact had heavily influenced the full year result. This
does however ensure a more normalised renewal level as we start our new
financial year and a more solid revenue base as we await the layering on from
forecasted higher order bookings from pipeline opportunities generated by
additional product launch already underway and the refreshed commercial team.
Self-managed infrastructure (recurring revenue)
In the year the self-managed infrastructure revenue reduction was £1.9m (6%),
largely attributable to a reduction in number of our long tail of smaller
customers. While still a reduction in organic revenue, the pace has slowed
from the previous two years which is somewhat encouraging especially given
this area of the business typically has above average profitability.
Non-recurring revenue
Of the lower revenue contribution in this year £1.8m comes from lower
consultancy income, including the impact of one large consultancy project
which came to an end in December 2020 and was not repeated. In addition,
£2.7m can be attributed to lower one-off hardware and software reselling.
This area of our activity continued to see slower decision making on larger
hardware refresh projects than normal, longer lead times for equipment
components, and also to some degree we were impacted by reduced sales heads in
the Cristie Data sales force at the start of the year which only returned to
full strength in the second half. Some of these factors are timing related
and we start the new financial year with a non-recurring order book £0.7m
higher than last year.
Easyspace
Our Easyspace segment has performed well over the year with revenues reducing
by only £0.1m to £11.8m (2021: £11.9m). The domain name and web hosting
business is an area in which we do not invest heavily but it was pleasing to
see a solid performance with high level of renewals from our base of 65,000
customers. The activity remains highly profitable and cash generative.
Business model
Our business model in both segments generally involves the provision of cloud
and managed hosting services from our data centres, delivering the computing
power, storage, and network capability our customers require for the operation
of their own businesses. We have invested in an estate of data centres, an
extensive fibre network and for each customer the servers, routers, firewalls
and other assets that are necessary to create the IT infrastructure they
require. These resources, along with the associated staff, are shared across
most of our revenue streams. Customers pay us for the provision of that
infrastructure, with the potential to add 3(rd) party technology and various
degrees of a managed services wrapper.
Larger customers tend to have multi-year contracts for complex cloud
solutions, which are invoiced and paid on a monthly basis. Many of our smaller
customers pay in advance for the provision of services which results in a
substantial sum of deferred revenue, which is then recognised over the period
of the service provision. A significant proportion of our revenue is therefore
recurring and the combination of multi-year contracts and payment in advance
provides us with strong revenue visibility.
Gross Profit
Gross profit in the year, which is calculated by deducting from revenue
variable cost of sales such as power, software licences, connectivity charges,
domain costs, public cloud costs, sales commission, the relatively fixed costs
of operating our data centres plus, for non-recurring revenue, the cost of
hardware and software sold, reduced by £6.3m to £61.3m (2021: £67.6m). In
percentage terms, gross margin(2) was broadly stable at 59.5% (2021: 60.5%),
however, the movement in the year is a combination of a reduction in
on-premise hardware and software solution sales which are typically lower
gross margin given the inclusion of the reselling element of their solutions,
offset by initial lower contribution levels on some of the new business won
compared to margins from some of the self-managed infrastructure only deal of
earlier years.
We have not seen any significant individual price change in any of the
components of the purchased cost base in the last 12 months, although as more
complex solutions are designed for customers we generally see more bought in
recurring costs being introduced to our cost of sales including consumption of
public cloud resources.
Adjusted EBITDA(3)
The Group's adjusted EBITDA reduced by 8% to £38.0m (2021: £41.4m) which in
adjusted EBITDA margin(4) terms translates to 36.9% (2021: 37.0%). The
administration expense (before depreciation, amortisation, share based payment
charges and acquisition cost) of £23.3m is £2.9m lower than the previous
year comparative. An element of this reflects the secured synergy savings
achieved from the two bolt on acquisitions in February and March 2020 and some
relates to the specific timings of staff adjustments in our team as, like the
wider sector, we saw a period of higher staff attrition and recruitment
activity in the first half of the year.
The Cloud Services segment saw a 9% reduction in adjusted EBITDA to £36.6m
(2021: £40.5m). In percentage terms the Cloud Services margin decreased
slightly to 40.2% (2021: 40.5%). The Easyspace segment's adjusted EBITDA was
£5.7m (2021: £5.3m) reflecting the stable revenue performance in the year
with the increase in profitability reflecting the specific bundle of packages
sold to hosting customers. In percentage terms the adjusted EBITDA margin
increased to 48.2% (2021: 44.8%).
Group overheads remained stable at £4.3m (2021: £4.4m). These are costs
which are not allocated to segments, including 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.
Adjusted profit before tax(5)
The depreciation charge of £16.3m (2021: £16.9m) has reduced by £0.6m in
the year but as a percentage of recurring revenue is 17.0% which is broadly
consistent with prior year of 16.8%.
The charge for amortisation of intangibles, excluding amortisation of
intangible assets resulting from acquisitions ("amortisation of acquired
intangible assets"), of £2.6m (2021: £2.9m) has dropped slightly year on
year.
Finance costs (including accelerated write off of arrangements fee on bank
facility) of £2.1m (2021: £2.0m), has been stable. This includes 4 months
from the new revolving loan facility which has a slightly higher bank margin
but overall small savings was achieved because of the lower overall debt
levels. Our revolving credit facility has a borrowing cost at the Group's
current leverage levels of 180 basis points over SONIA.
After deducting the charges for depreciation, amortisation (excluding the
charges for the amortisation of acquired intangible assets) and finance costs
from the adjusted EBITDA, the Group's adjusted profit before tax reduced to
£17.1m (2021: £19.6m), representing an adjusted profit before tax margin(6)
of 16.6% (2021: 17.5%).
Profit before tax
The measure of adjusted profit before tax is an alternative profit 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 2022 2021
£'000 £'000
Adjusted profit before tax(5) 17,109 19,628
Less: Amortisation of acquired intangible assets (4,044) (5,457)
Less: Acquisition costs (315) (493)
Less: Share-based payments (480) (1,247)
Less: Accelerated write off of arrangement fee on bank facility (102) -
Add: Gain on revaluation of contingent consideration - 33
Profit before tax 12,168 12,464
The adjusting items are: charges for the amortisation of acquired intangible
assets of £4.0m (2021 £5.5m) with the reduction being from expiry of the
amortisation charge on earlier acquisitions; acquisition costs of £0.3m
(2021: £0.5m) and share-based payment charges of £0.5m (2021: £1.2m) with
the reduction due to options lapsed in the period and the lower closing share
price.
In addition, in the current year the successful refinancing required £0.1m of
previously deferred arrangement fees to be written off early. During the
year to 31 March 2021 there was a very small gain on contingent consideration
for previous acquisitions.
After deducting these items from the adjusted profit before tax, the reported
profit before tax was fairly stable at £12.2m (2021: £12.5m). In
percentage terms the profit before tax margin(7) was an increase to 11.8%
(2021: 11.1%) fully driven by the continued reduction in the amortisation of
acquired intangible assets and lower share based payment charge, offsetting
fully the impact of the lower trading result in the year.
Taxation
The tax charge for the year is £2.8m (2021: £2.3m). The tax charge for the
year is made up of a corporation tax charge of £1.1m (2021: £3.5m) with a
deferred tax charge of £1.7m (2021: £1.2m credit). The effective rate of tax
for the year is 22.8% (2021: 18.1%). The future increase to a 25% UK
corporation tax rate has been reflected, for this first time, on the deferred
tax balances. In prior year the change in tax rate was not substantively
enacted meaning the deferred tax balances were calculated with a 19% rate. The
increase in the effective tax rate in the year to above the current UK
headline corporation tax rate is a function of the greater impact from the tax
accounting on share based payments offset partially by the positive effect of
the higher "super deduction" available for capital investments. Given iomart
is very much a UK business then the UK headline corporate tax is still
considered a reasonable recurring effective tax rate for underlying profits.
Further explanation of the tax charge for the year is given in note 4.
Profit for the year
After deducting the tax charge for the year from the profit before tax the
Group has recorded a profit for the year from total operations of £9.4m
(2021: £10.2m).
Earnings per share
The calculation of both adjusted earnings per share and basic earnings per
share is included at note 6.
Basic earnings per share from continuing operations was 8.6p (2021: 9.3p), a
reduction of 7.5%.
Adjusted diluted earnings per share(8), based on profit for the year
attributed to ordinary shareholders before amortisation charges of acquired
intangible assets, acquisition costs, share-based payment charges, accelerated
write off of arrangement fee on bank facility, the gain on the revaluation of
contingent consideration, and the tax effect of these items was 12.0p (2021:
14.4p), a reduction of 16.7%.
The measure of adjusted diluted 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.
Dividends
Our dividend policy, which has been in place for several years now, is based
on the profitability of the business in the period measured with reference to
the adjusted diluted earnings per share we deliver in a financial year. For
the last few years we have been paying dividends at the maximum level allowed
by our stated policy. The current policy is a maximum pay-out policy of 50% of
adjusted diluted earnings per share. The Directors are proposing a final
dividend of 3.60p (2021:4.50p) which is at maximum level set by the dividend
policy which we believe is fully appropriate given the recurring revenue
nature of the Group, the level of operating cash which we deliver, the low
level of indebtedness within the Group and the fact we have not utilised any
of the government furlough schemes. As a result, along with the interim
dividend of 2.42p (2021: 2.60p), which was paid in January 2022, the total
dividend for the year is 6.02p (2021: 7.10p), a reduction reflecting the
movement in the adjusted diluted earnings per share.
Cash flow and net debt
Net cash flows from operating activities
The Group continued to generate high levels of operating cash over the year.
Cash flow from operations was £37.9m (2021: £43.7m) which represents a 100%
conversion(9) of adjusted EBITDA (2021: 106%). The higher headline conversion
ratio in prior year was augmented by a £2.3m cash deposit returned by our
landlord as part of the negotiation of the extension of the London data centre
lease. Normalising for this item takes the EBITDA conversion to cash ratio to
100% in the prior year.
Cash payments for corporation taxation in the year fell to £2.5m (2021:
£3.6m), resulting in net cash flow from operating activities in the year of
£35.4m (2021: £40.1m).
Cash flow from investing activities
Our strategy is to continue to reinvest some of our strong operating cash flow
we generate back into the business both in the form of internal investments
into our UK infrastructure but also in the continuation of our disciplined
acquisition strategy. The Group invested a total of £10.2m (2021: £19.2m)
during the year. This was a relatively low level as there was no M&A type
payments and generally our CAPEX was lower reflecting some of the activity
levels.
The Group continues to invest in property, plant and equipment through
expenditure on data centres and on equipment required to provide managed
services to both its existing and new customers. As a result, the Group spent
£9.5m (2021: £15.2m) on assets, net of related lease drawdowns, trade
creditor movements and non-cash reinstatement provisions. Most of the
expenditure in the year was on operational items such as servers and storage
to support customer deployments. Project type capital expenditure on the
infrastructure was at a similar level to last year at around £4.0m. This
included the final payments associated with the investment in the London data
centre chiller replacement and the initial works on the electrical systems at
the same site.
Expenditure was also incurred on development costs of £1.4m (2021: £1.3m)
and on intangible assets of £0.1m (2021: £0.6m). We sold our Leeds office
during the year which created £0.7m of sales proceeds (2021: £nil).
We made no acquisitions in the last year and had no M&A related payment.
In prior year we incurred £2.4m of expenditure in respect of contingent
consideration due on previous year acquisitions. As we have outlined in our
strategy we do expect M&A activity will continue to support and accelerate
our organic growth ambitions over the coming five years.
Cash flow from financing activities
In the prior year loan drawdowns of £1.2m were made from the revolving credit
facility to fund the payment of contingent consideration due on acquisitions.
In the current year there was no such loan drawdowns other than the initial
drawdown on our new bank facility to repay the Bank of Scotland revolving loan
which was refinanced (see below).
Bank loan repayments of £18.8m (2021: £1.2m) were made in the year reducing
significantly the closing drawn bank loan to £34.0m (2021: £52.8m). Cash
received in the year from issue of shares was only £4k (2021: £0.4m). We
also made dividend payments of £7.6m (2021: £7.1m); paid finance costs of
£2.1m (2021: £1.1m) which included £1.0m of arrangement and professional
fees associated with the new bank facility and made lease repayments of
£4.4.m (2021: £5.4m).
Net cash flow
As a consequence of the above component elements and especially our high bank
loan repayment in the year, our overall cash position was an outflow of £7.7m
(2021: £7.5m inflow) which resulted in cash and cash equivalent balances at
the end of the year of £15.3m (2021: £23.0m).
Net Debt
The net debt position of the Group at the end of the year was £41.3m (2021:
£54.6m) as shown below. The net debt position represents a multiple of 1.1
times(10) our adjusted EBITDA (2021: 1.3 times) which we believe is a
comfortable level of debt to carry given the recurring revenue business model
and strong cash generation in the business.
2022
£'000 2021
£'000
Bank revolver loan 34,000 52,791
Lease liabilities 22,623 24,867
Less: cash and cash equivalents (15,332) (23,038)
Net Debt 41,291 54,620
On 2 December 2021, we successfully refinanced and increased the Group's
existing single bank Revolving Credit Facility of £80m that was due to mature
on 30 September 2022. The new £100m Revolving Credit Facility ("RCF") was
provided by a new four bank group consisting of HSBC, Royal Bank of Scotland,
Bank of Ireland and Clydesdale Bank.
The new facility has an initial maturity date of 30 June 2025, with a 12-month
extension option and benefits from a £50m Accordion Facility. The RCF has a
borrowing cost at the Group's current leverage levels of 180 basis points over
SONIA, compared to 150 basis points over LIBOR on the prior facility. An
arrangement fee was paid upfront in addition to a commitment fee on the
undrawn portion of the new RCF on equivalent terms to the previous facility.
The RCF and the Accordion Facility (if exercised) provide the Group with
additional liquidity which will be used for general business purposes and to
fund investments, in accordance with the Group's five-year strategic plan.
The decrease in the lease liability to £22.6m (2021: £24.9m) reflected
expected payments on property arrangements and that there were no material
revisions to existing leases.
Financial position
The strength of our business model, with high recurring revenue, low customer
concentration across wide sectors and a positive cash cycle is well
established and creates a very strong financial position. The Group continues
to generate substantial amounts of operating cash. The generation of that cash
flow, together with the committed bank loan facility for acquisitions, capital
expenditure and general business purposes, means that the Group has the
liquidity it requires to continue its growth through both organic and
acquisitive means.
Scott Cunningham
Chief Financial Officer
14 June 2022
Definition of alternative performance measures:
(1) Recurring revenue is the revenue the repeats either under long-term
contractual arrangement or on a rolling basis by predictable customer habit. %
of recurring revenue is defined as Recurring Revenue (as disclosed in note 3)
/ Revenue (as disclosed in the consolidated statement of comprehensive income)
(2) Gross profit margin % is defined as Gross Profit / Revenue as a % (both as
disclosed in the consolidated statement of comprehensive income)
(3) Adjusted EBITDA (as disclosed in the consolidated statement of
comprehensive income) is earnings before interest, tax, depreciation and
amortisation (EBITDA) before share-based payment charges, acquisition costs
and gain on the revaluation of contingent consideration. Throughout these
financial statements acquisition costs are defined as acquisition related
costs and non-recurring acquisition integration costs.
(4) Adjusted EBITDA margin % is defined as adjusted EBITDA (as disclosed in
the consolidated statement of comprehensive income) / Revenue (as disclosed in
the consolidated statement of comprehensive income) as a %
(5) Adjusted profit before tax (as disclosed on page 11) is profit before tax,
amortisation charges on acquired intangible assets, share-based payment
charges, acquisition costs, accelerated write off of arrangements fee on bank
facility and gain on revaluation of contingent consideration.
(6) Adjusted profit before tax margin % is defined as adjusted profit before
tax (as disclosed on page 11) / Revenue (as disclosed in the consolidated
statement of comprehensive income) as a %
(7) Profit before tax margin % is defined as Profit before Tax / Revenue (both
as disclosed in the consolidated statement of comprehensive income) as a %
(8) Adjusted diluted earnings per share is earnings before amortisation
charges on acquired intangible assets, share-based payment charges,
acquisition costs, accelerated write off of arrangement fee on bank facility
and gain on revaluation of contingent consideration and the tax impact of
adjusted items /weighted average number of ordinary shares - diluted (as
disclosed in note 6)
(9) Cash flow from operations / Adjusted EBITDA % is defined as cash flow from
operations (as disclosed in the consolidated statement of cash flows) /
Adjusted EBITDA (as defined on page 8) as a %
(10) Net debt / Adjusted EBIDTA level ratio is defined as Net Debt (as
disclosed on page 13) / Adjusted EBITDA (as disclosed in the consolidated
statement of comprehensive income)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
YEAR ENDED 31 MARCH 2022
Note 2022 2021
£'000 £'000
Revenue 103,018 111,883
Cost of sales (41,712) (44,241)
Gross profit 61,306 67,642
Administrative expenses (47,076) (53,230)
Operating profit 14,230 14,412
Analysed as:
Earnings before interest, tax, depreciation, amortisation, acquisition costs 38,009 41,408
and share-based payments
Share-based payments (480) (1,247)
Acquisition costs (315) (493)
Depreciation 8 (16,296) (16,882)
Amortisation - acquired intangible assets 7 (4,044) (5,457)
Amortisation - other intangible assets 7 (2,644) (2,917)
Gain on revaluation of contingent consideration - 33
Finance income - 19
Finance costs (2,062) (2,000)
Profit before taxation 12,168 12,464
Taxation 4 (2,772) (2,260)
Profit for the year attributable to equity holders of the parent 9,396 10,204
Other comprehensive income
Amounts which may be reclassified to profit or loss
Currency translation differences 30 (94)
Other comprehensive income for the year 30 (94)
Total comprehensive income for the year attributable to equity holders of the 9,426 10,110
parent
Basic and diluted earnings per share
Basic earnings per share 6 8.6p 9.3p
Diluted earnings per share 6 8.4p 9.1p
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2022
2021
Note £'000 £'000
ASSETS
Non-current assets
Intangible assets - goodwill 7 86,479 86,479
Intangible assets - other 7 12,852 18,101
Trade and other receivables 531 502
Property, plant and equipment 8 70,893 77,012
Deferred tax 5 - 138
170,755 182,232
Current assets
Cash and cash equivalents 17 15,332 23,038
Trade and other receivables 16 20,592 22,979
Current tax asset 1,658 235
37,582 46,252
Total assets 208,337 228,484
LIABILITIES
Non-current liabilities
Trade and other payables (2,643) (2,662)
Non-current borrowings 9 (53,063) (74,221)
Provisions (2,438) (2,097)
Deferred tax 5 (1,510) -
(59,654) (78,980)
Current liabilities
Trade and other payables (26,232) (29,495)
Current borrowings 9 (3,560) (3,437)
(29,792) (32,932)
Total liabilities (89,446) (111,912)
Net assets 118,891 116,572
EQUITY
Share capital 1,101 1,097
Own shares (70) (70)
Capital redemption reserve 1,200 1,200
Share premium 22,495 22,495
Merger reserve 4,983 4,983
Foreign currency translation reserve (14) (44)
Retained earnings 89,196 86,911
Total equity 118,891 116,572
CONSOLIDATED STATEMENT OF CASH FLOWS
YEAR ENDED 31 MARCH 2022
2022 2021
Note £'000 £'000
Profit before taxation 12,168 12,464
Gain on revaluation of contingent consideration - (33)
Finance costs - net 2,062 1,981
Depreciation 8 16,296 16,882
Amortisation 7 6,688 8,374
Share-based payments 480 1,247
Gain on disposal of property (338) -
Movement in trade receivables 3,257 2,516
Movement in trade payables (2,702) 268
Cash flow from operations 37,911 43,699
Taxation paid (2,455) (3,643)
Net cash flow from operating activities 35,456 40,056
Cash flow from investing activities
Purchase of property, plant and equipment 8 (9,492) (15,192)
Proceeds received from disposal of property, plant and equipment 700 260
Development costs 7 (1,352) (1,306)
Purchase of intangible assets 7 (91) (561)
Proceeds received from disposal of intangible assets - 73
Contingent consideration paid - (2,447)
Finance income received - 19
Net cash used in investing activities (10,235) (19,154)
Cash flow from financing activities
Issue of shares 4 353
Drawdown of bank loans - 1,150
Payments under lease liabilities 10 (4,410) (5,435)
Repayment of bank loans (18,840) (1,150)
Finance costs paid (1,100) (1,147)
Refinancing costs paid (990) -
Dividends paid (7,591) (7,132)
Net cash used in financing activities (32,927) (13,361)
Net (decrease)/increase in cash and cash equivalents (7,706) 7,541
Cash and cash equivalents at the beginning of the year 23,038 15,497
Cash and cash equivalents at the end of the year 15,332 23,038
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 31 MARCH 2022
Foreign currency translation reserve
Own shares EBT Capital redemption reserve Share premium account
Share capital Merger reserve Retained earnings
Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 April 2020 1,092 (70) 50 1,200 22,147 4,983 82,592 111,994
Profit for the year - - - - - - 10,204 10,204
Currency translation differences - - (94) - - - - (94)
Total comprehensive income - - (94) - - - 10,204 10,110
Dividends - final (paid) - - - - - - (4,287) (4,287)
Dividends - interim (paid) - - - - - - (2,845) (2,845)
Share-based payments - - - - - - 1,247 1,247
Issue of share capital 5 - - - 348 - - 353
Total transactions with owners 5 - - - 348 - (5,885) (5,532)
Balance at 31 March 2021 1,097 (70) (44) 1,200 22,495 4,983 86,911 116,572
Profit for the year - - - - - - 9,396 9,396
Currency translation differences - - 30 - - - - 30
Total comprehensive income - - 30 - - - 9,396 9,426
Dividends - final (paid) - - - - - - (4,931) (4,931)
Dividends - interim (paid) - - - - - - (2,660) (2,660)
Share-based payments - - - - - - 480 480
Issue of share capital 4 - - - - - - 4
Total transactions with owners 4 - - - - - (7,111) (7,107)
Balance at 31 March 2022 1,101 (70) (14) 1,200 22,495 4,983 89,196 118,891
NOTES TO THE FINANCIAL INFORMATION
YEAR ENDED 31 MARCH 2022
1. GENERAL INFORMATION
iomart Group plc is a public listed company listed on the Alternative
Investment Market ("AIM"), incorporated and domiciled in the United Kingdom
and registered in Scotland under the Companies Act 2006. The address of the
registered office is Lister Pavilion, Kelvin Campus, West of Scotland Science
Park, Glasgow, G20 0SP.
2. ACCOUNTING POLICIES
Basis of preparation
The financial information set out in the announcement does not constitute the
Group's statutory accounts for the years ended 31 March 2022 and 31 March 2021
within the meaning of section 434 of the Companies Act 2006. The financial
information for the year ended 31 March 2021 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 2022 is
derived from the statutory accounts for that year which were approved by the
Directors on 14 June 2022. The statutory accounts for the year ended 31 March
2022 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.
The Group's financial statements have been prepared in accordance with the
International Financial Reporting Standards (IFRS) in conformity with the
requirements of the Companies Act 2006.
The Group's financial statements have been prepared on the historical cost
basis, except for the valuation of certain financial instruments that are
measured at fair values at the end of each reporting period.
Adoption of new and revised Standards - Amendments to IFRS that are
mandatorily effective for the current year
There are no new accounting policies applied in the year ended 31 March 2022
which have had a material effect on these accounts. In addition, the
Directors do not consider that the adoption of new and revised standards and
interpretations issued by the IASB in 2021 has had any material impact on the
financial statements of the Group.
3. sEGMENTAL ANALYSIS
The Chief Operating Decision-Maker has been identified as the Chief Executive
Officer ("CEO") of the Company. The Group has two operating segments and the
CEO reviews the Group's internal reporting which recognises these two segments
in order to assess performance and to allocate resources. The Group has
determined its reportable segments which are also its operating segments based
on these reports.
The Group currently has two operating and reportable segments being Easyspace
and Cloud Services.
· Easyspace - this segment provides a range of shared hosting and
domain registration services to micro and SME companies.
· Cloud Services - this segment provides managed cloud computing
facilities and services, through a network of owned data centres, to the
larger SME and corporate markets. The segment uses several routes to market
including iomart Cloud, Infrastructure as a Service (IaaS), Cristie Data,
Sonassi, LDeX, Bytemark and Memset.
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, costs associated with acquisitions and any gain or loss
on revaluation of contingent consideration and material non-recurring items.
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 10% or more
of external revenues. Inter-segment transactions are accounted for using an
arms-length commercial basis.
Operating Segments
Revenue by Operating Segment
2022 2021
£'000 £'000
Easyspace 11,782 11,939
Cloud Services 91,236 99,944
103,018 111,883
Cloud Services revenue can be further disaggregated as follows:
2022 2021
£'000 £'000
Cloud managed services 55,745 57,961
Self-managed infrastructure 28,363 30,311
Non-recurring revenue 7,128 11,672
91,236 99,944
The nature of these three offerings are explained within the Chief Executive
Officer report on pages 9 and 10.
Recurring and Non-recurring Revenue
The amount of recurring and non-recurring revenue recognised during the year
can be summarised as follows:
2022 2021
£'000 £'000
Recurring - over time 95,890 100,211
Non-recurring - point in time 7,128 11,672
103,018 111,883
Geographical Information
In presenting the consolidated information on a geographical basis, revenue is
based on the geographical location of customers. There is no single country
where revenues are individually material other than the United Kingdom. The
United Kingdom is the place of domicile of the parent company, iomart Group
plc.
Analysis of Revenue by Destination
2022 2021
£'000 £'000
United Kingdom 88,692 97,113
Rest of the World 14,326 14,770
Revenue from operations 103,018 111,883
Profit by Operating Segment
2022 2021
Adjusted EBITDA Depreciation, amortisation, acquisition costs and share-based payments Operating profit/(loss) Adjusted EBITDA Depreciation, amortisation, acquisition costs and share-based payments Operating profit/(loss)
£'000 £'000 £'000 £'000 £'000 £'000
Easyspace 5,674 (665) 5,009 5,343 (1,165) 4,178
Cloud Services 36,641 (22,319) 14,322 40,482 (24,091) 16,391
Group overheads (4,306) - (4,306) (4,417) - (4,417)
Acquisition costs - (315) (315) - (493) (493)
Share-based payments - (480) (480) - (1,247) (1,247)
38,009 (23,779) 14,230 41,408 (26,996) 14,412
Gain on revaluation of contingent consideration - 33
Group interest and tax (4,834) (4,241)
Profit for the year 9,396 10,204
Group overheads, acquisition costs, share-based payments, interest and tax are
not allocated to segments.
4. TAXATION
2022 2021
£'000 £'000
Corporation Tax:
Tax charge for the year (1,333) (3,448)
Adjustment relating to prior years 209 (100)
Total current taxation charge (1,124) (3,548)
Deferred Tax:
Origination and reversal of temporary differences (1,517) 1,266
Adjustment relating to prior years (137) 18
Effect of different statutory tax rates of overseas jurisdictions (4) 4
Effect of changes in tax rates 10 -
Total deferred taxation (charge)/credit (1,648) 1,288
Total taxation charge (2,772) (2,260)
The differences between the total taxation charge shown above and the amount
calculated by applying the standard rate of UK corporation tax to the profit
before tax are as follows:
2022 2021
£'000 £'000
Profit before tax 12,168 12,464
Tax charge @ 19% (2021: 19%) 2,312 2,368
Expenses disallowed for tax purposes and non-taxable income 4 33
Tax effect of net gain on revaluation of contingent consideration - (6)
Adjustments in current tax relating to prior years (209) 100
Tax effect of different statutory tax rates of overseas jurisdictions 4 10
Movement in deferred tax relating to changes in tax rates (10) -
Tax effect of share-based remuneration 833 (259)
Effect of super-deduction (377) -
Movement in deferred tax related to development costs 72 -
Movement in deferred tax related to property, plant and equipment 6 32
Movement in deferred tax relating to prior years 137 (18)
Total taxation charge for the year 2,772 2,260
The weighted average applicable tax rate for the year ended 31 March 2022 was
19% (2021: 19%). The effective rate of tax for the year, based on the
taxation charge for the year as a percentage of the profit before tax is 22.8%
(2021: 18.1%). The effective rate of tax has increased in the year due to
the movement in the tax effect of share-based remuneration driving a £0.8m
charge in the consolidated statement of comprehensive income largely driven by
the movement in the share price and the rate change impact. This has been
offset by the effect of super-deduction in the current year driving a £0.4m
credit recognised in the consolidated statement of comprehensive income.
Deferred tax assets and liabilities at 31 March 2022 have been calculated
based on the rate of 25% enacted at the balance sheet date (2021: 19%).
5. DEFERRED TAX
The Group recognised deferred tax assets and liabilities as follows:
2022 2021
£'000 £'000
Share-based remuneration 884 1,332
Capital allowances temporary differences 843 1,363
Deferred tax on acquired assets with no capital allowances (19) (40)
Deferred tax on development costs (542) -
Deferred tax on customer relationships (2,499) (2,356)
Deferred tax on intangible software (177) (161)
Deferred tax (liability)/asset (1,510) 138
At the year end, the Group had no unused tax losses (2021: £nil) available
for offset against future profits.
The movement in the deferred tax account during the year was:
Deferred tax on acquired assets with no capital allowances
Capital allowances temporary differences £'000
£'000
Share-based remuneration Development costs Customer relationships Intangible software
£'000 £'000 £'000 £'000 Total
£'000
Balance at 1 April 2020 1,069 1,364 - (88) (3,298) (193) (1,146)
Credited/(charged) to statement of comprehensive income 263 (8) - 48 953 32 1,288
Effect of different tax rates of overseas jurisdictions - 7 - - (11) - (4)
Balance at 31 March 2021 1,332 1,363 - (40) (2,356) (161) 138
(Charged)/credited to statement of comprehensive income (869) (947) (542) 34 635 35 (1,654)
Effect of different tax rates of overseas jurisdictions - - - - (4) - (4)
Effect of changes in tax rates 421 427 - (13) (774) (51) 10
Balance at 31 March 2022 884 843 (542) (19) (2,499) (177) (1,510)
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 temporary differences arises mainly
from plant and equipment in the Cloud Services segment where the tax written
down value varies from the net book value.
The deferred tax on development costs arose from development expenditure on
which tax relief was received in advance of the amortisation charge.
The deferred tax on acquired assets arises from data centre 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 and intangible software arises from
permanent differences on acquired intangible assets.
6. 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 any own shares held in Treasury and
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
deducting any own shares, and adjusting for the dilutive potential ordinary
shares relating to share options.
2022 2021
£'000 £'000
Profit for the financial year and basic earnings attributed to ordinary 9,396 10,204
shareholders
No No
Weighted average number of ordinary shares: 000 000
Called up, allotted and fully paid at start of year 109,671 109,160
Own shares held by Employee Benefit Trust (141) (141)
Issued share capital in the year 181 230
Weighted average number of ordinary shares - basic 109,711 109,249
Dilutive impact of share options 2,210 2,416
Weighted average number of ordinary shares - diluted 111,921 111,665
Basic earnings per share 8.6 p 9.3 p
Diluted earnings per share 8.4 p 9.1 p
Adjusted earnings per share 2022 2021
£'000 £'000
Profit for the financial year and basic earnings attributed to ordinary 9,396 10,204
shareholders
· Amortisation of acquired intangible assets 4,044 5,457
· Acquisition costs 315 493
· Share-based payments 480 1,247
· Gain on revaluation of contingent consideration - (33)
· Accelerated write off of arrangement fee on bank facility 102 -
· Tax impact of adjusted items (879) (1,341)
Adjusted profit for the financial year and adjusted earnings attributed to 13,458 16,027
ordinary shareholders
Adjusted basic earnings per share 12.3 p 14.7 p
Adjusted diluted earnings per share 12.0 p 14.4 p
7. INTANGIBLE ASSETS
Acquired customer relationships Software Domain names & IP addresses Total
Goodwill Development costs Beneficial contracts
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Cost
At 1 April 2020 86,479 10,598 57,414 10,323 86 336 165,236
Additions - - - 561 - - 561
Currency translation differences - - (78) (57) - - (135)
Disposals - - (73) - - - (73)
Development cost capitalised - 1,306 - - - - 1,306
At 31 March 2021 86,479 11,904 57,263 10,827 86 336 166,895
Additions - - - 91 - - 91
Currency translation differences - - 36 27 - - 63
Development cost capitalised - 1,352 - - - - 1,352
At 31 March 2022 86,479 13,256 57,299 10,945 86 336 168,401
Accumulated amortisation:
At 1 April 2020 - (8,373) (39,954) (5,464) (55) (280) (54,126)
Charge for the year - (1,446) (5,457) (1,455) (7) (9) (8,374)
Currency translation differences - - 82 90 - - 172
Disposals - - 13 - - - 13
At 31 March 2021 - (9,819) (45,316) (6,829) (62) (289) (62,315)
Charge for the year - (1,347) (4,044) (1,282) (7) (8) (6,688)
Currency translation differences - - (36) (31) - - (67)
At 31 March 2022 - (11,166) (49,396) (8,142) (69) (297) (69,070)
Carrying amount:
At 31 March 2022 86,479 2,090 7,903 2,803 17 39 99,331
At 31 March 2021 86,479 2,085 11,947 3,998 24 47 104,580
Of the total additions in the year of £91,000 (2021: £561,000), no amounts
related to leases under IFRS 16 (note 10) (2021: £nil). There were no
amounts included in trade payables at the year end (2021: £nil).
Consequently, the consolidated statement of cash flows discloses a figure of
£91,000 (2021: £561,000) as the cash outflow in respect of the purchase of
intangible asset in the year.
All amortisation and impairment charges are included in the depreciation,
amortisation and impairment of non-financial assets classification, which is
disclosed as administrative expenses in the statement of comprehensive income.
Included within customer relationships are the following significant net book
values: £1.4m in relation to the acquisitions of Memset Limited with a
remaining useful life of 6 years, the managed private cloud business of
ServerChoice Limited of £1.1m with a useful life of 6 years, Bytemark Limited
with a net book value of £0.4m and LDeX Group Limited of £1.4m both with a
remaining useful life of 5 years, Sonassi Limited of £2.0m, Dediserve Limited
of £0.6m, SimpleServers Limited of £0.3m all three with a remaining useful
life of 4 years.
During the year, goodwill was reviewed for impairment in accordance with IAS
36 "Impairment of Assets". No impairment charges (2021: £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 carrying value of goodwill by each CGU is as follows:
Cash Generating Units (CGU) 2022 2021
£'000 £'000
Easyspace 23,315 23,315
Cloud Services 63,164 63,164
86,479 86,479
The recoverable amount of a CGU is determined based on value-in-use
calculations. These calculations use pre-tax cash flow projections based on
financial budgets approved by the Board covering a five year period. These
projections are the result of detailed planning and assume similar levels of
organic growth as the Group has experienced in the previous years.
The growth rates and margins used to extrapolate estimated future performance
continue to be based on past growth performance adjusted downwards to take
into account the additional risk due to the passage of time. The growth rate
does not exceed the long-term average growth rate for the business in which
the CGU operates. The growth rates used to estimate future performance beyond
the periods covered by the annual and strategic planning processes do not
exceed the long-term average growth rates for similar products.
In determining the value-in-use, the estimated future cash flows are
discounted to their present value using a pre-tax discount rate that reflects
current market assessments of the time value of money and the risks specific
to the asset.
Management continue to apply the judgement that there are two distinct CGUs
within the Group, namely Cloud Services and Easyspace. These segments have
been derived with due consideration to IAS 36. The assumptions used for the
CGU included within the impairment reviews are as follows:
Easyspace Cloud Services
31 March 2022 31 March 2021 31 March 2022 31 March 2021
Discount rate 14.4% 14.0% 14.4% 14.0%
Future perpetuity rate 0.0% 0.0% 2.5% 2.5%
Initial period for which cash flows are estimated (years) 5 5 5 5
Based on an analysis of the impairment calculation's sensitivities to changes
in key parameters (growth rate, discount rate and pre-tax cash flow
projections) there was no reasonably possible scenario where the CGU's
recoverable amount would fall below its carrying amount.
8. PROPERTY, PLANT AND EQUIPMENT
Freehold property Leasehold property and improve-ments Data centre equipment Computer equipment Office equipment Motor vehicles Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Cost:
At 1 April 2020 8,910 29,671 26,113 97,592 2,771 23 165,080
Additions in the year - 9,157 1,966 10,504 40 - 21,667
Disposals in the year (179) - - - - - (179)
Currency translation differences - (134) - 127 - - (7)
At 31 March 2021 8,731 38,694 28,079 108,223 2,811 23 186,561
Additions in the year - 1,834 2,890 5,907 43 - 10,674
Disposals in the year (495) (203) (445) (20) (14) - (1,177)
Currency translation differences - 99 - 158 - - 257
At 31 March 2022 8,236 40,424 30,524 114,268 2,840 23 196,315
Accumulated depreciation:
At 1 April 2020 (697) (7,104) (15,470) (67,532) (1,924) (9) (92,736)
Charge for the year (265) (4,541) (1,753) (10,089) (226) (8) (16,882)
Disposals in the year 25 - - - - - 25
Currency translation differences - (30) - 74 - - 44
At 31 March 2021 (937) (11,675) (17,223) (77,547) (2,150) (17) (109,549)
Charge for the year (255) (4,481) (1,263) (10,101) (190) (6) (16,296)
Disposals in the year 138 - 445 20 - - 603
Currency translation differences - (58) - (122) - - (180)
At 31 March 2022 (1,054) (16,214) (18,041) (87,750) (2,340) (23) (125,422)
Carrying amount:
At 31 March 2022 7,182 24,210 12,483 26,518 500 - 70,893
At 31 March 2021 7,794 27,019 10,856 30,676 661 6 77,012
During the year there were additions of £249,000 (2021: £63,000) in respect
of reinstatement provisions and additions of £1,491,000 (2021: £8,683,000)
in respect of leases under IFRS 16 (note 10). Of the total remaining
additions in the year of £8,934,000 (2021: £12,921,000), £420,000 (2021:
£977,000) was included in trade payables as unpaid invoices at the year end
resulting in a net decrease of £558,000 (2021: net increase of £2,271,000)
in trade payables. Consequently, the consolidated statement of cash flows
discloses a figure of £9,492,000 (2021: £15,192,000) as the cash outflow in
respect of property, plant and equipment additions in the year.
Note 10 provides the movements in the year relating to IFRS 16 right-of-use
assets as included in the above table.
9. BORROWINGS
2022 2021
£'000 £'000
Current:
Lease liabilities (note 10) (3,560) (3,437)
Current borrowings (3,560) (3,437)
Non-current:
Lease liabilities (note 10) (19,063) (21,430)
Bank loans (34,000) (52,791)
Total non-current borrowings (53,063) (74,221)
Total borrowings (56,623) (77,658)
The carrying amount of borrowings approximates to their fair value.
Details of the Group's lease liabilities are included in note 10.
At the start of the year there was £52.8m (2021: £52.8m) outstanding on the
multi option revolving credit facility and drawdowns of £nil (2021: £1.2m)
were made from the facility during the year. Repayments totalling £18.8m
(2021: £1.2m) were made in the year resulting in a balance outstanding at the
end of the year of £34.0m (2021: £52.8m).
On 2 December 2021, the Group successfully refinanced and increased the
Group's existing single bank Revolving Credit Facility of £80m that was due
to mature on 30 September 2022. The new £100m Revolving Credit Facility
("RCF") was provided by a new four bank group consisting of HSBC, Royal Bank
of Scotland, Bank of Ireland and Clydesdale Bank. The new facility has an
initial maturity date of 30 June 2025, with a 12-month extension option and
benefits from a £50m Accordion Facility. The RCF has a borrowing cost at the
Group's current leverage levels of 1.8% margin over SONIA, compared to 1.5%
margin over LIBOR on the prior facility. The revolving credit facility
incurs a commitment fee of 35% of the 1.8% margin. The effective interest
rate for the multi option revolving credit facility in the current year was
1.78% (2021: 1.61%).
Under IFRS 9, the refinancing does not constitute a substantial modification
and therefore there has been no extinguishment of the previous bank loan.
Given the terms of the revolving credit facility and the ability for any
drawdowns made to be extended beyond 31 March 2023 at the discretion of the
Group, the total amount outstanding has been classified as non-current.
The obligations under the multi option revolving credit facility are repayable
as follows:
2022 2021
Capital Interest Total Capital Interest Total
£'000 £'000 £'000 £'000 £'000 £'000
Due within one year - (192) (192) - (366) (366)
Due within two to five years (34,000) - (34,000) (52,791) - (52,791)
(34,000) (192) (34,192) (52,791) (366) (53,157)
The Directors estimate that the fair value of the Group's borrowing is not
significantly different to the carrying value.
Lease liabilities Total net debt
Cash and cash equivalents £'000 £'000
Analysis of change in net debt £'000 Bank Total liabilities
loans £'000
£'000
At 1 April 2020 15,497 (52,791) (20,347) (73,138) (57,641)
Additions to lease liabilities - - (8,683) (8,683) (8,683)
Repayment of bank loans - 1,150 - 1,150 1,150
New bank loans - (1,150) - (1,150) (1,150)
Currency translation - - 169 169 169
Cash and cash equivalent cash inflow 7,541 - - - 7,541
Lease liabilities cash outflow - - 3,994 3,994 3,994
At 31 March 2021 23,038 (52,791) (24,867) (77,658) (54,620)
Additions to lease liabilities - - (1,491) (1,491) (1,491)
Disposals from lease liabilities - - 179 179 179
Settlement of commitment fee on loan - (49) - (49) (49)
Repayment of bank loans - 18,840 - 18,840 18,840
Currency translation - - (49) (49) (49)
Cash and cash equivalent cash outflow (7,706) - - - (7,706)
Lease liabilities cash outflow - - 3,605 3,605 3,605
At 31 March 2022 15,332 (34,000) (22,623) (56,623) (41,291)
10. LEASES
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:
Leasehold Property Data centre equipment Total
Right-of-use assets £'000 £'000 £'000
Software
£'000
Balance at 1 April 2021 18,859 4,222 950 24,031
Additions 1,412 79 - 1,491
Disposals - (179) - (179)
Currency translation differences - 36 - 36
Depreciation (2,084) (1,349) - (3,433)
Amortisation - - (285) (285)
Balance at 31 March 2022 18,187 2,809 665 21,661
The right-of-use assets in relation to leasehold property and data centre
equipment are disclosed as non-current assets and are disclosed within
property, plant and equipment (note 8). The right-of-use assets in relation
to software are disclosed as non-current assets and are disclosed within
intangibles (note 7).
Lease liabilities
Lease liabilities are presented in the balance sheet within borrowings as
follows:
2022 2021
£'000 £'000
Current:
Lease liabilities (note 9) (3,560) (3,437)
Non-current:
Lease liabilities (note 9) (19,063) (21,430)
Total lease liabilities (22,623) (24,867)
The maturity analysis of undiscounted lease liabilities are shown in the table
below:
2022 2021
£'000 £'000
Amounts payable under leases:
Within one year (4,127) (4,215)
Between two to five years (10,244) (11,552)
After more than five years (11,585) (13,068)
(25,956) (28,835)
Add: unearned interest 3,333 3,968
Total lease liabilities (22,623) (24,867)
The Group has elected not to recognise a lease liability for short-term leases
(leases with an expected term of 12 months or less) or for leases of low value
assets. Payments made under such leases are expensed on a straight line
basis. During the year, in relation to leases under IFRS 16, the Group
recognised the following amounts in the consolidated statement of
comprehensive income:
2022 2021
£'000 £'000
Short-term and low value lease expense (1,784) (1,578)
Depreciation charge (3,433) (3,722)
Amortisation charge (285) (285)
Interest expense (646) (732)
(6,148) (6,317)
Amounts recognised in the consolidated statement of cash flows:
2022 2021
£'000 £'000
Amounts payable under leases:
Short-term and low value lease expense (1,784) (1,578)
Payments under lease liabilities within cash flows from financing (4,410) (5,435)
activities
(6,194) (7,013)
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