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MacSween nets £186,000 in Iomart shares sale

IOMART chief executive Angus MacSween has made more than £186,000 after exercising share options due to him.

Mr MacSween spent almost £100,000 buying 127,388 shares in the Glasgow-based cloud computing and online hosting specialist at a price of 78.5p. He then sold them at 225p netting a total of £286,623. The founder of the business retains more than 19 million shares in the company.

Sarah Haran, managing director of Iomart's hosting division, exercised an option over 72,133 shares at 78.5p costing her in excess of £56,000 and spent a further £14,000 utilising an option over 27,867 shares at 50.5p. She sold all 100,000 shares at 225p giving her a profit of around £155,000.

The company also confirmed finance director Richard Logan sold 11,000 shares at 225p as part of his personal tax planning.

Iomart's share price has almost doubled since dropping to 121p in May 2012. Half-year results to September 30 saw revenue up 29% to £19.9 million and pre-tax profits rise 73% to £4.1m.

Last year Iomart also bought Manchester-based Melbourne Server Hosting for £6.7m in what was its biggest acquisition to date and also its first move into the Midlands of England.

Mr MacSween indicated the company was interested in further deals in the sector while a multimillion-pound expansion of its Birkenhead data centre is planned for later this year.

Iomart's shares closed down 0.5p at 232.5p.

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