Iomart Group plc, the Glasgow-based secure cloud services firm, said on Tuesday its auditors Deloitte LLP have resigned “at the board’s request” and that Grant Thornton UK LLP have been appointed as its new auditors.

Iomart’s stock has fallen about 78% in the past year to around 20p to slash the firm’s stock market value to around £22 million.

The Glasgow firm said in a stock exchange statement: “Iomart (AIM:IOM), the secure cloud services company, is pleased to announce that, following the completion of a competitive tender process, it has appointed Grant Thornton UK LLP as its new auditor with effect from 1 December 2025 for the year ending 31 March 2026.  

“The appointment of Grant Thornton as auditor for the following financial year will be subject to approval by shareholders at the 2026 Annual General Meeting of the company.

“At the board’s request, the company’s previous auditors, Deloitte LLP, who were the company’s auditors for 6 years, have resigned. 

“In accordance with section 519 of the Companies Act 2006, Deloitte has provided the company with the required statement of reasons, together with circumstances in connection with, its resignation as auditor.

“This statement is available, along with our explanatory letter to shareholders, on the group’s website at Results & Reports | Financials & Presentations | Iomart.

“Both documents are being sent to shareholders in accordance with statutory timescales.”