Proactive Investors - Shares in cloud services specialist Iomart PLC (LON:IOMG) fell 8% after it delivered a profit warning alongside the £57 million acquisition of Atech, a Microsoft (NASDAQ:MSFT) Solutions Partner.
In the performance summary for the six months just gone, investors were told revenues were flat at £62 million, while profits were expected to be down £1 million at £17 million compared with the year earlier. As a result, the full year is expected to undershoot expectations.
Iomart said: "Action has been taken to address some of the profitability trends experienced, including cost efficiency and integration programmes which will benefit H2 and onwards.
"These programmes will now be assessed within the context of the enlarged group following the Atech acquisition, including the opportunity that a captive offshore operation in India provides."
In morning trading, the stock was off 8.66p at 106.34p.