Iomart chief executive Reece Donovan saw a drop in pay last year as sales and profits slipped at the Glasgow-based cloud computing company.

The company's annual accounts show he made a total of £464,920 last year, down from £524,670 previously. Mr Donovan originally joined iomart as chief operating officer in 2020, and took over as chief executive on October 1 of that year.

His total remuneration included a base salary of £300,000, and a bonus of £132,000. Iomart said the bonus represented 40 per cent of the maximum possible payout.

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Earlier this week, iomart announced that it would pay up up to £14.5 million to take over the operations of Concepta Capital in a bid to enhance revenues and profits. 

Turnover at iomart during the year to the end of March fell by 8 % to £103m, reflecting lower non-recurring sales. The company also suffered from an increase in customer churn rates during the first part of the financial year, though that settled down in the second half.

Pre-tax profits dipped by 2% to £12.2m, but iomart also cut its debts by more than £13m to £41.3m.