Glasgow-based secure cloud services firm Iomart Group plc announced on Monday a £115 million refinancing of its banking facilities and a delay in the publishing of its full year results until “late July 2025”.

On May 30, Iomart said Lucy Dimes would step down as chief executive officer and leave the company. Iomart chair Richard Last became executive chair while the firm looks for a new CEO. 

Iomart shares have fallen almost 80% in the past year to about 28p to slash the firm’s stock market value to around £32 million.

On May 2, Iomart had said it would unite its cloud services activities under a single brand — Atech.

On Monday, Iomart said: “The new Revolving Credit Facility (RCF), totalling £115 million, has been secured from a syndicate of the group’s existing lenders, comprising The Royal Bank of Scotland plc, HSBC UK Bank plc, and Clydesdale Bank plc (trading as Virgin Money).

“The facility extends to 30 June 2027 and includes financial covenants, limited to debt cover and interest cover, which are aligned with the group’s current leverage position and strategic objectives.

“At current leverage levels, the bank margin under the new RCF is 3.0% above SONIA. The RCF includes a margin ratchet mechanism, enabling reduced interest costs as the group deleverages.”

The Glasgow firm added: “Iomart now expects to announce its full year results for the year ended 31 March 2025 in late July 2025 and confirms that there has been no material change to trading since the pre-close trading update issued on 23 April 2025.

“In the forthcoming full year results, the group expects to recognise a non-cash exceptional goodwill impairment charge relating to the iomart Cloud Services Cash Generating Unit (CGU).

“This reflects both the strategic shift away from low growth, heritage product areas and the previously disclosed accelerated customer churn in certain areas of this CGU.

“Subject to audit, the impairment is expected to be approximately two-thirds of the CGU’s current goodwill value of £83.1 million. This non-cash charge has no impact on the group’s operational performance or cash flows.”

Iomart CFO Scott Cunningham said: “We are delighted to announce the completion of this refinancing, which provides iomart with flexibility and supports the execution of our growth strategy.

“We appreciate the continued support of our lending partners, reflecting their confidence in the strength and resilience of our business.”