The company which acquired Surrey Easyspace for £12m in 2008 and purchased managed hosting provider RapidSwitch in May 2009, looks set to acquire further complementary hosting businesses to bring into the Group. The financial results show EBITDA of £3.1m (2009: loss of £0.3m), revenue growth of 55% to £18.3m (2009: £11.8m)  and cashflow from operations at £3.9m (2009: £0.3m).

Last year iomart sold off a non-core business and used some of the cash to acquire RapidSwitch for $6.5m in cash. It announced it expected the acquisition to be immediately enhance earnings which proved to be the case.

"The market reaction to our goal of becoming the UK's leading managed hosting and cloud computing services company has been very encouraging to date, and we are convinced that further acquisitions will accelerate both our growth and our profits," says Angus MacSween, (right) CEO of iomart Group.

"When the lack of availability of debt finance is a constant topic of debate in the corporate world, our agreement with Lloyds demonstrates the faith it has in both our business model and our ability to deliver. We are already in the enviable position of having a sufficiently strong balance sheet to fund our business plans, but this additional facility will ensure that we can strike quickly should the right opportunity present itself."

The deal represents the latest development in a long-standing banking relationship.  Lloyds Banking Group has already approved over £100m worth of finance for businesses in Scotland looking for acquisition targets.

iomart indicated it expects its results to be ahead of expectations with a forecast an EBITDA profit of about £3m before share based payments.