By Kristy Dorsey
One of Scotland’s longest-serving chief executives is stepping down from the helm of the Glasgow technology company he founded more than two decades ago.
Cloud computing specialist iomart said Angus MacSween will retire with effect from October 1. He hands over the reigns to Reece Donovan, who joined the company earlier this year as chief operating officer.
Having started his first business selling telephony systems in 1984, Mr MacSween went on to establish, grow and sell several other firms in the telecoms and internet sector before setting up iomart in December 1998. The group is now among Europe’s leading providers of managed hosting, data centre and business continuity services.
Mr MacSween will remain on the board as a non-executive director to “oversee a smooth transition and handover” to Mr Donovan.
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“The appetite for cloud computing has grown considerably since we purchased our first data centres in 2007, and yet the market is still only in its infancy,” he said. “Over the years, the business has navigated all kinds of challenges and events and has been able to prosper throughout.
“This has been due, in no small part, to the hard work of the whole iomart team since inception. I would like to thank everyone that has played a part in enabling iomart to be the great business it is today and I look forward, in my new role, to helping Reece continue drive the company forward.”
Mr Donovan joined iomart in March with more than 23 years’ experience in the technology and telecoms industries both in the UK and internationally. He was previously chief executive of Nomad Digital, which is based out of Newcastle and provides IP connectivity and digital solutions to the global transport sector.
“Having spent the last six months getting to know the business, its people and customers, I am delighted to take on the role of chief executive of iomart,” he said.
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“Angus and his team have built a strong position in the growing cloud computing market, with a reputation for consistent delivery and I look forward to working with...the full iomart team to deliver upon the opportunity ahead.”
In June, iomart posted a 4 per cent increase in pre-tax profits for the year to March 31 with Mr MacSween predicting continued strong organic growth despite the impact of the pandemic on the global economy. He attributed this to the continuing advances in technology and the growing trend for companies to outsource IT operations.
The increase in profits to £16.8m was accompanied was accompanied by a rise in revenues to £112.6m, up from £103.7m previously.
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Ian Steele, chairman of iomart, thanked Mr MacSween for his “truly outstanding contribution” to the success of the company which now employs more than 400 people.
“Angus has focused on developing a robust recurring revenue business model which has consistently delivered profitable growth with strong cash flow,” Mr Steele said. “He leaves iomart in excellent health and well positioned for the next phase of development.”
The company will publish its normal pre-close trading update for the six months to the end of September on October 1. Shares in iomart closed 4.5p lower yesterday at 335.5p.
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