Cloud computing company Iomart is looking for a new chief financial officer after Scott Cunningham announced he was moving to a private company outside the IT sector.
Mr Cunningham is expected to leave in June and until then will work closely with executive chair Richard Last and the wider leadership team through the completion of the March year?end reporting cycle.
The departure of Mr Cunningham after seven years in financial, operational and development roles, follows a number of management changes at the Glasgow-based company.
Chief executive Reece Donovan left suddenly in September 2023 and his successor Lucy Dimes departed in May last year.
Mr Last said: “On behalf of the board and the wider iomart team, I wish to thank Scott for his significant commitment and contribution to iomart over the last seven years and wish him every success in his new role.”
The announcement came as the group experienced a softening in trading during December and January, including an increase in customer churn compared to the earlier part of the financial year, particularly in certain high margin areas.
Growth, albeit lower than expected, has been achieved in Azure, security and Microsoft 365 where margins are traditionally lower.
Net order bookings are expected to be positive for the financial year, and the sales pipeline is encouraging.
The group continues its cost optimisation and efficiency programme, with annualised savings of over £5m now having been achieved. It continues to pursue further efficiency opportunities which are expected to generate further profit benefits, operational efficiencies and service quality improvements.
Overall, for the year to 31 March 2026, the board now expects group revenue to be broadly in line with, and EBITDA to be just below, the lower end of current market expectations of between £27.7m to £28.5m.
It said cash performance and capital expenditure discipline remain strong, and the group continues to operate within its current bank facilities.
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