Iomart Group PLC

Definitions of the Group's alternative performance measures are provided in the supplementary information on page 173.

The year ended 31 March 2026 was one of transition for Iomart. The Group underwent a period of leadership evolution, which is continuing, and took decisive steps to redefine its operating model. These actions have the clear objective of strengthening accountability, enhancing operational focus and positioning the business for sustainable, long-term growth. This work is ongoing and we are confident that we will achieve our goals.

Overall, the results for the year are in line with the market expectations as revised in February 2026. The Group's FY26 trading performance, as previously communicated, was mixed. Financial performance in the first half of the year was broadly in line with expectations, reflecting early benefits from the changes made to the operating model. However, the anticipated acceleration in profitability in the second half did not materialise, primarily due to softer order pipeline and intake and disappointingly elevated levels of customer churn in the final months of the financial year, resulting in second half financial performance broadly in line with that of the first half.

The Group delivered revenue of £154.9m (2025: £143.5m). Excluding recent acquisitions, the existing businesses experienced a revenue decline of 8% year-on-year primarily driven by customer churn in Iomart private cloud managed services alongside the impact of lower opening run-rate.

The Group secured gross order bookings¹ of £20.6m of ARR during the year, compared with £20.0m (excluding Atech contribution) in the prior year. However, this performance was offset by an increase in customer churn² which in total amounted to £21.2m in the year (2025: £19.5m). Notably in the final quarter renewal cycle, churn amounted to £8.4m, largely within lower margin Microsoft Modern Work offerings, where competition has intensified, and the last of the Group's legacy high margin back-up platform customers.

This outcome is consistent with the Group's transition away from legacy technologies towards more modern, longer term next-generation platforms and rebuilding growth within higher value cloud and managed service offerings including security and data protection.

The reduction in our legacy and private cloud revenues, and the evolution of the mix of revenue has had a noticeable negative impact on adjusted EBITDA which decreased to £25.6m (2025: £34.3m), flowing through to an adjusted EBIT of £5.2m (2025: £12.8m) and an adjusted loss before tax of £4.0m (2025: £6.5m profit).

Encouragingly, profitability improved in the second half of the year, with adjusted EBIT margin increasing to 3.99% compared with 2.88% in the first half.

The Board set a clear target at the outset of the year to deliver £4m of annualised cost savings, and I am pleased to report that this target has been achieved. This has resulted in a structurally leaner cost base and improved operating leverage, positioning the Group to benefit as revenue growth momentum builds. A second phase of cost optimisation is being undertaken reflecting the evolving revenue portfolio and the revised business unit structure. This will include the expansion of our Indian offshoring operations and the greater use of AI within the business.

Total net debt increased to £108.6m as of 31 March 2026 (31 March 2025: £101.9m), or £88.6m excluding IFRS 16 lease liability (2025: £83.9m). Following the year-end, on 5 June 2026, the Group's £115m revolving credit facility was extended to 30 June 2028 and covenants were amended to reflect current leverage levels and plans.

The Group's cash generation continued to be strong with an adjusted EBITDA to operating cash flow (before exceptional items) conversion ratio of 96% (2025: 85%). This is a strength of the business and is testament to the Group's largely recurring revenue business model. During the current year we invested £14.6m (2025: £13.8m) in fixed assets and intangible long-term license arrangements and spent £1.9m on non-recurring exceptional items (2025: nil).

Our vision remains clear and consistent: to establish Iomart as the UK's leading provider of secure hybrid cloud services, trusted by Enterprise mid-market and SME customers for deep technical expertise, strong security capability and consistently high-quality managed service.

Over the past year, the Group has taken important steps to sharpen execution of this strategy. A key area of progress has been the introduction of enhanced clarity around business unit ownership and accountability with the decision to formally separate the Group's Data Centre infrastructure operations from the wider services and solutions business units. A separate trading entity within Iomart Group has been established during the first quarter of the new financial year. This change will improve operational focus within each business unit, enhance transparency in performance evaluation and capital allocation.

We benefit from deep expertise across private public and hybrid cloud infrastructures, strengthened relationships with our three core technology partnerships and a comprehensive suite of managed services. In addition, our ongoing transition towards higher value, strategically aligned platforms further underpins our ability to support customers' increasingly complex digital transformation requirements while driving sustainable growth for the Group.

Our Broadcom Pinnacle Partner status, combined with our early investment in a VMware Cloud Foundation (VCF) platform, positions Iomart strongly to address a significant shift in the infrastructure market.

Following the departure of Lucy Dimes, Group CEO, on 29 May 2025, I assumed the role of Executive Chair, supported by a strong executive leadership team and an experienced Board. We have appointed recruitment consultants to progress the search for a new CEO which will commence in earnest once we have completed our strategic reshaping of the business. To add depth to our senior management team, we have appointed Craig MacKay as Group Chief Operating Officer, who joined Iomart in October 2023 and, over the past year, has been serving as Managing Director of the Private Cloud and Datacentre businesses.

In February 2026, it was announced that Scott Cunningham, Chief Financial Officer, will step down from his role to take up a new opportunity outside the IT sector and will leave the business at the end of June 2026. On behalf of the Board and the wider Iomart team, I would like to thank Scott for his significant commitment and contribution over the past seven years and wish him every success in his future role. The process to appoint the successor CFO is progressing positively.

The actions undertaken during the year have started the repositioning of Iomart both operationally and strategically. The Group enters the new financial year with a more efficient cost base, with work ongoing in this area, improved cash performance and a clearer framework for accountability and focus on growth.

As outlined earlier, the Group enters FY27 with a lower level of recurring revenue, reflecting elevated churn in the final months of the financial year. As a result, trading performance is expected to be weighted towards the second half, with a softer first half followed by a recovery as the year progresses, based on the Group's growing traction within its target markets, ongoing expansion conversations with existing customers and the full impact of cost saving initiatives undertaken. While this is expected to result in a modest decline in revenue for the full year, the Board expects the benefits of the actions taken on the cost base, together with an increased focus on higher value and strategically aligned services, will support an improved profit profile during the second half of the year, notwithstanding the ongoing macroeconomic backdrop.

While not fully reflected in the financial results, FY26 has been a significant period of operational change and repositioning for the Group. During the year, we enhanced clarity around business unit ownership and accountability, including the decision to formally separate the Group's Data Centre Infrastructure operations from the wider services and solutions businesses.

Compared to twelve months ago, the Group enters the new financial year with a clearer organisational structure, more defined objectives and strengthened leadership. In April 2026, we appointed Craig MacKay as Group Chief Operating Officer, with responsibility for both sales and operations across Iomart Cloud Services and Atech. The Easyspace business will continue to operate independently, with its Managing Director reporting directly to the Board.

A positive feature of the year has been the stability of the well-established Easyspace and RapidSwitch brands (being the main brand within Iomart's Self-Managed Infrastructure) which performed in line with their respective plans. The restoration of operational stability in these businesses provides an important foundation for the Group's broader organic growth ambitions.

We have continued to invest in our core platform and technology partnerships. Our investment in Broadcom's VMware Cloud Foundation, together with Pinnacle Partner status, positions Iomart strongly in a changing private cloud market. At the same time, the successful re-certification of Microsoft Expert Azure MSP status reinforces our capability to support customers across hybrid and multi-cloud environments.

The year represented a pivotal stage in the evolution of the Group's go-to-market model. Following the acquisition of Atech on 1 October 2024, we successfully integrated our marketing, sales, sales operations and pre-sales functions into a single, scaled organisation under the leadership of our Chief Revenue Officer. This unified structure supports the full breadth of our customer base and service portfolio, whilst retaining specialist expertise aligned to our core service practices.

Order bookings for recurring revenue across the Group totalled £20.6 m in ARR (2025: £20.0 m, excluding Atech). Over half of bookings this year were generated from Microsoft solution areas, reflecting the enhanced capability, credibility and customer demand associated with the Atech platform. Performance within our heritage private cloud and data protection portfolio was softer, influenced in part by customer caution arising from disruption in the VMware market following Broadcom's strategic repositioning. Encouragingly, pipeline activity in this area has strengthened in recent months ahead of the April 2027 market-wide deadline imposed for licensing transition and we expect this to support improved momentum through FY27.

Order bookings performance was broadly offset by higher-than-expected customer revenue churn of £21.2m (2025: £19.5m). This reflects ongoing competitive pressure within Microsoft Modern Work licensing, where larger providers continued to exert pricing pressure, together with the loss of the last significant customer on the Group's legacy back-up platform. While this has affected near-term performance, it is consistent with the Group's transition away from legacy technologies and lower-value services.

The focus remains on supporting customers' migration onto more modern platforms and rebuilding growth within higher-value cloud, security and data protection offerings.

Over the past 12 months, Atech has secured additional advanced Microsoft specialisations, including Copilot, positioning Iomart among a select group of UK partners. This strengthens our ability to support customers as they adopt new technologies and maximise value from their Microsoft environments.

The last year has seen a period of significant disruption within private cloud infrastructure. Broadcom, with VMware software, are the world's largest technology provider to private cloud virtualisation which underpins private clouds. They have driven hard their strategic focus on standardisation, enterprise-grade private cloud and deeper platform integration. This comes with a significant consolidation of partners. Our Broadcom Pinnacle Partner status, combined with our early investment in a VMware Cloud Foundation (VCF) platform, positions Iomart strongly to address this significant shift in the infrastructure market.

Collectively, these capabilities enable Iomart to support customers across the full spectrum of cloud services, public, private and hybrid, complemented by modern workplace, data protection and cyber security solutions and AI. This breadth of capability underpins our position as a leading UK secure cloud provider.

During the year, we continued to invest in improving the efficiency and scalability of our operations. This includes ongoing work in systems integration, automation and process standardisation to support a more modern and responsive service organisation.

With the acquisition of Atech we gained a significant asset in the form of an established, highly skilled and motivated team in India. In the last 12 months we have continued to expand the investment in India moving the headcount from 50 in October 2024, when we acquired Atech, to 89 at 31 March 2026. We are also investing in a new expanded office in India. This provides both 24/7 operational resilience and a platform for future scaling.

As previously outlined, we have implemented a series of strategic measures aimed at enhancing operational efficiency and reducing our ongoing cost base. These include workforce optimization, data centre & network efficiency measures and improvements across the supply chain. Collectively, these initiatives have achieved the £4m established at the outset of the year.

The Group remains committed to embedding environmental, social and governance (“ESG”) considerations across its operations, recognising their importance in driving long-term value for customers, employees, shareholders and wider stakeholders.

Our people are central to Iomart's long-term success, and we continue to invest in developing the skills needed to support our evolving business. During the year, we delivered a comprehensive programme of training through our learning management system, supporting both technical capability and professional development across the Group. We also strengthened communication and engagement through our company-wide intranet, “The Hive”. This continues to improve the flow of information, supporting greater collaboration across teams, and providing a platform for both formal updates and more informal employee engagement. Together, these initiatives support the development of a skilled, engaged workforce, which remains critical to delivering high-quality customer outcomes and sustainable growth.

We are aligned with UK Government net zero ambitions and have committed to achieving Net Zero by 2050, or earlier where feasible. Since 2021, we have procured Renewable Energy Guarantees of Origin (“REGO”) certified electricity across our UK data centre estate, significantly reducing our carbon footprint. During the year, we progressed further efficiency initiatives, including the completion of works on the cooling infrastructure at our Gosport data centre and commencement in the final 2 months of a similar replacement programme at our Glasgow data centre. At both sites these investments are expected to reduce energy consumption for cooling by at least 30%. The Glasgow data centre investment was supported by an environmental grant of £0.3m from the Scottish Government.

Our social agenda has been purpose-led, focussed on how we're giving back to local communities. We established our first-ever charity partnership with Fareshare, the UK's biggest charity fighting hunger and food waste, and we expanded the days allocated to volunteering to local charities which our regional offices have supported. Alongside this we've continued initiatives to broaden access to careers in technology and improve diversity within our workforce.

The Company continues to adopt the Quoted Companies Alliance (QCA) Corporate Governance Code and has aligned with the updated Code.

The Group's operational priorities for FY27 remain consistent with those set out in the prior year and are centred on driving sustainable, higher-quality growth.

We continue to invest in advancing our professional and managed services to drive accelerated growth across our hybrid cloud, modern workplace, data protection, cyber security practices and AI. These collectively form our “Secure Cloud” managed services offering, delivered through Atech, Oriium and Iomart brands. A key area of focus will be strengthening our sales and consultancy capabilities in these higher-value service areas, supported by our strategic technology partnerships and accreditations with Microsoft, Commvault and Broadcom VMware.

Within our data centre operations, we have introduced a more structured and focused approach to our colocation offering, including expansion into High Performance Computing (“HPC”) hosting. Early progress has been supported by targeted marketing activity, resulting in initial customer wins and an improved pipeline entering the new financial year.

Similarly, renewed investment in the RapidSwitch self-managed infrastructure (“bare metal”) offering has led to a sharper focus on core products, supported by a new dedicated customer success and commercial team. A refreshed product set and updated website have been launched in the first quarter of FY27 to support future growth.

We will continue to enhance efficiency and scalability across the Group through greater integration of our operations and increased use of automation. This includes the ongoing standardisation of core systems, with the rollout of unified CRM, quoting, IT service management and billing platforms across the organisation.

In parallel, a cross-functional programme is underway to deploy AI-driven tools to improve responsiveness, enhance service delivery and support scalable growth.

A Group-wide Service Delivery Excellence programme has been established under a single leadership structure to drive greater consistency and improved customer outcomes across the Iomart and Atech business units.

Working closely with account management teams, this programme is focused on increasing customer engagement, providing more proactive and value- led advisory services, and strengthening long-term relationships. It will also support the ongoing development of our service portfolio in response to evolving customer needs.

We simplify the complexity of technology by delivering secure, scalable cloud solutions that help organisations grow and innovate with confidence. By building trusted partnerships and focusing on reliability and security, we protect what matters and support our clients' success in a digital-first world. We bring together smart technology and passionate people to create lasting impact. Our culture is built on trust, innovation, and a relentless drive to deliver results. Our five guiding principles are:

We are committed to doing what is right for our clients, delivering outcomes that matter.

We stand behind our work, delivering excellence and building relationships that last.

Our team is our strength. We invest in talent, celebrate success, and foster inclusion.

We collaborate with clients and technology leaders to drive innovation and deliver measurable value.

Our vision remains clear and consistent: to establish Iomart as the UK's leading provider of secure hybrid cloud services, trusted Enterprise mid-market and SME customers for deep technical expertise, strong security capability and consistently high-quality managed services.

During FY26, we strengthened our operational focus by organising the Group around three clearly defined core business units, each led by dedicated leadership teams. This structure is supported by a group wide sales and marketing function serving both new and existing customers, alongside centralised finance, procurement, compliance and HR functions, ensuring strong governance, efficiency and consistency across the Group. After the year end, the Group further enhanced its operational leadership with the appointment of a Group Chief Operating Officer, providing additional focus and support in the execution of the Group's strategic objectives.

The markets in which we operate continue to demonstrate strong underlying demand for managed services, cloud, security, AI and data led solutions, although competition and pricing pressure remain intense. In response, we are sharpening our focus on those segments and solutions where Iomart has clear competitive differentiation, namely our secure hybrid cloud infrastructure, long standing customer relationships, and our growing Microsoft and cybersecurity capabilities, which we believe present the strongest long term demand and growth opportunities.

Enhancing our Microsoft and cybersecurity capabilities remains a key strategic priority, reflecting strong market demand and significant growth opportunity. At the same time, we are actively rationalising our legacy product portfolio, managing the associated cost base down in line with declining revenues in those areas, and redeploying resource towards higher-growth, higher-margin solutions. Given current balance sheet leverage, our near-term priority is disciplined operational execution and organic growth.

We will continue to monitor the acquisition landscape selectively, but capital allocation in the short term is focused on strengthening the core business and reducing leverage.

Our existing customer base represents our most valuable asset. We are focused on deepening those relationships by expanding the managed services and solutions we deliver, improving service quality and retention, and ensuring our hybrid cloud infrastructure continues to meet evolving customer requirements. With long average customer tenures and strong embedded relationships, our priority is to grow revenue per customer and reduce churn through proactive account management and a broadening solutions footprint.

We are building differentiated capability in the two areas where customer demand is strongest and where Iomart has a clear right to win: Microsoft solutions and cybersecurity. Our Microsoft practice spans Azure management, Modern Work solutions and AI products enabling customers to maximise their Microsoft investment within a managed, secure environment. Our cybersecurity offering addresses the growing compliance and threat landscape facing SME and mid-market organisations, which are increasingly targeted but often lack in-house expertise. Together, these capabilities position Iomart as a trusted, end-to-end partner for secure hybrid cloud not simply an infrastructure provider. Iomart has a well-established heritage in private cloud infrastructure solutions, underpinned by deep expertise in VMware-based virtualisation platforms and deployment. This capability has become increasingly relevant within our broader solutions portfolio, as recent changes to Broadcom's licensing and partner models drive disruption across the sector.

The revision to our business model, with clearer business unit segregation, will over time provide greater strategic optionality for the Group. This will support the acceleration of organic initiatives and enhance our ability to deleverage where appropriate.

Our business model is centred on the provision of cloud and managed services, delivering the computing power, storage, data protection and security capabilities customers require to operate their businesses effectively.

We have invested in a portfolio of UK data centres, an extensive fibre network and the associated servers, networking and security assets needed to deliver private cloud infrastructure to customers. Alongside this, we also provide public cloud solutions, principally through Microsoft, as part of an integrated mix of infrastructure and services.

Having the skills, credibility and technology partnerships across private cloud, public cloud and on premise environments enables us to deliver the hybrid solutions required by the majority of our customers. Infrastructure, platforms and specialist teams are shared across most revenue streams, supporting both scalability and efficiency.

Customers pay us for the provision of infrastructure and services, with the ability to layer in third party technologies and varying degrees of managed services to meet their specific requirements.

Larger customers typically enter into multi year contracts for complex cloud solutions, which are invoiced and paid monthly. Many smaller customers pay in advance, resulting in deferred revenue, which is recognised over the period of service provision.As a result, a significant proportion of Group revenue is recurring, providing strong visibility and predictability, with advance payments supporting cash generation.

While all activities draw on common infrastructure and platforms, the Group is organised into three operating segments:

Within Cloud Services, offerings are structured across three core categories, reflecting solution complexity and service intensity:

Provides fully managed, complex bespoke designs, resulting in resilient solutions involving differing cloud infrastructures. This cloud infrastructure can be either on-premise, private cloud or public cloud which for us at the moment would be utilising Microsoft Azure or indeed a combination of all three which we term ‘hybrid cloud services' as is standard industry nomenclature. This often will be accompanied by our data protection and security offering.

Provides dedicated, physical, self-service servers to customers. We deliver many thousands of physical servers for our customers using highly automated systems and processes which we continue to develop and improve. Our own regional data centre estate and fibre network position us well to offer such infrastructure as a service.

This element of Iomart cloud services is primarily delivered via our separate market brand, RapidSwitch.

This relates primarily to on-premise equipment and software reselling, as well as consultancy and professional services activities. By their nature, the equipment and software reselling activity is lower margin, but we continue to offer it as the vast majority of our customers need us to provide the end-to-end solution of which this is often a critical part. Non-recurring activities often provide an important introduction to the Iomart's broader service capabilities and therefore the opportunity to understand the customer and develop the relationship to a deeper level of recurring service provision.

Atech is a leading Microsoft Solutions Partner, delivering complex public cloud deployments, modern workplace solutions, digital transformation initiatives and managed security services to mid sized enterprises.

Atech holds one of the strongest sets of Microsoft credentials in the UK, including Azure Expert MSP status, six Microsoft Solution Partner designations, specialist accreditations and membership of Microsoft's Intelligent Security Association (MISA).

During FY26 and into FY27, the Group expects to continue aligning selected activities between Iomart and Atech, where this improves customer outcomes and operational efficiency. This has resulted in the movement of certain customers and related revenues between the divisions.

The Mass Hosting division provides domain registration and mass hosting services primarily to small and micro business customers.

While the wider market has seen increasing consolidation among large global providers, the Group identified early that aggressive customer acquisition in this segment would require disproportionate marketing investment. As a result, the focus has remained on customer retention, operational efficiency and cash generation. The division continues to be highly profitable and strongly cash generative.

Uniserve, the UK's largest privately owned logistics provider, operates in a high-pressure environment where system performance and availability are critical to day-to-day operations. In this context, stability and scalability are essential to maintaining service levels and supporting continued growth.

As demand increased, Uniserve began experiencing performance issues within its existing hosting environment, including a rise in critical incidents and limitations in scalability. This created operational risk and prompted a broader review of the organisation's infrastructure strategy.

Iomart worked closely with Uniserve to modernise its platform, rebuilding the environment on a VMware-based cloud aligned to VMware Cloud Foundation (VCF). The approach followed a structured methodology, designed to improve performance while supporting long-term flexibility and resilience.

Alongside this, Iomart supported the transition of Uniserve's virtual desktop estate from Citrix to Azure Virtual Desktop, creating a balanced platform that combines VMware stability with future-facing cloud capability.

The transformation delivered measurable improvements across performance and operational efficiency:

Uniserve now operates on a modern, scalable platform that supports both current operational demands and future growth. The transformation has reduced risk, improved performance, and provided a more flexible foundation for ongoing digital development.

The Group's financial performance for the year reflects a period of transition, as the business continues to reposition its operating model and revenue mix in response to changing market dynamics.

While reported revenue increased following a full year contribution from Atech, underlying performance was impacted by a lower opening recurring revenue position within Iomart Cloud Services and elevated customer churn during the second half. This, combined with softer order intake, weighed on short-term momentum.

Performance across the year was broadly stable between the first and second half, with revenue and adjusted EBITDA at similar levels in each period. While this stability is reassuring, the outcome is nonetheless disappointing as it did not deliver the improvement in performance that had been anticipated in the second half of the year.

Profitability reduced year-on-year, reflecting lower revenues across the legacy private cloud portfolio, reduced utilisation of our infrastructure, and the continued shift towards Microsoft-related services which, while strategically important, carry a lower margin profile as they scale.

Against this backdrop, the Group has maintained strong financial discipline. Targeted cost actions undertaken during the year have delivered a structurally leaner cost base, with further initiatives underway to better align operating costs with the evolving business mix and to enhance scalability through increased use of automation and offshore delivery capability.

These actions are expected to support a recovery in margins and a return to profit growth as revenue stabilises.

We use a range of alternative performance measures to track how we are executing against our strategy.

Overall Group revenue increased to £154.9m (2025: £143.5m), reflecting the inclusion of a full year of Atech revenue compared to six months in the prior year. The Group continues to benefit from a highly recurring revenue model, with 86% of revenues recurring in nature (2025: 89%), underpinned by multiyear customer contracts and recurring billing structures, providing good forward revenue visibility.

On an organic basis, adjusting for the annualised impact of the Atech acquisition, Group revenue declined by approximately £9.7m (8%). This reduction was driven primarily by lower recurring revenues within Iomart Cloud Services.

Adjusted EBITDA decreased to £25.6m (2025: £34.3m), reflecting the combined impact of lower recurring revenues within the Group's traditional private cloud and data centre services, together with reduced utilisation across a largely fixed infrastructure cost base. In addition, the evolving revenue mix, particularly the increased weighting towards Microsoft-related services has, in the short term, resulted in a lower overall margin profile.

The Group continues to take proactive steps to realign its cost base with this changing revenue mix. During the year, cost efficiency initiatives delivered £4m of annualised savings, primarily through optimisation of people-related costs, the Group's largest cost category.

A further phase of cost optimisation is now underway, aligned to the evolving business portfolio and operating structure. This includes the continued expansion of offshore delivery capabilities in India and increased use of automation and AI to improve efficiency and service scalability. These actions are intended to stabilise margin performance in the near term, while positioning the Group to benefit from improved operating leverage as revenue growth recovers.

Iomart Cloud Services revenue was £89.6m, a decrease of £7.5m compared with the prior year. This reduction primarily reflects lower revenues across both cloud managed services (down 8%) and self-managed infrastructure (down 18%).

The principal driver of the year-on-year reduction was a lower recurring revenue run-rate at the start of the year, along with a softer than expected order bookings level. While self-managed infrastructure has been in structural decline for several years, the rate of reduction moderated during the year, with a stabilisation in performance in the second half as we increased focus on the RapidSwitch brand and core product set.

Non-recurring revenue activity strengthened during the second half, resulting in year-on-year growth of £1.2m and contributing to a modest increase in second half revenue of £0.5m compared with the first half.

The following table shows the disaggregation of Iomart Cloud Services revenue.

Iomart Cloud Services continues to utilise a shared data centre and fibre network infrastructure. As noted previously, the Group is progressing plans to more formally separate data centre infrastructure operations from the broader services and solutions activities.

Cloud managed services comprise fully managed, bespoke and resilient solutions delivered across private, public and hybrid cloud environments. Reported revenues include approximately £38m of Microsoft-related revenues which are now operationally delivered within Atech; these will be formally reassigned between business units during FY27, depending on customer structures.

Revenues in this area reduced by 8% to £66.0m (2025 reclassified: £71.9m). The underlying reduction from the prior period is a feature of a lower starting monthly recurring value due to churn weighted towards the final months of the FY26.

Self-managed infrastructure services customers who prefer to procure and manage compute and connectivity directly. This remains a lower-growth segment of the market and is more exposed to migration towards public cloud.

However, performance stabilised in the second half, with broadly consistent revenues of £6.2m in both H1 and H2. This represents a positive development following a prolonged period of decline.

Non-recurring revenue increased to £11.2m (2025: £10.0m), driven by higher activity levels in the second half of the year.

This revenue, predominantly hardware and software reselling, typically carries lower margins and therefore has a more limited impact on EBITDA. However, it continues to serve an important strategic role as an entry point for new customer relationships and a pathway to higher-value recurring services.

Iomart Cloud Services segmental EBITDA (before share-based payments, acquisition costs and central overheads) was £17.1m, a decrease of £10.4m. This reflects both the reduction in recurring revenues and the impact of lower utilisation across a largely fixed-cost infrastructure base. Revenue mix remains a feature in the period, with lower margin revenue associated with complex managed cloud services (including greater use of Azure public cloud) increasing, while higher margin self-managed infrastructure revenue decreases alongside lower utilisation of our fixed cost infrastructure. The cost efficiencies already undertaken and our rolling efficiency programme is focussed on this area of the business.

Atech delivered revenue of £50.1m for the year. During the period, the Group completed the integration of Extrinsica into Atech, consolidating all Microsoft solution delivery under a single management structure. Extrinsica contributed £8.7m of revenue in the prior year. Some customer attrition was experienced prior to the transfer, including a large contract that was not renewed due to credit risk considerations (£0.6m annual value).

Atech has a higher proportion of non-recurring revenue relative to the Group, reflecting a mix of consultancy activity alongside hardware and software reselling, primarily to existing customers. During FY26, reselling activity was lower, representing an approximate £0.8m reduction in annualised revenue, which moderated overall growth in the period alongside softer than expected recurring sales momentum.

Atech's segmental EBITDA (before share-based payments, acquisition costs and central overheads) was £5.1m, representing a margin of 10%, consistent with the prior year (2025: £3.1m, 10%). While cost optimisation efforts in the year were primarily focused on Iomart Cloud Services, the Group sees significant potential to enhance scalability within Atech through increased use of automation and AI over the next 12 months.

The table below shows Atech's revenue split between recurring and non-recurring activities:

Recurring revenue within Atech continued to grow, although performance weakened in the second half due to customer reductions, including M365 renewals and the previously noted non-renewal of a significant Extrinsica contract. Total recurring revenue for the year was £39.0m.

Over half of the Group's total order bookings were generated from Microsoft solution areas, consistent with expectations at the start of the year. The phasing of these wins impacts revenue recognition, while the impact of customer losses, principally in lower-margin activities, had a more immediate effect on reported revenue growth.

The Group continues to take a disciplined approach to contract renewals, particularly in M365 licensing, where pricing pressure has reduced margins to levels that in some situations no longer meet return thresholds. Focus has therefore shifted towards higher- value, differentiated services, including expansion of Security Operations Centre (SOC) capabilities.

Non-recurring revenue represented 22% of total Atech revenue and totalled £11.1m (2025: £6.4m). This includes consultancy services, as well as hardware and software reselling activity. The reduction in reselling activity mainly during the first half of the year resulted in an approximate £2m reduction in annualised revenue compared with the prior period.

The largest component of non-recurring activity relates to cyber security consultancy, including a significant engagement with a long-standing financial services customer, which contributed £5.5m of revenue during the year. This engagement has generated repeat business over multiple years, and we expect continued engagement, albeit at a potentially lower level over time.

The Domain & Mass Hosting segment, which now includes the Sonassi brand alongside Easyspace and Hosting UK, recorded revenue of £15.2m for the year, compared to £16.2m in the prior year (as reclassified), representing a modest decline of 6%. As noted at the half year, this reduction was primarily driven by increased churn within the Sonassi brand, while Easyspace and Hosting UK delivered relatively stable performance.

Segmental EBITDA (before share-based payments, acquisition costs and central overheads) was £7.6m, equivalent to 50.1% of revenue (2025: £8.6m, 52.8%). The inclusion of Sonassi and certain higher-value customer cohorts continues to support a strong margin profile for the segment, notwithstanding the impact of revenue decline during the period.

The global domain name and mass-market hosting sector continues to demonstrate underlying growth. While the market remains highly competitive and concentrated among a small number of large global providers, the Group remains focused on reinvigorating this segment. Our objective is to stabilise performance and return the business to modest growth over time, supported by strong renewal rates across all three brands. Targeted investment is being directed towards Sonassi to improve customer retention and enhance the overall customer experience, with early actions already underway.

Group overheads, which are not allocated to segments, include the cost of the Board, certain professional fees, all the running costs of the headquarters in Glasgow, and Group led functions such as human resources, marketing, finance and development teams. Group overheads saw a decrease of £0.6m to £4.2m (2025: £4.8m) with no material individual variances on the prior year.

The Group's depreciation charge reduced by £1.3m to £13.4m (2025: £14.7m). As a proportion of recurring revenue, depreciation decreased to 10.1% (2025: 11.5%), continuing a multi-year trend of declining capital intensity as the Group evolves its service mix.

Amortisation of non-acquired intangible assets remained broadly stable at £7.0m (2025: £6.8m). This charge continues to be largely driven by amortisation relating to Broadcom VMware software licence arrangements (£3.7m in the current year; 2025: £3.2m), reflecting the predominantly fixed-cost nature of this expense.

Adjusted EBIT decreased by £7.7m to £5.2m (2025: £12.8m), equating to an adjusted EBIT margin of 3.3% (2025: 8.9%). This reduction reflects the lower EBITDA performance outlined above, together with the relatively more fixed nature of depreciation and amortisation charges.

Encouragingly, profitability improved in the second half of the year, with adjusted EBIT margin increasing to 3.9% compared with 2.8% in the first half. The Group remains focused on improving margins through ongoing cost efficiency programmes and by increasing the proportion of higher value-added services within the revenue mix as growth recovers.

Total finance costs increased by £2.8m to £9.2m (2025: £6.4m). This reflects the additional funding associated with the Atech acquisition completed on 1 October 2024, as well as increased interest arising from lease liabilities recognised under IFRS 16.

After depreciation, amortisation (excluding amortisation of acquired intangible assets) and finance costs, the Group reported an adjusted loss before tax of £4.0m, compared with an adjusted profit of £6.5m in the prior year. This movement is primarily driven by the reduction in EBITDA and the increase in finance costs during the year. As noted earlier, there has been cost savings secured and these cost optimisations initiatives continue, all designed to support a recovery in margins and a return to profit growth as revenue stabilises.

The measure of adjusted loss before tax is a non-statutory measure, which is commonly used to analyse the performance of companies where M&A activity forms a significant part of their activities.

A reconciliation of adjusted loss before tax to Statutory IFRS profit before tax is shown below:

After deducting the charges for the share based payments, the amortisation of acquired intangible assets, acquisition costs and exceptional non-recurring costs, the reported loss before tax is £13.6m (2025: £53.2m loss).

There is a tax credit in the year of £4.5m (2025: £1.9m charge), represented by a combination of a credit for deferred taxation in the year of £3.9m (2025: £1.3m charge) and a corporation tax credit in the year of £0.5m (2025: £0.6m charge). The adjusted effective tax rate, after adjusting for share based payments and acquisition costs, is 32.8% (2025: 0.04%).

After deducting the tax credit/(charge)from the loss before taxation, the Group has recorded a loss for the year from total operations of £9.2m (2025: £55.1m loss).

Adjusted diluted earnings per share, which is based on (loss)/profit for the year attributed to ordinary shareholders before share based payment charges, amortisation of acquired intangible assets, acquisition costs, nonrecurring exceptional administrative expenses and the tax effect of these items, was 1.6p loss per share (2025: 3.4p profit per share).

The measure of adjusted diluted earnings per share as described above is a non-statutory measure that is commonly used to analyse the performance of companies where M&A activity forms a significant part of their activities. Basic earnings per share from continuing operations was 8.1p loss per share (2025: 49.0p loss per share). The calculation of both adjusted diluted earnings per share and basic earnings per share is included at note 8.

The Group generated cash from operations (before exceptional items) of £24.1m in the year (2025: £29.3m), representing an adjusted EBITDA to cash conversion ratio of 96% (2025: 85%). This level of conversion is consistent with the Group's long-term average and remains a strength of the business model. Cash payments for corporation tax were £0.3m (2025: £1.9m), and cash outflows relating to exceptional items were £2.2m (2025: £2.1m), resulting in net cash inflow from operating activities of £21.6m (2025: £25.3m).

Net cash outflow from investing activities was £9.8m (2025: £62.2m). The prior year included £51.0m of acquisition related expenditure, which did not recur in the current year. On a like-for- like basis, underlying investment decreased to £9.4m compared with £11.2m in the prior year. Investment in the current year was primarily in property, plant and equipment to support customer service delivery, together with targeted investment across the Group's data centre estate. This included the replacement of the cooling system at the Glasgow data centre, which attracted an environmental grant of £0.3m from the Scottish Government's Scottish Industrial Energy Transformation Fund.

Cash flows from financing activities were less significant than in the prior year, reflecting the absence of acquisition related funding. In prior year, the cash flow from financing activities was heavily impacted by the Atech acquisition funding items including a £57.0m bank loan drawdown and a £6.2m repayment of debt acquired on acquisition. In the current year there was only £0.5m bank loan drawn to fund the refinancing costs of £0.4m and a final £0.4m of repayment on debt acquired on acquisition. Net cash used in financing activities, excluding any acquisition related items or bank loan related items) was £16.1m (2025: £16.6m). All shares issued in the current year under share options were issued at nominal value. In the current year we repaid £4.2m of lease liabilities (2025: £4.4m) and paid £6.7m (2025: £4.8m) of finance charges. A total of £5.2m (2025: £2.6m) was paid in relation to software license arrangements, principally annual instalments on the Broadcom VMware partnership commitments during the year. No dividend payment was made in the year (2025: £4.8m).

Total net debt was £108.6m as of 31 March 2026 (2025: £101.9m) which includes £20.0m of IFRS 16 lease liability (2025: £18.0m). Excluding IFRS 16 lease liability, net debt levels are 88.6m (2025: £83.9m), representing an increase of £4.7m in the year. The net debt position represents a multiple of 4.2 times our adjusted EBITDA (2025: 2.7 times) or 2.3 times, excluding IFRS 16 lease liabilities.

The Board recognises that, notwithstanding the Group's recurring revenue model and strong operating cash flow conversion, these leverage levels are elevated relative to typical listed company benchmarks. Accordingly, the Group remains focused on a programme of deleveraging, underpinned by disciplined cash management and ongoing operational improvements. In addition, the Board continues to evaluate a range of strategic and operational options to support balance sheet optimisation over time.

Following the year-end, on 5 June 2026, Iomart extended its £115m revolving credit facility to 30 June 2028 and ensured covenants were amended to reflect current leverage levels and plans. At current leverage levels, the bank margin under the RCF is 3.5% (2025: 3.0%) above SONIA, with a margin ratchet mechanism that reduces interest costs as the Group deleverages.

AMFRESH is a global agri-tech organisation operating a complex, 24/7 international supply chain. As the business expanded, it faced increasing cybersecurity risk across a fragmented technology estate, with limited visibility and inconsistent protection across regions.

AMFRESH's security landscape consisted of multiple vendors and tools deployed across different regions, including CrowdStrike, Okta, and Mimecast.

This created operational complexity, reduced visibility, and increased costs, making it difficult to manage risk effectively at scale.

Atech - part of the lomart Group - delivered a consolidated, Microsoft-led security transformation. This included the adoption of Microsoft 365 E5 licences, deployment of Microsoft Defender and Microsoft Sentinel, and integration with Atech's 24/7 Security Operations Centre (SOC).

The engagement was supported by Microsoft-funded programmes, enabling rapid implementation while reducing financial and operational risk.

The transformation delivered measurable improvements across security performance and operational efficiency:

AMFRESH has moved from a reactive security posture to one defined by visibility, control, and resilience. The organisation now benefits from a unified platform that supports ongoing growth, simplifies operations, and provides a scalable foundation for future innovation, including AI and data governance initiatives.

The Board of Directors, who are responsible for the Group's system of risk management and internal controls, have established systems to ensure that an appropriate level of oversight and control is provided to manage principal risks and uncertainties identified that could have a material impact on the Group's performance. The Group's system of risk management and internal controls, which are reviewed for effectiveness by the Audit Committee and the Board at least on an annual basis, are designed to help the Group meet its business objectives by appropriately managing, rather than eliminating, the risks of failure to achieve business objectives, as any system can only provide reasonable, not absolute, assurance against material misstatement or loss.

The Board delegates oversight of certain risk management activities to the Audit Committee. The Board ensures that it controls the risk appetite through the Group's delegated authorities and matters reserved for the Board. In addition, the Board must approve any decision likely to have a material impact on the Group from any perspective, including, but not limited to, financial, operational, strategic or reputational.

A risk management framework is in place which sets out the ongoing processes for the identification, assessment and management of risks (both present and future), and for their ongoing monitoring and review. Effective risk management is essential to enable us to deliver on the Group's strategy and to achieve our operational objectives.

The risk management framework sets out our approach to risk management which is designed to support our identification of risks to the business.

Once identified, risks are given a gross score, based on an approved risk scoring matrix, based on the Group's assessment of the likelihood and impact of the risk occurring and impact on the Group's future and resilience. Each risk is assessed with a risk response and is re-assessed and given a net score based on the strength of mitigating controls that are in place. This process is documented in our Group risk register which is reviewed annually by the Audit Committee.

In the current year, the Group has continued to apply its risk management framework and risk assessment process to monitor the relevant identified risks to the Group in order to execute and deliver the Group's strategy. Risk management sessions were held with the Executive Directors and senior management to perform a detailed review of the Group risk register and risk map to review the identified significant risks, the probability of those risks occurring, their potential impact (particularly on the delivery of the Group's strategy) and the plans for managing and mitigating each of the identified risks. These reviews included a robust assessment of the Group's emerging risks taking into consideration internal and external insights to identify key emerging risks for further consideration, monitoring and action planning. Any emerging risks identified are captured on the Group's risk register.

We have strong management controls, including policies and procedures, together with management oversight. We have internal assurance through a detailed review of risks, including operational and commercial risks, and functional oversight and monitoring of risks.

The Board and Executive team review the Group's financial and operational performance through comprehensive financial reporting processes including monthly reporting of financial performance compared to budget, forecasts and the prior year and monitoring of key performance indicators related to various risks of the business.

In addition, the Group has historically obtained independent assurance through its internal audit programme led by Ernst & Young LLP (“EY”), with the internal audit plan approved by the Audit Committee. During FY26, the internal audit programme with EY has been paused in order to give senior management time to focus on the business transformation plans. The Audit Committee has continued to review the progress of agreed actions from the previous work undertaken and is satisfied that the Group's internal control environment has been maintained during this period. A revised internal audit plan is expected to be agreed with EY during FY27.

Through the above process, potential material risks and uncertainties remain similar to the prior year, with the addition of a new Financing and Liquidity risk reflecting the Group's required refinancing activity. These most significant risks identified are as follows:

There has been a significant increase in cyber and data related crime in recent years, and the security of customer, commercial and personal data represents both a reputational and financial risk to the Group. Managed service providers such as Iomart represent particularly high value targets given the breadth of customer data and infrastructure they support, and the threat landscape continues to evolve in both sophistication and frequency.

The Group continues to invest in physical and information security systems and to promote a culture that embeds security across all operations. The Group continues to enhance its security portfolio to support customers in addressing the evolving threat landscape they face. Ongoing focus is placed on strengthening internal processes, security awareness and training to ensure the delivery of reliable and trusted solutions. The Group maintains ISO 27001 certification, providing a robust framework for information security management, and during FY26 secured the Cyber Essentials Plus certificate for the first time. The Group also maintains specific insurance cover in respect of cyber related crime. In addition, customer contracts and associated schedules clearly define the respective roles and responsibilities of each party in relation to data security and data protection.

The Group operates in a competitive and fluid marketplace. While the Directors believe the Group benefits from clear strengths and competitive advantages, some competitors are significantly larger and are therefore able to offer similar services at lower prices or to bring new product offerings to market with enhanced features. As a result, competitive pressures could materially adversely impact the scale of the Group's revenues and profitability.

To mitigate this risk, the Group maintains a broad customer base, with no single customer accounting for more than 4% of annual revenue. The Group continues to focus on building deep and long-standing customer relationships, developing tailored and value-adding solutions and delivering high levels of service performance while remaining cost-competitive.

The Group's largest customer is a retained client for security consultancy services. As revenues from this customer are typically derived from annually agreed scopes of work rather than long-term contractual commitments, they are inherently less certain. The loss of this customer could have an adverse impact on non-recurring revenues of around £4.5m and may also disproportionately affect profitability due to the relatively higher margin nature of these services.

Investment in product and service development remains a key focus. The Group's development teams continually enhance and extend the existing service portfolio, to assess emerging technologies and market opportunities. Continued investment in product management and product marketing capabilities, has strengthened the Group's product led approach.

The Group has further expanded its strategic partnerships function and embedded enhanced governance to ensure optimal commercial terms, pricing and innovation are achieved through key vendor alliances. This has helped ensure the Group's product portfolio remains relevant, differentiated and aligned to customer demand, while improving speed to market for new and enhanced offerings.

During FY26, management has remained focused on stabilising and improving customer retention, particularly in areas previously affected by elevated churn. The acquisition of Atech in October 2024 provided customers with a clearer pathway to adopt public cloud and advanced security solutions and strengthened the Group's credentials and technical capabilities in these markets.

In addition, ongoing investment in customer service and process optimisation has improved service delivery consistency and customer experience. Collectively, these actions support the mitigation of competitive risk and underpin the Group's strategy to drive sustainable growth and profitability.

The Group's success is dependent on the continued availability, retention and effective deployment of appropriately skilled and experienced employees, including a relatively small number of senior personnel. A failure to maintain appropriate staffing levels, or the loss of key personnel without suitable succession, could adversely impact service quality, operational resilience and financial performance.

To mitigate this risk, the Group seeks to attract and retain talent by offering a challenging and rewarding working environment, supported by competitive and innovative reward structures and a strong commitment to training and professional development.

The Group's ability to recruit and deploy employees across multiple locations also provides operational flexibility, helping to manage resource pressures and reduce dependency on individual roles or teams.

The Group is exposed to risks arising from its financing arrangements, including the availability of sufficient liquidity to meet operational and investment requirements and ongoing compliance with financial covenants. A breach of covenants, or a material deterioration in trading performance or liquidity, could restrict the Group's operational and strategic flexibility and impact its ability to execute its growth strategy.

Subsequent to the year end, on 5 June 2026 the Group amended and extended its £115m Revolving Credit Facility to June 2028 with its existing lending syndicate. The Group monitors covenant compliance and liquidity headroom on a regular basis, with covenant compliance reported to the Banks quarterly.

The Group's strategy of delivering growth through a combination of organic expansion and acquisitions increases the risk that organisational structures, systems and resources fail to scale in line with business requirements. If the Group does not evolve its operating model, governance, or capability base at an appropriate pace, this could result in operational inefficiencies, management stretch, disruption to service delivery and, ultimately, a deterioration in financial performance. In addition, there is a risk that acquired businesses are not effectively integrated, leading to delays in realising expected synergies, increased costs or cultural misalignment. Management mitigates these risks through the annual strategy and budget review process, which identifies required organisational and resource changes, and by implementing detailed integration and migration plans for each acquisition to support effective and timely integration into the Group's operations.

Any downtime across our data centres would have an immediate impact on our ability to deliver the service levels expected by customers. Failure to meet these service requirements could adversely affect the Group's financial performance through customer attrition and reputational damage.

The Group mitigates this risk through ongoing investment in preventative maintenance and a comprehensive lifecycle replacement programme, helping to ensure the continued effective operation of our data centres. In addition, we actively monitor and adopt innovations and emerging technologies within the sector to enhance operational efficiency and effectiveness, in line with our ISO 50001 energy management system and our obligations under the CRC Energy Efficiency Scheme.

The Group provides an essential service to a broad and diverse client base, many of whom rely on these services to support their primary internet presence. The Group's ability to deliver services to customers is dependent on the continued availability and resilience of its fibre network, which connects the data centre estate. Any failure of the network, or material reduction in service levels, could have an adverse impact on customers and may result in reputational damage, customer attrition and difficulties in customer acquisition. To mitigate this risk, the Group has implemented a highly resilient network architecture across its data centre estate, designed with diversity and no single points of failure, thereby minimising the likelihood and potential impact of network disruption.

Inflationary pressure continues to be a key risk for the Group. The largest cost base is people costs, which are managed centrally through annual salary awards and regular reviews of staff benefits packages. Other significant costs include software licences, access to public cloud infrastructure, data centre costs (including electricity) and connectivity. The Group undertakes reviews of its cost base and engages proactively with customers and suppliers where inflationary impacts are identified. In addition, the Group's pricing model is regularly reviewed to ensure that contracts are priced appropriately to mitigate inflation risk.

The Group has a proactive energy procurement strategy, administered by its energy consultants, Schneider Electric, and currently has fixed-price electricity arrangements in place covering FY27.

The Group is reliant on a number of key third party suppliers for the continued operation of its business, most notably providers of electricity, public cloud infrastructure, software, bandwidth and server equipment. A failure, interruption or deterioration in service or material revision to partnership frameworks by any of these suppliers could adversely affect the Group's ability to deliver services to customers, potentially impacting financial performance, service levels and reputation.

This risk is mitigated through the use of reputable suppliers selected through a robust procurement process, active relationship management, and, where feasible, maintaining multiple sources of supply. In addition, the Group seeks to reduce reliance on single points of failure, including the use of alternative power sources for electricity.

The Group's key technology vendors include Microsoft and Broadcom. As global providers, these suppliers have the ability to implement changes to commercial terms and conditions that may impact the wider market. While this exposure is inherent to operating as a managed service provider, the Group seeks to mitigate concentration risk over time by maintaining a diversified product portfolio, although reliance on these key vendors remains in the near term.

Of particular significance is the Group's Broadcom Pinnacle Partner status, which underpins its ability to deliver VMware Cloud Foundation solutions and positions it competitively in the private cloud market. Pinnacle status is awarded by Broadcom based on revenue thresholds, technical accreditations and compliance with programme requirements. A loss of, or downgrade from this status could reduce the Group's ability to access certain products, pricing tiers and go-to-market support, potentially affecting its competitive positioning and revenue in private cloud services. The Group mitigates this risk through ongoing investment in its Broadcom-accredited technical capability, active engagement with Broadcom's partner programme, and by maintaining the commercial and compliance standards required to retain Pinnacle status.

The Board considers two principal areas of environmental risk. The first relates to the direct and indirect environmental impacts arising from the Group's activities, including emissions and the overall sustainability of its sites, people, products and processes. As customers increasingly seek to reduce their own environmental impact, the Board recognises that demand for the Group's services is evolving and the Group has a responsibility to minimise the environmental impact of its operations and to support customers in achieving their sustainability objectives.

The second area of focus is the potential impact of external environmental factors on the Group and its customers. This includes changing environmental conditions and the risk of environmental events or disasters that could affect the Group's ability to maintain service continuity and to keep its customers, sites and workforce safe.

During the year, the Group established a dedicated environmental working group to support the ESG committee. The work undertaken and the conclusions reached in relation to this risk are set out on pages 42 to 53.

The Group holds ISO 14001 certification (currently applicable to HQ operations), providing a structured framework for managing environmental responsibilities and demonstrating commitment to reducing the Group's environmental impact.

Given no acquisitions arose in the last 18 months and the absence of any active acquisition programme, this risk is less elevated than in the past. However, the risk is retained on two bases. First, the integration of the Atech acquisition, completed in October 2024, remains ongoing, with the Group continuing to align systems, processes and commercial operations across the combined business. A failure to complete this integration effectively could result in delays in realising expected synergies, increased costs or operational disruption. Second, the longer- term strategy is likely to see M&A featuring as a complement to our organic growth ambitions, and the risk framework for managing future acquisitions remains in place accordingly.

Effective stakeholder engagement is critical to the long-term success and sustainability of our business, and the Board recognises its responsibility to take into consideration the needs and concerns of our key stakeholders as part of its discussion and decision-making processes. During the year, the Board and its Directors confirm they have acted in a way that promotes the success of Iomart Group for the benefit of its members as a whole, and in doing so have had regard to the stakeholders and key matters set out in Section 172(1) (a) to (f) of the Companies Act 2006 (“Section 172”) as follows:

The Board has identified the Group's principal stakeholders as its shareholders, employees, customers, suppliers and key partners, together with the environment. The Board uses its monthly board meetings as a mechanism to address and meet its obligations under Section 172 to ensure they consider the interests of stakeholders as follows:

The Board and Directors recognise that they are expected to take into account the interests of stakeholders whilst prioritising the long-term success of the Group.

This can mean that the interests of certain stakeholder groups in the short-term may need to be balanced against such long-term success.

We set out on pages 38 and 39 why effective engagement is important with each stakeholder and the principal methods of engagement. In all cases, the level of engagement informs the Board, both in relation to stakeholder concerns and the likely impact on decision-making. We set out the key Board decisions taken in the year ended 31 March 2025 and the stakeholder groups impacted by those decisions on pages 40 and 41.

The following table covers the key decisions made during the year and the stakeholder group(s) impacted by these decisions.

The Strategic Report on pages 6 to 17 has been approved by the Board and is signed on its behalf:

We seek to minimise the environmental impact of our operations, and we are committed to reducing our greenhouse gas (“GHG”) emissions. Consistent with prior periods, we are pleased to report that we remain aligned with the UK Government climate targets and remain committed to achieving Net Zero emissions by 2050, and earlier if possible. Through a combination of renewable electricity procurement and operational efficiencies, we continue to report that our Scope 1 & 2 total carbon emissions have reduced by over 99% since our benchmark year of FY2021.

We recognise the importance of understanding and managing the risks and opportunities presented by climate change and are preparing climate-related financial disclosures in accordance with The Companies (Strategic Report) (Climate-related Financial Disclosure) Regulations 2022 (CFD). These disclosures apply to the entire Group.

Our climate-related risks and opportunities have historically been identified and assessed within our enterprise-wide risk management framework. During this financial year, we engaged a third- party consultancy to conduct a climate scenario analysis of potential physical climate-related risks across different time horizons and scenarios, in line with the CFD requirements. This work identified certain climate-related risks that may be material to the business. Alongside our initial work on transition risks, further work is needed to refine our understanding of the materiality of these climate-related risks, quantify potential financial implications, and embed the outputs into our risk management, governance and strategic planning processes.

Accordingly, the CFD disclosures required under section 414CB paragraph 2(e), (f), (g) and (h) have been omitted for the current financial year,

as the analysis required to provide meaningful and reliable disclosures remains in progress. Over the coming financial year, we will continue to develop this work, with a view to integrating our most material climate related risks into business strategy and supporting the development of appropriate metrics, targets and management actions.

We are committed to a rigorous and reliable approach to identifying, monitoring, and managing risk across all aspects of our business. Our approach to corporate governance and ESG is outlined in the Corporate Governance Report. The CEO has the delegated authority from the Board to manage Iomart's actions in relation to all climate related matters. The CEO is supported by the ESG Steering Committee, which provides oversight and advice on climate related topics across the Group through the following channels:

Whilst climate related risks and opportunities are not currently considered as a standalone agenda item at Committee or Board level meetings, climate related matters are addressed through existing governance, risk management and performance reporting processes. As the scope and maturity of the Group's work in relation to climate related risks and opportunities, net zero and broader sustainability objectives develop, the Board expects to receive more frequent and more specific climate related updates.

In prior periods, climate-related risks and opportunities were identified as part of the overall business-wide risk and opportunities process, conducted by the Audit Committee in preparation for the financial statements. This was conducted at a Group level but did not specifically focus on climate-related risks and opportunities. Through the business-wide risk and opportunities process, flooding and energy were identified at the group level as key risks and were integrated into our overall risk management process.

Building on our desk-based risk workshop complete in FY 25, we completed a qualitative physical climate scenario analysis this year, facilitated by third-party experts (the results can be found in Table 1 below). The results from this workshop and analysis form the basis of a climate-related risk management framework going forward, which is managed by the Group's ESG Steering Committee.

We defined an appropriate risk identification cycle frequency for climate-related risks and opportunities, at least every 3 years. We endeavour to review how the results can be integrated into the Group's wider risk management and business continuity plan upon completion of every climate scenario analysis, to ensure the relative significance of climate-related risks in relation to broader risks can be assessed. We will also continue to assess all CAPEX investments with considerations of energy, sustainability, and carbon reduction co-benefits, aiding us in identifying climate-related opportunities moving forward.

Building on the qualitative workshop undertaken in 2025 that explored our exposure to physical and transition risks, in 2026, we conducted a climate scenario analysis, which assessed physical climate-related risks relevant to our business in further detail. Our assessment considered exposure to physical climate hazards and, at a high level, their potential risk impacts across our sites in the UK, US and India.

Physical risks were assessed under low- and high-carbon climate scenarios¹, across three time horizons: short-, medium-, and long-term², covering the 28 physical hazards under the EU taxonomy. The following five groups of physical climate related risks (Table 1) were identified as potentially material for our business:

Despite not using evaporative cooling systems in our data centres, water stress may still be a potentially material risk, according to our latest analysis. However, we have not yet undertaken an in-depth assessment of the vulnerabilities of our sites across our portfolio against these key risks at this stage. Therefore, further work is needed to refine this materiality assessment to align with our internal risk matrix and better understand potential financial and/or operational impacts if these risks were to materialise.

In 2025, we assessed transition climate-related risks (Table 2) and opportunities (Table 3) across relevant regions across our portfolio, covering market, regulatory, reputational and technological factors. The assessment considered short-, medium- and long-term time horizons, and assessed the potential relevance of climate-related issues to our operations,

strategic planning and business continuity. It considered how risks and opportunities may evolve under a business-as-usual scenario³ and a scenario aligned with 1.5°C Paris Agreement⁴, where the latter was considered more significant in the short and medium term. The key transition risks identified as most relevant to us include:

We plan to undertake further transition climate scenario analysis over the coming years to assess the materiality of these risks based on likelihood and impact across the same scenarios and time horizons as the physical risks. The findings from both the physical and transition risk assessments will continue to be incorporated into our strategic planning, operations and business continuity processes.

As we continue to build our understanding of material climate-related risks and opportunities, we plan to develop metrics and targets over the coming years to support their monitoring and management.

Beyond our commitment to achieving Net Zero by 2050 and having reduced its Scope 1 and Scope 2 emissions by over 99% since its FY2021 baseline, we have established operational targets to manage relevant climate related risks, including a data centre power usage effectiveness (PUE) target of 1.55, supporting improved energy efficiency and reduced exposure to energy related transition risks. In the short term, we are progressing work overseen by the Environmental Working Group, including completing a structured Scope 3 gap analysis to identify and prioritise material value chain emission categories. This work will inform the assessment of the feasibility of setting absolute Scope 1, Scope 2 and material Scope 3 Science Based emissions reduction targets, the definition of interim absolute reduction milestones to 2050, and the evaluation of relevant emissions intensity metrics aligned to the Group's operations.

The proactive management of GHG emissions remains central to our operations. We aim to improve the energy efficiency of our operations and maintain compliance with ISO 50001:2018 as the basis for our energy management arrangements.

1. aligned with IPCC3 (Intergovernmental Panel on Climate Change) SSP1-2.6 and SSP5-8.5;

List of potentially material climate-related physical risks identified at the Group level, based on physical climate risk assessment. Indicative risk ratings are unmitigated ratings for the medium-term under a high carbon scenario, which was identified as the most relevant time horizon and scenario.

List of potentially material climate-related transition risks identified at the Group level, based on internal stakeholder engagement & workshop held in 2025.

List of potentially relevant climate-related opportunities at the Group level, based on the internal stakeholder engagement & workshop in 2025.

Iomart applies a set of global environmental standards to all of its activities, and its environmental and energy management systems are certified to ISO 14001 and ISO 50001 (internationally recognised standard for energy management systems (EnMs) standards). These certifications provide a framework against which Iomart has developed its environmental procedures and monitoring systems. These processes have allowed Iomart to measure its environmental performance and focus its activities on delivering improvements.

Details of Iomart's methodology, energy consumption used to calculate emissions and its progress from the baseline year can be found on the next page.

As a UK-incorporated quoted company, Iomart is required to report its energy use and carbon emissions per the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018.

Using an operational control approach, the Group has identified its operational boundaries to ensure all activities and facilities, including data centres, are assessed in line with the GHG Protocol Corporate Accounting and Reporting Standard. Currently, fugitive emissions due to refrigerant leakages in AC units are excluded from Scope 1 emissions, due to poor data availability. Processes are in place to monitor this going forward, and this will be included in future year footprints.

The data detailed in this table (Table 4) represent emissions and energy use for which Iomart is responsible and covers the following:

Where energy consumption data is missing, estimation techniques that are set out in the GHG Protocol, are used using actual data to cover the missing periods. Emissions are then calculated by multiplying the activity data by the relevant UK Government GHG Conversion Factors for Company Reporting 2024.

The Group uses total recurring revenue to calculate the intensity ratio, as this allows emissions to be monitored over time, considering changes in the size of the Group. This factor provides the greatest degree of accuracy and is the metric best aligned to power usage and business growth.

As principal activity took place in the UK, there are no global energy use and emissions data to report.

Last year, the Board approved a £1.3m replacement of a cooling system in a major data centre, alongside other critical assets in key data centres, to support carbon reduction as we work towards carbon neutrality. In addition, our solar panel installation at the Maidenhead data centre, completed in May 2024, generated 408,323 kWh of clean energy between completion and March 2026. During the year ending 31 March 2026, a total of 245,738 kWh of clean energy was produced.

To support our climate-related targets and transition, we have implemented a range of energy efficiency and emissions reduction initiatives, including:

These are the measures currently identified, and we will continue to review and enhance them as needed.

Date of Appointment: June 2024 appointed as Non-Executive Chair, May 2025 appointed Executive Chair

Background and Experience: Richard brings over 35 years of experience in public and AIM-listed companies across technology, telecoms, and financial services. His expertise includes supporting growth, transformation, and international expansion. Richard is a Fellow of the Institute of Chartered Accountants in England and Wales.

External Appointments: Non-Executive Chair of chair of Tribal Group plc and Non-Executive Director at Corero Network Security plc. He holds a number of appointments in private companies.

Background and Experience: Scott is a chartered accountant having trained with Arthur Andersen where he became a senior manager providing audit and transaction support services to both public and private companies. Leaving Arthur Andersen in 2001, Scott joined Clyde Blowers and performed a number of roles including Group Financial Controller for the Clyde Bergemann Power Group from 2003 to 2006. He became Director of Corporate Finance and Company Secretary for AIM listed InterBulk Group plc in February 2006 and, in April 2007, Scott became Group Finance Director for InterBulk Group plc until it was successfully sold to Den Hartogh in March 2016. Immediately prior to joining Iomart he was an Investment Director at Clyde Blowers Capital.

Background and Experience: Karyn is a chartered accountant and former audit partner at PricewaterhouseCoopers LLP (“PWC”). She had over 25 years of experience with PwC, including 13 years as an audit partner, and provided audit and other services to a range of clients across the UK's financial services sector, including outsourcing providers. Karyn left PWC in 2016. Karyn is now an experienced Non-Executive Director and Audit Committee Chair with a portfolio of roles across multiple sectors. Her specialist knowledge includes financial reporting, audit and controls, risk management, regulatory compliance and governance.

External Appointments: Karyn is a Non-Executive Director, and Audit Committee Chair of Scottish Building Society, North American Income Trust plc, Scottish American Investment Trust plc and Golden Charter Trust Limited.

Background and Experience: Annette brings over 30 years of experience in operational and advisory roles in the technology sector, including significant expertise in driving growth through acquisition and partnerships. Annette currently sits on the board of Eleco plc, an AIM listed software company and serves as the Senior Independent Director and Chair of its Remuneration Committee. She has held several Non-Executive Director roles, including a seven-year tenure at AIM listed Maintel Holdings Plc, a cloud and managed services company, where she also chaired the Remuneration Committee. She has substantial experience in the area of remuneration through her involvement with the Quoted Companies Alliance (QCA), where she supported the update to the Remuneration Committee Guide.

External Appointments: Annette is a Non-Executive Director, and Remuneration Committee Chair at Eleco plc, Norman Broadbent plc and is Finance Director for Women in Telecoms and Technology, a Not-for-Profit organisation.

Committee Membership: Audit, Remuneration and Nomination (Chair from 26 September 2023 to 12 June 2024 and then subsequently reassumed Chair role from 30 May 2025 as Richard Last moved to Executive Chair role)

Background and Experience: Adrian has considerable experience across the technology and telecoms sector, having spent a significant period of his executive career with Cable & Wireless plc before becoming CEO of Message Labs and then Achilles, both cloud-based SaaS businesses. He has substantial experience in strategy formulation, growing turnover and establishing presence in new markets. Adrian was previously the Chair of the Board of eConsult Health Ltd, a cloud-based SaaS business in the healthcare sector and a Non-Executive and Senior Independent Director at Cambridge University Hospitals NHS Foundation Trust.

External Appointments: Adrian is a Non-Executive Director at Alfa Financial Software Holdings plc, a listed global software provider.

Angus MacSween, Non-Executive Director Date of Appointment: March 2000, appointed as Non-Executive Director in October 2020

Background and Experience: Angus founded Iomart in December 1998 following 15 years spent creating and selling businesses in the telephony and internet sector. In 1984, after a short service commission in the Royal Navy, Angus started his first business selling telephone systems. He then grew and sold five profitable businesses - including Prestel, an online information division of BT, which he turned into one of the UK's first internet service providers. Following the sale of Teledata Limited, the UK's leading telephone information services company, to Scottish Telecom plc, Angus then spent two years on the executive of Scottish Telecom plc where he was responsible for the development of the company's internet division. Angus was Chief Executive Officer until he retired on 1 October 2020 and was appointed as a Non-Executive Director on the same day.

On behalf of the Board, I am pleased to present our Corporate Governance Report for the year ended 31 March 2026.

As Chair, I am responsible for ensuring that the Board operates effectively and upholds high standards of corporate governance. We remain committed to maintaining robust governance structures, policies, and procedures that are appropriate to the size and complexity of the Group. The Board recognises that strong governance is fundamental to delivering our strategic objectives and sustaining long-term value creation.

We continuously review and refine our governance framework to ensure it remains fit for purpose and aligned with the evolving needs of the business. This includes ongoing enhancements to our processes, controls, and risk management practices to support the Group's continued growth.

During the year, there were a number of changes to the Board. Lucy Dimes stepped down from the Group on 29 May 2025, at which point I assumed the role of Executive Chair on a transitional basis. In February 2026, Scott Cunningham, CFO, also notified the Board of his intention to step down and will leave the business at the end of June 2026.

Following these changes, I have taken on the role of Executive Chair on a transitional basis. Processes to recruit both a permanent Chief Executive Officer and Chief Financial Officer are underway. I am supported by a strong Executive Leadership Team and an experienced Board, and we remain committed to maintaining high standards of governance while restoring a clear separation between the roles of Chair and CEO.

Engaging effectively with our stakeholders is critical to the Group's long-term success. As Chair, I am responsible for leading the Board in a way that promotes the interests of all stakeholders and ensures the integrity and effectiveness of the Board's work. As detailed in our Stakeholder Engagement Report (pages 36 to 41), the Board actively considers the views and needs of our stakeholders in its decision-making and remains committed to building and maintaining strong relationships across our stakeholder base.

We believe that a culture of strong corporate governance is essential to our future success. I am confident that our governance framework provides a solid foundation to support the delivery of our strategic plan and the sustainable growth of the Group.

The Company continues to adopt the Quoted Companies Alliance (QCA) Corporate Governance Code, including the revised version published on 13 November 2023, which applies to financial years beginning on or after 1 April 2024. This report outlines our governance approach and how we have applied the QCA principles during the year. Compliance with the QCA code is one way in which the company upholds high standards of governance and accountability, ensures a strong culture of transparency and remains focused on sustainable growth.

The Board's principal role is to provide effective leadership of the Group and establish and align the Group's values, strategic plans and culture. The strategic report describes the business model on page 14 and explains the basis on which the Group generates value and outlines the long-term strategy of the Group.

It is the Board's role to ensure that the Group is managed for the long-term benefit of all its stakeholders and is responsible for delivering shareholder value by developing the Group's strategic plans. The Board strives to deliver effective and efficient decision making incorporating the needs of our many stakeholders to support the Group's strategy in the best interest of all the Group's stakeholders.

The Board is responsible for overseeing the Group's external financial and other reporting requirements and for ensuring that a robust framework of governance and controls exists which allows for the identification, assessment and management of internal controls and risk management to support the continued growth of the business.

There is an approved formal schedule of matters reserved for the Board which includes, but is not limited to:

The Board meets regularly as required but including, as a minimum, ten scheduled meetings per annum, to discuss and agree on the various matters brought before it, including the trading performance of the Group. Information of a sufficient quality is supplied to the Board in a timely manner. In addition, there is regular communication between Executive and Non-Executive Directors, where appropriate, to update the Non-Executive Directors on matters requiring attention prior to the next Board meeting.

The Group is led by a strong and experienced Board of Directors which brings depth and diversity of expertise to the leadership of the Group. The Board has an appropriate balance of skills, experience and knowledge of the Group and its market to enable it to discharge its duties and responsibilities effectively. The Board recognises that to remain effective it must keep the composition of the Board under review to continue to ensure the right mix of skills and business experience to support the effective functioning of the Board, helping to ensure matters are fully debated and that no individual or group dominates the Board decision-making process.

Board biographies of all Board members giving details of their experience and other directorships are included on pages 54 to 56. The Board has concluded that other directorships held by any Board member do not detract from their ability to discharge their responsibilities effectively.

The role of Chief Executive Officer and Chief Financial Officer are supported by a highly committed and experienced Executive team, with the qualifications and experience necessary to run the Group and are responsible for monitoring the performance of the senior management team. Overall, there is a clear division of responsibilities between the running of the Board and the Executives responsible for delivering on the Group's strategic plan, to ensure that no one person has unrestricted powers of decision. During 10 months of FY26, Richard Last has performed the role of Executive Chair, however, where appropriate the Senior Independent Director was involved for any areas where there was potential conflict of interest. The position of Executive Chair is a transitional arrangement only.

The Company Secretary supports the Chair and Chief Executive Officer on all matters of governance and is available to all Directors for advice and support. The Company Secretary is responsible to the Board for ensuring the Board procedures are properly complied with and that the discussions and decisions are appropriately minuted.

At the year end, the Board considers that all Non-Executive Directors serving are independent with the exception of Angus MacSween. Angus MacSween was appointed as a Non-Executive Director to the Board on 1 October 2020 after resigning as CEO and is not currently appointed to any of the Board's committees.

Richard Last was appointed Non-Executive Chair on 12 June 2024 and on 29 May 2025 moved to Executive Chair to support the Executive team during the period of recruitment and appointment of a new Chief Executive Officer.

At the date of this report, the Board now has six members, comprising two Executive Directors, being the Chair and Chief Financial Officer, and four Non-Executive Directors.

The composition of the Board ensures an appropriate balance of Executive and Non-Executive Directors and when appointing new Directors to the Board there are formal, rigorous and transparent procedures in place to ensure consideration is given to the particular skills, knowledge and experience that a potential new member could add to the existing Board composition. A formal process is undertaken, which may involve external recruitment agencies, with appropriate consideration being given, in regard to Executive appointments, to internal and external candidates. Before undertaking the appointment of a Non-Executive Director, the Chair establishes that the prospective Director can give the time and commitment necessary to fulfil their duties, in terms of availability both to prepare for and attend meetings and to discuss matters at other times.

The Chair is responsible for ensuring that all the Directors continually update their skills, their knowledge and familiarity with the Group in order to fulfil their role on the Board and the Board's Committees. Updates in relation to changes in legislation and regulation relevant to the Group's business are provided to the Board by the Company Secretary, Chief Financial Officer and through the Board Committees. While other external roles are considered helpful to give diversity of opinion and experience, when recruiting new Board members, consideration is given to the “point system” to prevent over-boarding. Additionally, existing Board members must seek the Chair's permission and/or notify the Board of additional external roles. Directors may seek independent professional advice at the Company's expense in furtherance of their duties as Directors.

Training in matters relevant to their role on the Board is available to all Board members. The Board receives annual AIM rule update training from the Company's Nominated Advisors, Investec, as well as update training on relevant legislation when required. New Directors are provided with an induction in order to introduce them to the operations and management of the business, key business and financial risks and the latest financial information about the Group.

The Board, led by the Chair, undertakes a formal and rigorous evaluation of its own performance annually and that of its Committees and individual directors to identify any areas for improvement. Each year, a formal evaluation is conducted by means of a detailed questionnaire which is completed by each Director. The results of this process are first reviewed by the Chair and then discussed by the Board collectively. The annual evaluation includes a review of the performance of individual Directors, including the Chair, and the Board Committees. The most recent evaluation during the year concluded that the Board and the relevant Committee performance had been satisfactory.

Recommendations from the FY26 board evaluation process were: (i) improvements to the quality and focus of board papers; and (ii) ways to improve debate and challenge amongst Board members, which was discussed by the Board at the February 2026 meeting with the Executive Chair actively seeking feedback from Directors on how to improve Board performance.

While no externally facilitated Board review has yet taken place, the Board is considering this against the costs to do so. The Board also considers the timing of this review to be critical, taking into account the tenure of members of the Board and the establishment of relationships and ways of working amongst them before an external review is commenced.

The Board has established three committees to deal with specific aspects of the Board's affairs: Remuneration, Nomination and Audit Committee. Each Committee has formal terms of reference which are approved by the respective Committee and can be found in the investor section of the Group's website. The effectiveness of all Committees is reviewed as part of the Board evaluation exercise.The Executive Directors may be invited to attend Committee meetings, where appropriate, except where matters under review by the Committee relate to them. The Chair of each Committee reports to the subsequent meeting of the Board giving an update on the Committee's work.

Significant areas considered by the Audit Committee in relation to the 2026 financial statements are set out below:

As appropriate, representatives of the external and internal auditors also attend Audit Committee meetings. The Committee did not require the attendance of internal audit during the year. The Chair of the Committee also meets separately with senior management, the external auditors and internal auditors.

Grant Thornton UK LLP were appointed as the Group's external auditors for the year ended 31 March 2026, following a formal competitive tender process conducted by the Audit Committee during FY26. The tender process was initiated following the decision to put the external audit out to competitive tender. The Committee invited proposals from a shortlist of firms, which were evaluated against criteria including audit quality, sector expertise, proposed team, approach to key audit risks and fee competitiveness. Following presentations from each firm, the Audit Committee recommended the appointment of Grant Thornton UK LLP to the Board, which approved the recommendation.

The Audit Committee is responsible for monitoring the independence, objectivity and performance of the external auditors and for making a recommendation to the Board regarding the appointment of external auditors. Grant Thornton UK LLP have confirmed to the Committee that, in relation to their services to

the Group, they comply with UK regulatory and professional requirements, including Ethical Standards produced by the FRC and that their objectivity is not compromised.

The auditors are required each year to confirm in writing that they have complied with the independence rules of their profession and regulations governing independence. Before Grant Thornton UK LLP takes on any engagement for other services from the Group careful consideration is given as to whether the project could conflict with their role as auditor or impair their independence. In the year ended 31 March 2026, the only non-audit services performed by Grant Thornton related to the tax compliance and covenant compliance certification which are permitted services. Given the appointment of Grant Thornton during the year consideration was taken on all services provided and tax provision services were ceased as a result.

Attendances of Directors at Board and Committee scheduled meetings convened in the year, along with the number of meetings that they were invited to attend, are set out below:

Non-Executive Directors are expected to devote such time as is necessary for the proper performance of their duties. This includes preparation for and attendance at up to 10 board meetings per year, regular board committees (where relevant), the AGM, meetings with the Chair and CEO and any away days.

In advance of all Board meetings the Directors are supplied with detailed and comprehensive board papers covering the Group's financial and operational performance. Where any Board member has been unable to attend Board or Committee meetings, their input has been provided to the Company Secretary or Committee Chair ahead of the meeting.

The approach to risk management and the principal risks of the Group are set out on pages 31 to 35. The Board confirms that procedures to identify, evaluate and manage the significant risks faced by the Group have been in place throughout the year and up to the date of approval of the Annual Report.

Communication with shareholders is given high priority by the Board. As noted in our Stakeholder Engagement report on page 36, the Board is committed to listening to and communicating openly with its shareholders via various channels to ensure that both institutional and private investors understand our strategy, business model and performance. The Chair, Chief Executive Officer and Chief Financial Officer have regular dialogue with shareholders and analysts to discuss strategy and other issues including the Company's interim and annual financial results. Following major periods of communications, our advisers consolidate feedback, on an anonymised basis, from the relevant parties which then forms the basis of a briefing pack for the Board to ensure awareness of shareholder opinions.

The Board recognises the AGM as an important opportunity to meet shareholders and give them the opportunity to raise questions with the Board. Details of the resolutions being proposed at the AGM can be found on the Group's website. Shareholders are given notice of the AGM at least 21 days prior to the meeting. The Chair aims to ensure that the Directors, including the Non-Executive Directors, are available at Annual General Meetings to answer questions.

We define corporate responsibility as ensuring that we have, or are developing sound policies, practices or programmes that address business transparency and ethics, workplace practices and employee relationships and customer consultation.

In practice, our commitment to corporate responsibility plays out in a wide variety of ways and includes our employee engagement programme, which is designed to foster an inclusive workplace by encouraging our people to continually improve performance in this area.

The Group is committed to ensuring it has appropriate processes in place to mitigate the risk of bribery and corruption and has a business ethics and anti-bribery policy which is outlined in our employee handbook and on our corporate website available to all staff.

The Group is committed to conducting business responsibly and ensuring that our supply chain has ethical employment practices, working conditions and has procedures in place to prevent modern slavery or human trafficking. Our Modern Slavery statement, which is updated and approved annually by the Board, details processes in place to help manage the risks outlined by the legislation and is available on the Iomart website.

We recognise the importance of all of our employees and strive to achieve an inclusive work environment and an open culture. The Group is committed to maintaining high ethical standards in all areas of work and practice and has a detailed whistleblowing policy in place.

The Group has a data protection policy and information security management systems in place to ensure we have appropriate data security systems and processes to protect our data and are fully accredited with ISO 27001 ‘Information Security Management Systems'.

The Group's diversity and inclusion strategy aims to make Iomart a great place to work, where all our employees feel they belong and are supported to succeed. We seek to promote diversity and equal opportunities within our workforce, and drive an inclusive culture, that respects and values differences and does not discriminate on grounds of colour, ethnic origin, gender, age, religion, political or other opinion, disability, or sexual orientation. Full and fair consideration is given to applications for employment made by disabled persons having regard to their aptitudes and abilities. Appropriate training is arranged for disabled persons, including retraining for alternative work of employees who become disabled, to promote their career development within the organisation.

A fair remuneration policy is adopted throughout the Group. In April 2025, we reported our fourth gender pay report which has shown an improvement in our reported metrics. We will continue to develop our recruitment strategy to drive further improvements and diversity.

As in the past, our most recent annual salary review in April 2026, retained our commitment to ensuring we comply with the minimum living wage guidance.

In line with the QCA (Quoted Companies Alliance) code and the Company's Articles of Association all members of the Board, other than Scott Cunningham who is leaving the business before the Annual General Meeting, will be subject to annual re-election at the Annual General Meeting.

The Directors have assessed whether it is appropriate to prepare the financial statements on a going concern basis, covering a period of at least 12 months from the date of approval of the financial statements on 22 June 2026.

Subsequent to the year end, on 5 June 2026, the Group successfully amended and extended its £115m revolving credit facility to 30 June 2028 with its existing lending syndicate of The Royal Bank of Scotland plc, HSBC UK Bank plc and Nationwide Building Society (trading as Virgin Money). The revised facility includes financial covenants aligned to the Group's current leverage profile, incorporating leverage and interest cover ratio tests that have been negotiated with reference to the Group's base case financial plan and assessment of downside risk. The facility provides headroom above current drawn levels of £97.5m, with £17.5m of undrawn capacity.

In undertaking this assessment, the Directors reviewed detailed cash flow forecasts and covenant compliance projections for the going concern period. The base case reflects the Board-approved FY27 budget and five- year plan, with recurring revenue assumptions underpinned by the Group's high proportion of contracted revenue and improved management of customer churn. The Directors also considered

a series of downside stress scenarios applied simultaneously and without mitigation, representing a severe but plausible outcome. Even under these stressed conditions, the Group maintains covenant compliance throughout the going concern assessment period. The Directors have further identified a range of mitigating actions that are within management's control and assessed as highly deliverable, which serve to provide additional headroom above the base case and downside scenarios modelled.

The Directors are satisfied that the Group has adequate resources to continue in operational existence for the foreseeable future and that the going concern basis of accounting remains appropriate. No material uncertainties have been identified that cast significant doubt on the Group's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements. Further detail on the going concern assessment, including the assumptions underpinning the forecasts and the results of stress testing, is provided in Note 1 to the consolidated financial statements.

Post year end the Group's £115m Revolving Credit Facility was successfully amended and extended to June 2028 with its existing lending syndicate. The facility includes financial covenants aligned to the Group's current leverage profile and incorporates a margin ratchet mechanism, whereby interest costs reduce as leverage decreases (see Note 24).

Iomart Group plc is quoted on AIM and as a result the Group has complied with AIM Rule 31 which requires the following:

On behalf of the Board, I am pleased to present the Directors' Remuneration Report for the year ended 31 March 2026 which sets out our Directors' Remuneration Policy and provides details of amounts earned by Directors in respect of the year ended 31 March 2026. In framing its Remuneration Policy, the Remuneration Committee has adopted the Quoted Companies Alliance (“QCA”) Remuneration Code for Small and Mid-sized Quoted Companies to ensure that our Remuneration Policy both reflects our strategy and is aligned with the QCA Remuneration code and shareholders' interests.

As the Company is listed on the Alternative Investment Market it is not required to comply with the provisions of the UK Corporate Governance Code 2018 (“Code”) issued by the Financial Reporting Council, however, we continue to provide additional remuneration disclosures over and above the AIM Rule 19 disclosure requirements to enable shareholders to understand and consider our remuneration arrangements. In line with best practice, we also voluntarily submit this report and our Remuneration Policy to an advisory shareholder vote at our annual general meeting.

The Remuneration Committee is chaired by Annette Nabavi. Adrian Chamberlain and Karyn Lamont, Non-Executive Directors, are also members of the Committee. The Executive Directors may attend meetings from time to time at the invitation of the Committee and provide information and support as requested. Directors are not present when their own remuneration is being discussed.

The Committee has formal terms of reference which can be found in the investor section of the Group's website, which are reviewed and approved annually by the Board. The Committee makes recommendations to the Board, within its terms of reference, on the remuneration and other benefits, including bonuses and share options, of the Executive Directors. It also reviews and provides comments on the Group's overall approach to staff remuneration and reviews any equity related payments.

The Committee met Five times during the current year. The attendance record for those meetings is included in our Corporate Governance Report on page 69.

The Remuneration Committee determines, on behalf of the Board, the Group's policy for executive remuneration and the individual remuneration packages for Executive Directors. Each year, the Remuneration Committee reviews the incentive and reward packages for the Executive Directors to ensure that they are aligned with the Group's strategic objectives and financial performance; are appropriate to attract, retain and motivate executives in support of the creation of shareholder value; and drive continued commitment of executives to the Group's success through appropriate incentive schemes. In considering the appropriateness of the remuneration policy, the Remuneration Committee considers the current and future business strategy, wider workforce remuneration policies and practices, and market practice in comparable organisations. During the year the Committee took independent professional advice to ensure that the structure of the remuneration and bonuses of the Executive Directors remained in line with market best practice.

Executive Director Scott Cunningham is engaged under a service contract which requires 6 months notice period.

Non-Executive Directors have a 3 month notice period with the exception of Angus MacSween and Karyn Lamont, who both have a 6 month notice period. Richard Last, Non-Executive Chair, has a 6 month notice period. This has been extended to 12 months during the period that Richard Last is fulfilling the role of Executive Chair.

Implementation of the Remuneration Policy: for the Year Ending 31 March 2026

The Executives' base salaries were both increased by 3%, effective from 1 April 2025. Base salaries from 1 April 2025 were therefore CEO (£381,000) and CFO (£267,000).

Since Lucy Dimes' resignation in May 2025, Richard Last, the Company's Non-Executive Chairman, has taken the position of Executive Chair. His Chairman's fee was therefore increased to £250,000 to compensate for the additional time and responsibilities inherent in this role.

Following an assessment of performance against the financial and personal objectives set for the cash bonus, the CFO and Executive chair were not awarded an annual cash bonus for the year ended 31 March 2026.

Following approval by the Committee Scott Cunningham received a special cash bonus of £50,000 on 25 July 2025 for his work in securing the new bank financing.

The Group operates a Long Term Incentive Plan (the “Performance Share Plan” or “PSP”) for Executive Directors and senior managers to reward, retain and incentivise those individuals who made a major contribution to the Group and will continue to play a key role in helping Group achieve its long-term objectives and the creation of shareholder value in the future.

Performance Share Plan Awards (LTIPS) were granted to Scott Cunningham and Richard Last. Similar LTIP awards were also made to a number of key senior managers as part of the Company's restructuring plan. These awards are based on the achievement of specific share price hurdles, they have been granted as nominal cost options with a 3 year vest and are subject to the Rules of the PSP.

Implementation of the Remuneration Policy: for the Year ending 31 March 2027

Salaries for FY27 would normally be reviewed in Q4 FY26. However, since Lucy Dimes, CEO resigned on 29th May 2025 and has not yet been replaced, and Scott Cunningham has resigned and is due to leave the company in June 2026, no Executive salary reviews have been carried out this year. Salary levels for replacement CEO and CFO will be determined as part of the recruitment process.

Financial KPIs will remain the heaviest weighting, based on the company's annual budget and with appropriate thresholds and ranges. A proportion of the award will also relate to personal objectives to be agreed by the Board.

The Committee concluded that, following the share option grant in October 2025, no further share option awards would be made, reflecting its current remuneration approach.

Details of individual Director's remuneration for the year are as follows (this information has been audited):

1 Lucy Dimes left the Company on 29 May 2025. In addition to the above salary paid there was exceptional costs of £0.5m for payment in lieu of notice and an additional ex gratia payment of £43k.

The fees paid to the Non-Executive Directors are determined by the Board. Non-Executive Directors were paid £45,000 per annum for Board Director duties with additional fees of £5,000 per annum paid to the Audit and Remuneration Committee Chairs and the Senior Independent Non-Executive Director to reflect the additional time required to fulfil these roles. Effective from 1 April 2026, all Non-Executive Director fees were increased by 3%.

Non-Executive Directors are not entitled to receive any bonus or other benefits with the exception of Angus MacSween who retains private medical insurance. Non-Executive Directors are entitled to reasonable expenses incurred in the performance of their duties.

The Non-Executive Chair received an annual fee of £100,000, which increased to £103,000 in April 2025. However, on taking on the role of Executive Chair, this fee was increased on 30 May 2025 to £250,000 to cover the additional time and responsibilities inherent in the extended role.

The Directors holding office at 31 March 2026 held beneficial interests in the issued share capital of the Company as shown in the following table:

1 On 26 September, Angus MacSween purchased 114,474 shares and on 2 October 2025, Angus MacSween exercised 610,451 share options and retained them all in shares taking his total shareholding to 18,198,834 shares.

2 On 3rd October 2025, Karyn Lamont purchased 53,000 ordinary shares of 1p each at a price of 18.05p increasing her shareholding to 60,000 shares

The market price of the Company's shares at the end of the financial year was 11.8p (2025: 31p) and the range of prices during the year was between 11.45p (2025: 31.0p) and 31.9p (2025: 147.0p).

The interests of the Directors at 31 March 2026 in options over the ordinary shares of the Company were as follows:

During the year Scott Cunningham exercised nil unapproved share options (2025: 124,053) and realised no gain (2025: £157,547). Angus MacSween exercised 610,451 (2025: 117,480) unapproved options of 1p and realised a gain of £103,166 (2025: £122,179).

During the year options over 1,500,000 ordinary shares (2025: 721,374) were granted to Directors under the unapproved share option performance share plan with an average exercise price of 1.0p per share (2025: 1.0p per share). No options over ordinary shares (2025: Nil) were granted to Directors under the sharesave scheme in the current year (2025: Nil). Scott Cunningham's 1,501,372 options over ordinary shares under the unapproved scheme lapsed in the year (2025: 127,980). Lucy Dimes 1,051,705 options over ordinary shares under the unapproved scheme lapsed (2025: Nil). No options were exercised under the sharesave scheme during the year (2025: nil).

The Directors' present their annual report on the affairs of the Group, together with the financial statements and auditor's report, for the year ended 31 March 2026.

The principal activity of the Group is the provision of managed cloud services. The Group's principal subsidiary undertakings are listed in Note 25 to the financial statements. The Group's registered number is SC204560.

The Group's financial instruments comprise cash and liquid resources, bank loans and leases together with various items such as trade receivables and trade payables that arise directly from its operations. The main purpose of these financial instruments is to provide finance for the Group's operations.

At 31 March 2026, the Group has access to a £115m revolving credit facility which has a maturity date of 30 June 2027. The effective interest rate for the revolving credit facility in the current year was 6.25% (2025: 6.90%). Subsequent to the year-end on 5 June 2026, this facility was amended and extended taking a revised expiry date to 30 June 2028. This new RCF has a borrowing cost at the Group's current leverage levels of 3.5% margin over SONIA. The new RCF incurs a non-utilisation fee of 35% of the bank margin. The RCF provides the Group with additional liquidity which will be used for general business purposes and to fund investments, in accordance with the Group's three-year strategic plan. The directors are of the opinion that the Group can operate within the bank facility and comply with its banking covenants.

The Group has net debt at 31 March 2026 of £108.6m (2025: £101.9m). Net debt comprises lease liabilities totalling £20.0m (2025: £18.0m), the bank facility loan of £97.5m (2025: £97.0m) and cash and cash equivalents of £8.9m (2025: £13.1m).

The Group is not exposed to material movements in interest rates on its bank borrowings.

The Group has exposure to movements in the exchange rate of the US dollar as certain domain name purchases and licences are transacted in this currency. To protect elements of our cash flows against the level of exchange rate risk, the Group entered into forward exchange contracts to hedge foreign exchange exposures arising on the forecast payments during the year. At 31 March 2026 there are 4 outstanding forex currency contracts which have a cumulative gross value of USD 13.4m (2025: USD 16.5m). The majority of transactions of the parent company and the UK subsidiaries are in UK sterling and, with the exception of forward foreign exchange contracts, the Group does not use derivative instruments. Additional information on risk management is included in Note 15.

The Directors do not recommend a final dividend for the year ended 31 March 2026 (2025: nil).

The Group develops cloud computing products including private cloud platforms, hybrid cloud platforms, virtual platforms, online backup and storage solutions and email related products.

The Group's business review and activities, together with the factors likely to affect its future development, performance and position are set out in the strategic report on pages 6 to 17.

Events Which Have Occurred Since The End Of The Financial Year Since the year end, the Group has refinanced its banking facilities, entering into a new £115m revolving credit facility with its existing banking group on 5 June 2026. The new facility provides the Group with appropriate financial flexibility to support its operational requirements and strategic objectives over the medium term. Further details are provided in Note 24 to the financial statements.

The present membership of the Board at the date of this report is set out on pages 54 to 56, the Directors who served during the year, and up to the date of this report, are listed below:

In line with the QCA (Quoted Companies Alliance) code and the Company's Articles of association, at this year's Annual General Meeting, all members of the Board will be subject to re-election.

Details of Directors' interests in the Group's shares are set out in the Report of the Board to the Members on Directors' Remuneration on pages 73 to 79.

At 30 April 2026 the following interests in 3% or more of the issued ordinary share capital, excluding shares held by the Iomart Group plc Employee Benefit Trust, had been notified to the Company:

The Group seeks to ensure that employee policies and processes are aligned with the Company's core values and promote the long-term strategy of the Group. The Group regularly communicates with all staff providing information on developments within the Group including updates on the Group's strategy through Group wide announcements and all employee calls. We have a policy of encouraging training through our learning management system. Further information on how the Board engages with employees and how the Board have had regard to employees on the principal decisions during the year is included in the Stakeholder Engagement report on page 36.

People are at the heart of our core values and we continuously strive to build a diverse and inclusive environment where our employees feel valued. Our employment policies in respect of equal opportunities, disabled employees and diversity are disclosed on pages 70 to 71.

We are committed to attracting and retaining the highest quality of personnel. We seek to achieve this through, amongst other things, the application of high standards in recruitment.

The Group seeks to be honest and fair in all relationships with customers and encourages feedback from our customers through account managers and engagement with individual customers through customer support teams. On a regular basis we engage with customers to obtain feedback on our performance.

The Group treats all of its suppliers with the utmost respect and seeks to be honest and fair in all relationships with them. We seek to honour the terms and conditions of our agreements in place with such suppliers and subcontractors.

Additionally, we recognise the importance to the Group and our suppliers of complying with all payment terms and we report on a half-yearly basis on our payment practices, policies and performances in line with the Reporting on Payment Practices and Performance Regulations 2017. Information on our engagement with customers and suppliers and our regard to these stakeholders on the principal decisions taken by the Group during the financial year is included in the Stakeholder Engagement report on page 39.

The Group's sustainability reporting, including Energy and Carbon reporting, is on pages 42 to 53.

This information is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

Grant Thornton UK LLP have expressed their willingness to continue in office as auditors.

A resolution to reappoint them will be proposed at the forthcoming Annual General Meeting.

This responsibility statement was approved by the Board of Directors on 22 June 2026 and is signed on its behalf by:

We are responsible for concluding on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's and the Parent Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor's opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the Group or the Parent Company to cease to continue as a going concern.

A description of our evaluation of management's assessment of the ability to continue to adopt the going concern basis of accounting, and the key observations arising with respect to that evaluation is included in the Key Audit Matters section of our report.

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's and the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Parent Company: £772,000, which represents 0.42% of the Parent Company's Total Assets.

The auditor's report for the year ended 31 March 2025 included one key audit matter that has not been reported as a key audit matter in our current year's report, which relates to a prior year business combination.

We have performed audit procedures on the entire financial information (full scope audit) on three components covering 67% of Group revenue. In addition, we have performed audits of one or more account balances, classes of transactions including specified, risk focused audit procedures (specific scope procedures) for four further components covering 13% of revenue. Analytical procedures at group level (analytical procedures) on the remaining components of the group.

We performed a risk-based audit that requires an understanding of the Group's and the Parent Company's business and in particular matters related to:

Understanding the Group, its components, their environments, and its system of internal control including common controls

We obtained an understanding of the group and its components, their environment, and its system of internal control, noting that financial reporting processes of each component operate separately but within a centralised team within the group finance function which performs consolidation and associated control activities. We also considered the impact of centralised processes relevant to financial reporting, including the use of shared systems across the Group, in our assessment of the risk of material misstatement at the Group level.

We have determined the components at which to perform further audit procedures by considering:

Type of work to be performed on financial information of Parent and other components (including how it addressed the key audit matters)

In order to address the audit risks identified during our planning procedures, the group auditor determined that the following audit procedures were necessary:

In order to address the audit risks identified during our planning procedures, we determined that a combination of full-scope, specific-scope and analytical procedures across the Group's components was necessary to obtain sufficient appropriate audit evidence.

Full-scope audit procedures covered 68% of Group revenue, 69% of total assets and 68% of profit before tax (on an absolute basis). Specific scope procedures contributed to 13% of revenue, 0.2% of total assets and 12% of profit before tax (on an absolute basis).

Where components were subject to specific scope audit procedures, those procedures may not have addressed significant account balance within the component. In such cases, we performed additional procedures on selected balances which, in our judgement as group auditor, had the greatest potential impact on the Group financial statements, having regard to risk, size and coverage.

The components within the scope of further audit procedures accounted for the following percentages of the Group's results, including the key audit matters identified:

As all audit work within scope across the Group was performed directly by the group auditor, no component auditors were engaged in respect of any components.

Our Opinion on Other Matters Prescribed by the Companies Act 2006 is Unmodified

In the light of the knowledge and understanding of the Group and the Parent Company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors report.

These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it.

As part of the engagement partner's assessment of the engagement team's collective competence and capabilities, they considered the team's understanding of, and practical experience with, audit engagements of a similar nature and complexity through appropriate training and participation. They also evaluated the team's knowledge of the industry in which the Group and the Parent Company operate, as well as the team's understanding of the legal and regulatory requirements relevant to the audit. Specialist support was engaged where required, including for tax and valuation matters.

We communicated relevant laws, regulations and potential fraud risks to all members of the engagement team, including internal specialists, and maintained heightened alertness to indicators of non compliance throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Iomart Group plc is a public listed company, limited by shares, listed on the Alternative Investment Market (“AIM”), incorporated and domiciled in the United Kingdom and registered in Scotland under the Companies Act 2006. The address of the registered office is 6 Atlantic Quay, 55 Robertson Street, Glasgow, G2 8JD.

The financial statements have been prepared on a historical cost basis, except where otherwise stated in the accounting policies set out below.

Following the changes to business units as outlined in Note 2 the tables below show the reclassifications applied to each business unit to arrive at the revised segmentation disclosures for the historic periods.

In the current year, the Group has separately presented lease liabilities on the face of the consolidated statement of financial position. In the prior year, lease liabilities were presented as a component of borrowings. The prior year comparatives have been restated to reflect this change in presentation. This reclassification has no impact on the Group's previously reported net assets, profit or loss, or cash flows.

The effect of the restatement on the prior year balance sheet is as follows:

1.4 Judgements In Applying Accounting Policies and Sources Of Estimation Uncertainty

Depreciation is calculated to write down the cost of all property, plant and equipment to the expected residual value by equal annual instalments over their estimated useful economic lives. All items of plant and equipment have immaterial residual values. The straight line rates generally applicable are:

Revenue is disaggregated between recurring and non recurring revenue, reflecting the nature and timing of revenue streams. Recurring revenue represents contracted or repeat service revenues, while non recurring revenue includes hardware sales and project-based services. The Group considers this to be the most meaningful disaggregation of its revenue for users of the financial statements, reflecting the different economic characteristics, cash flow uncertainty profiles and demand drivers associated with each category.

The classification of revenue as recurring or non-recurring requires judgement. Recurring revenue includes contracted monthly and annual service fees, domain renewals and managed service retainers where there is a reasonable expectation of continuation. Non-recurring revenue includes hardware resale, one-off project and implementation fees, and professional services engagements that are not expected to repeat on a regular basis. Where contracts contain both recurring and non-recurring elements, revenue is allocated between categories based on the nature of each performance obligation.

The amount of recurring and non-recurring revenue recognised by the group during the year can be summarised as follows:

In presenting the consolidated information on a geographical basis, revenue is based on the geographical location of customers. The United Kingdom is the place of domicile of the parent company, Iomart Group plc. No individual country other than the United Kingdom contributes a material amount of revenue; therefore revenue from outside the United Kingdom has been shown as from Rest of the World.

Segment performance is measured based on adjusted EBITDA, as this metric is used by the Chief Operating Decision Maker (“CODM”) to assess performance and allocate resources across the Group.

The IFRS measure of loss before tax is the primary measure of Group profitability. Adjusted EBITDA is presented as a supplementary measure to assist users in understanding underlying operating performance, and should be read in conjunction with the IFRS loss before tax shown in the reconciliation below:

Administrative expenses includes acquisition related costs as well as other exceptional, non recurring administrative items. These are presented in the table below:

The following table shows the staff costs and specific other employee related costs:

The adjustment relating to prior years are amendments recognised on the finalisation of annual taxation computations.

The differences between the total taxation charge shown above and the amount calculated by applying the standard rate of UK corporation tax to the profit before tax are as follows:

At the year end, the Group had £4.3m (2025: £2.9m) of brought forward tax losses. Of this amount £4.3m has recognised as having a deferred tax value (2025: £0.4m). The Group considers this amount recoverable against future taxable profits.

Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares in issue during the year, after deducting shares held by the Employee Benefit Trust. Diluted earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the total of the weighted average number of ordinary shares in issue during the year after adjusting for the dilutive potential ordinary shares relating to share options.

Iomart Group plc assesses the performance of the Group by adjusting earnings per share, calculated in accordance with IAS 33, to exclude certain non-trading items. The calculation of the earnings per ordinary share on a basis which excludes such items is based on the following adjusted earnings:

Following the changes to the Group's operating segments described in note 1, prior year goodwill carrying values have been reclassified between cash-generating units to reflect the current period's basis of segmentation. This reclassification has no impact on the total carrying value of goodwill or on the results of the impairment assessment performed in the prior year.

The recoverable amount of each CGU or group of CGUs has been determined on a value-in-use basis using post-tax discounted cash flows derived from Board-approved budgets covering a five-year period, extrapolated beyond that period using a terminal growth rate. The key assumptions applied are set out in the table below:

The post-tax discount rate of 10.8% (2025: 11.1% ) has been applied consistently across all three CGUs or groups of CGUs and reflects current market assessments of the time value of money and the risks specific to each CGU or group of CGUs. A terminal growth rate of 2.5% has been applied to Iomart Cloud Services and Atech, reflecting long-term UK growth expectations for the markets in which these CGUs or groups of CGUs operate. No terminal growth has been assumed for Easyspace, reflecting the mature and commoditised nature of the domain registration and mass-hosting market, where competitive pricing pressure limits structural volume growth, and management's strategic focus on cash generation rather than investment-led expansion. These perpetuity rates are unchanged from the prior year.

The five-year average EBITDA growth rates reflect the Board-approved budget for each CGU and represent the compound annual growth rate from the FY26 actual EBITDA base to the FY31 terminal year of the forecast period. For Iomart Cloud Services, which comprises a group of cash-generating units tested in aggregate, the rate applied is 14% (2025: 0%), reflecting earlystage recovery in managed cloud services following strategic repositioning undertaken during FY2026 and the significant shift in the private cloud infrastructure market caused by Broadcom's disruptive changes to VMWare business model and global partnership programmes. For Atech the rate applied is 29% (2025: 29%), reflecting a normalisation of growth expectations from the high initial rate assumed at the time of acquisition in October 2024 to a rate more consistent with the CGU's longer-term strategic profile. For Easyspace the rate applied is -3% (2025: -2%), reflecting a reduction from the FY26 EBITDA base driven by continued pricing pressure and customer mix changes in the mature domain and Mass Hosting market; a terminal growth rate of 0% has been applied, consistent with management's view that the CGU will stabilise at a sustainable level of cash generation in perpetuity.

These rates are calculated on a consistent basis across all three CGUs and are derived directly from the Board-approved five-year budget.

Management has considered the indicators of potential impairment present elsewhere in the annual report and financial statements, including declining organic revenue, customer churn of £21.2m, lower adjusted EBITDA and increased net leverage, and has concluded that no impairment charge arises in the year ended 31 March 2026. In the prior year, an impairment charge of £52.9m was recognised against the Iomart Cloud Services group of CGUs, reflecting a strategic shift away from low-growth, heritage product areas and accelerated customer churn experienced within that group of CGUs.

The Group's aggregate headroom across all CGUs and groups of CGUs is £83.9m (2025: £12.7m). The primary driver of the increase is the prior year impairment of £52.9m, which substantially reduced the carrying value of the Iomart Cloud Services group of CGUs, historically the principal source of impairment risk. The recoverable amount of the Iomart Cloud Services group of CGUs exceeds its carrying value by £45.6m at 31 March 2026. Additional contributing factors include the reclassification of Extrinsica to the Atech CGU and Sonassi to the Easyspace CGU, a reduction in the post-tax discount rate from 11.1% to 10.8%, and higher projected EBITDA in the Atech forecast period.

The five-year cash flow forecasts are derived from the Board-approved budget and reflect management's assessment of the recovery trajectory, underpinned by the Group's strategic partnerships with Microsoft, Broadcom and Commvault and by ongoing cost efficiencies.

Reasonably possible downside sensitivities have been applied to the key assumptions across all three CGUs and groups of CGUs. These comprise, individually and in combination: an increase in the post-tax discount rate of +0.5% (to 11.3%) and +1.0% (to 11.8%); and a reduction in forecast free cash flows of 5% and 10% against the Board-approved budget.

In relation to Iomart Cloud Services, as noted earlier, the Directors recognise headroom has increased significantly from the prior year. Under downside scenario, applied to Iomart Cloud Services, incorporating a 10% reduction in forecast free cash flows and an increase in the discount rate to 11.8%, positive headroom of £7.4m is retained. The key assumption to which the recoverable amount of this group of CGUs is most sensitive is the rate of recovery in EBITDA over the forecast period, driven by new order bookings and the management of customer churn. The Board-approved budget applies a growth rate in EBITDA of 13% from the FY26 actual base to the FY31 terminal year, reflecting the expected benefit of the Group's strategic partnerships with Microsoft, Broadcom and Commvault and the ongoing cost efficiency programme. The Directors consider this rate to be supportable based on current trading, pipeline and the broader market context.

Atech CGU recoverable amount exceeds the carrying value by £28.6m under the base case. Under the most severe combined downside scenario, headroom reduces to £9.7m. No impairment is indicated under any sensitivity scenario applied.

The recoverable amounts of all CGUs or groups of CGUs exceed their respective carrying values under both the base case assumptions and all reasonably possible downside scenarios considered. Consequently, the Directors have concluded that no impairment charge is required for the year ended 31 March 2026.

All amortisation and impairment charges are included within depreciation, amortisation and impairment of non-financial assets and are presented within administrative expenses in the statement of comprehensive income.

The following table details the risk profile of trade receivables based on the Group's provision matrix. As the Group's historical credit loss experience does not show significantly different loss patterns for different customer segments, the provision for loss allowance based on past due status is not further distinguished between the Group's different customer segments.

To consider the total exposure to credit risks, the Group uses figures net of VAT. At 31 March 2026, £11.3m (2025: £10.5m) of net trade receivables were fully performing. Net trade receivables of £9.2m (2025: £7.8m) were past due. The credit quality of financial assets that are not past due can be assessed by reference to the historical performance. Trade receivables consist of a large number of customers in various industries and geographical areas. The Group is not exposed to any significant credit risk exposure to any single counterparty or any group of counterparties having similar characteristics.

Prepayments of £14.2m (2025: £15.2m) principally comprise prepaid software licence fees in respect of multi-year technology arrangements, which are billed and settled on an annual basis. Management consider the carrying amount of prepayments to be recoverable in full.

The Group capitalises incremental costs of obtaining a contract, principally sales commissions, to the extent that those costs are expected to be recovered. Capitalised contract costs are included within prepayments and are amortised on a straight-line basis over the expected period of the customer relationship to which the costs relate. The movement in capitalised contract costs (deferred sales commissions) during the year was as follows:

Contingent consideration relating to CWL Systems Limited, a historic acquisition within Atech Support Limited, was settled in April 2025 by the Group.

The Group finances its operations by raising finance through equity, bank borrowings and leases. No speculative treasury transactions are undertaken, however, the Group does from time to time enter into forward foreign exchange contracts to hedge currency exposures. Financial assets and liabilities include those assets and liabilities of a financial nature, namely cash, short-term receivables/payables and borrowings.

The carrying amounts of financial assets presented in the statement of financial position relate to the following measurement categories as defined in IFRS 9:

The carrying amounts of financial liabilities presented in the statement of financial position relate to the following measurement categories as defined in IFRS 9:

In the prior year, the Group entered into a forward foreign exchange contract to mitigate foreign exchange risk in the income statement associated with the financial liability recognised in relation to the Broadcom licensing agreement, which are USD-denominated. The carrying amount of the derivative liability associated with this contract is disclosed within trade and other payables in the statement of financial position.

The following table details the foreign currency forward contracts outstanding at the end of the reporting period, as well as information regarding their related hedged items. Foreign currency forward contract liabilities are presented in “Trade and other payables” within the statement of financial position. All of the currency forward contracts are designated as cash flow hedges.

Iomart Managed Services Limited (and the consolidated Iomart Group plc) is exposed to fluctuations in the foreign currency exchange rate (i.e. GBP/USD) arising on the USD liability associated with the multi-year licensing commitment. The hedging instruments, being foreign exchange forward contracts, are also exposed to fluctuations in the GBP/USD foreign exchange rate. As a result, an economic relationship exists between the hedged item and the hedging instrument. Directionally, the exposure to USD on the hedging instrument is in the opposite direction to the exposure to USD on the liability. In addition to the above, critical terms (i.e. currencies, amounts, payment dates, etc) of the hedging instrument and hedged item match.

The hedge ratio is 1:1, based on the notional of the hedging instrument and hedged item. The source of hedge ineffectiveness is the associated credit risk.

The cumulative amount of gains and losses on effective hedging instruments are held within the “Hedge reserve”. Such gains or losses are recorded gross of any tax effect. In relation to such hedging instruments a loss of £101,000 (2025: £84,000) has been recorded in the profit and loss for the year within other comprehensive expenses. No hedge ineffectiveness was recognised in the income statement during the year ended 31 March 2026 (2025: £nil). A reconciliation of the hedge reserve is presented in Note 21.

The fair value of financial instruments that are not traded in an active market (for example, over-the- counter derivatives) is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. The fair value of the forward foreign exchange contracts is determined using forward exchange rates at the date of the statement of financial position, with the resulting value discounted accordingly as relevant.

The following table shows the timing of cash outflow relating to financial liabilities:

Comparative information for the year ended 31 March 2025 has been restated within the financial liabilities maturity analysis to include contractual interest cash flows on bank borrowings, which were not presented separately in the prior year. The restatement has been made to align the presentation with the current year and to provide a more complete view of the Group's contractual undiscounted cash outflows relating to financial liabilities. This change affects presentation only and does not impact the Group's previously reported results, net assets or cash flows.

The undiscounted contractual cash flows presented above differ from the carrying amounts recognised in the statement of financial position. For lease liabilities the difference of £0.4m (2025: £0.3m) represents future interest charges not yet accrued. For bank loans the difference of £0.8m (2025: £0.8m) represents future interest payments calculated at the effective interest rate of 6.25% (2025: 6.90%) applied to the drawn balance for the remaining term to maturity, these are not recognised as financial liabilities at the balance sheet date. Trade payables are non-interest bearing and therefore the undiscounted cash flows equal the carrying amount.

The Group seeks to manage financial risk to ensure sufficient liquidity is available to meet foreseeable needs and to invest cash safely and profitably. In Note 16, the contractual maturity analysis of the Group's revolving credit facility of £97.5m (2025: £97m) is shown. The Group has £17.5m (2025: £28m) available to drawdown on the £115m (2024: £125m) revolving credit facility and reviews its cash flow requirements on a monthly basis. The Group was in compliance with all covenants under its banking facility arrangements throughout the reporting period.

At the start of the year there was £97m (2025: £40m) outstanding on the revolving credit facility and drawdowns of £0.5m (2025: £57.0m) were made from the facility during the year. Repayments totalling £nil (2025: £nil) were made in the year resulting in a balance outstanding at the end of the year of £97.5m (2025: £97m).

At the year end, the Group had access to a £115m revolving credit facility that matures on 30 June 2027. The revolving credit facility had a borrowing cost at the Group's current leverage levels of 3.0% (2025: 2.5%) margin over SONIA. The revolving credit facility incurs a non-utilisation fee of 35% of the bank margin. The effective interest rate for the revolving credit facility in the current year was 7.14% (2025: 7.29%).

Given the terms of the revolving credit facility and the ability for any drawdowns made to be extended beyond 31 March 2027 at the discretion of the Group, the total amount outstanding has been classified as non-current.

The future obligations under the revolving credit facility are repayable as follows:

*Prior year interest has been re-presented to reflect interest payable over the remaining term of the RCF to 30 June 2026, the facility's maturity date prior to the refinancing which completed after the year end, to better reflect the position as at 31 March 2025.

As noted within Note 24 the revolving credit facility (‘RCF') was amended and extended on 5 June 2026 taking the revised expiry date to 30 June 2028. The RCF provides the Group with additional liquidity which will be used for general business purposes and to fund investments, in accordance with the Group's three-year strategic plan. The Directors are of the opinion that the Group can operate within the facility and comply with its bank covenants.

The Group leases a range of assets, including buildings, colocation arrangements, datacentre equipment, fibre and vehicles. Details of leases where the Group is the lessee are presented below:

The maturity analysis of undiscounted lease liabilities is shown in the table below:

Amounts recognised in the Income statement and statement of comprehensive income in relation to leases is shown below:

The Group has made provisions for the reinstatement of certain leasehold properties and after initial measurement, any subsequent adjustments to reinstatement provisions will be recorded against the original amount included in leasehold improvements with a corresponding adjustment to future depreciation charges. The utilisation of the reinstatement provision is in line with the end of the various leasehold properties lease terms to which the provisions relate, the furthest of which ends in June 2035.

*The hedge reserve recognises the effective portion of changes in the fair value of the hedging instruments associated with forward USD currency contracts.

In the current year, the share-based payment reserve has been presented as a separate component of equity within other reserves. In the prior year, this reserve was included within retained earnings. The comparative figures have been restated to reflect this reclassification. As a result, retained earnings at 1 April 2024 have been increased by £0.2m and 31 March 2025 have been reduced by £0.03m respectively, with corresponding increases to the share-based payment reserve. There is no impact on total equity in either year.

The Group operated the following share-based payment employee share option schemes during the current and prior year; a SAYE sharesave scheme and a number of unapproved schemes. All schemes are settled in equity only and are summarised below.

The performance criteria as set by the Remuneration Committee are based on the achievement of annual objectives, continuous employment and performance of the Group.

As disclosed in Note 4, a share-based payment credit of £36,000 (2025: charge of £198,000) has been recognised in the statement of comprehensive income in respect of these schemes.

The fair value of employee services received is measured indirectly by reference to the fair value of the options granted. This is determined using the Black-Scholes option pricing model, based on the following assumptions for options granted during the current year:

i) Expected volatility was determined at the date of grant from historic volatility, adjusted for events that were not considered to be reflective of the volatility of the share price going forward; and

ii) Risk free rate was calculated based on the average Bank of England zero coupon yields

The movement in options during the year in respect of the Company's ordinary shares of 1p each under the various share option schemes are as follows:

During the year, options over 964,920 ordinary shares (2025: 422,369) were exercised and the average market price at the exercise dates was 23.39p (2025: 114.07p).

Options over 7,200,000 ordinary shares (2025: 2,136,252) were granted under the unapproved share option scheme with an average exercise price of 1.0p (2024: 1.0p) and no options over ordinary shares were granted under the sharesave scheme in either the current or prior year.

Options over 3,972,757 ordinary shares (2025: 852,699) were forfeited or lapsed under the unapproved share option scheme with an average exercise price of 1.0p (2025: 1.0p) and over 108,365 options (2025: 483,072) were forfeited or lapsed under the sharesave scheme with an average exercise price of 121.6p (2025: 126.1p).

A summary of share options that were outstanding and exercisable at the year end are as follows:

In accordance with IAS 24 Related Party Disclosures, the Group has determined that the Directors are the only individuals deemed to be key management personnel.

*Dividends paid to Scott Cunningham of £nil (2025: £10,612), Karyn Lamont of £nil (2025: £302), Annette Nabavi of £nil (2025: £72), Richard Last of £nil (2025: £655), include amounts in respect of spouses' shareholding.

In accordance with Section 409 of the Companies Act 2006, the Company is required to disclose information about its related undertakings. The following table presents the full list of subsidiary undertakings of Iomart Group plc as at 31 March 2026.

The Group holds 100% of the issued share capital and voting rights, and each undertaking is included in the consolidated financial statements.

The following entities are all 100% wholly owned by one of the Iomart Group plc subsidiaries:

For the year ended 31 March 2026, the following UK subsidiaries of the Group were entitled to exemption from audit under s479A of the Companies Act 2006, relating to subsidiary companies.

The Notes on pages 106 to 160 are an integral part of these financial statements.

In preparing these financial statements, the Company applies the recognition, measurement and disclosure requirements of UK-adopted international accounting standards but makes amendments where necessary in order to comply with the Companies Act 2006 and has set out below where advantage of the FRS 101 disclosure exemptions has been taken.

The financial statements have been prepared on a going concern and historical cost basis and are presented in £'000 sterling. See Note 1 of the Group financial statements for information of the Directors' assessment of the going concern basis.

The Company has applied the disclosure exemptions available under FRS 101. As a result, these financial statements do not include:

Where relevant, equivalent information, including details of borrowings, share capital, reserves and dividends has been provided in the consolidated financial statements. The Company applies the same principal accounting policies as set out in Note 1 of the Notes to the consolidated financial statements, and these have been applied consistently throughout the year unless otherwise stated.

The Company has taken advantage of the exemption in Section 408 of the Companies Act 2006 not to present its own income statement in these financial statements. The auditors' remuneration for audit and other services is disclosed in Note 5 of the Group financial statements.

During the year and Prior year, the Company had no employees. All staff costs within the Company in the current year relate to recharges from other Group entities. For more information, refer to Note A.

Details of subsidiary undertakings are provided in Note 25 of the consolidated financial statements.

For the purpose of the Group's goodwill impairment review (Note 10 of the consolidated financial statements), assets are grouped into three CGUs:

At parent level, the impairment assessment is performed at the level of individual investee entities, as each investment represents a directly held subsidiary whose recoverable amount can be separately identified. The relationship between parent investments and Group CGUs is as follows:

The same discount rate and cash flow assumptions are applied consistently across the Group impairment review and parent investment impairment assessment.

Assessment of CGU Structure and Consistency with Parent Company Impairment Review

The Directors have performed a stand-back assessment of the Group's cash-generating unit structure and are satisfied that the identified CGUs and groups of CGUs represent the appropriate level for impairment testing. Within Iomart Cloud Services, the lowest level at which largely independent cash inflows are generated is considered to be the individual data centre. Accordingly, Iomart Cloud Services is treated as a group of CGUs for the purposes of goodwill impairment testing. The Group allocates and monitors goodwill at this group of CGUs level, as management does not consider it practicable to allocate goodwill to individual data centres given the shared infrastructure and interdependencies across the estate.

While the parent Company assesses impairment at the level of individual subsidiary investments, this is consistent with the Group's CGU impairment assessment as the underlying cash flows of those subsidiaries form part of the respective CGUs. No indicators were identified that would suggest a misalignment between the Group and Company level impairment assessments, and the conclusions reached are considered to be consistent.

The deferred tax asset relating to share-based remuneration arises from the expected future tax deduction on the exercise of share options.

The deferred tax asset in respect of brought forward tax losses represents tax losses considered recoverable against future taxable profits of the Group, to the extent that it is probable that such profits will be available.

In the prior year, the Company has entered into a forward foreign exchange, contract on behalf of another group entity who wishes to hedge the foreign exchange exposure, to mitigate foreign exchange risk in the income statement associated with the financial liability recognised in relation to a long-term licensing agreement, which is USD-denominated.

The details concerning the external foreign exchange contract and the related financial liability in relation to a long-term licence agreement are disclosed in Note 15 of the Group's financial statements on page 143.

The carrying amount of the derivative liability associated with this contract is disclosed within trade and other payables in the statement of financial position.

The carrying amount of the equal and opposite intercompany derivative asset, which has the exact same terms as the external foreign exchange contracts, is as follows:

The asset is held in other debtors and the liability is held in other creditors in the Company.

The above equal and opposite financial liabilities and financial assets concerning foreign currency forward contracts ensures there is no income statement impact for the Company.

As permitted by FRS 101 related party transactions with wholly owned members of the Group have not been disclosed. Related party transactions regarding remuneration and dividends paid to key management personnel of the Company have been disclosed in Note 23 of the Group financial statements.

The Group uses the following alternative performance measures (APMs) to supplement the IFRS financial statements. These measures are not defined under IFRS and are therefore non-GAAP measures. They should not be read in isolation from, or as a substitute for, the Group's IFRS financial information, and may not be directly comparable with similarly labelled measures used by other companies.

The Board and management use these APMs to assess the underlying performance of the business, set targets, and make resource allocation decisions. The APMs are also used in external communications to shareholders and analysts. Each APM is defined below.

Adjusted EBITDA is defined as earnings before interest, tax, depreciation and amortisation (EBITDA), adjusted to exclude share-based payment charges, acquisition-related costs, gains or losses on the revaluation of contingent consideration, foreign exchange gains and losses on FX forward contracts and the associated foreign exchange movements on related liabilities, and other material non-recurring items.

The Group considers adjusted EBITDA to be a useful measure of operating performance because it approximates the underlying operating cash flow by eliminating the charges mentioned above. It is not a direct measure of liquidity, which is shown in the consolidated statement of cash flows and needs to be considered in the context of the Group's financial commitments.

Adjusted EBIT is defined as Adjusted EBITDA less depreciation of property, plant and equipment and amortisation of internally generated and other non-acquired intangible assets. It excludes amortisation of acquired intangible assets, which management considers to be a non-cash charge arising from acquisition accounting rather than reflective of underlying trading performance.

Adjusted EBITDA margin % is defined as Adjusted EBITDA divided by total revenue, expressed as a percentage. The Group considers this measure useful in assessing the efficiency of the business in converting revenue to underlying operating earnings, and in comparing performance across periods and against peers.

Adjusted EBIT margin % is defined as Adjusted EBIT divided by total revenue, expressed as a percentage.

Net debt / Adjusted EBITDA is defined as net debt (being total borrowings including lease liabilities, less cash and cash equivalents) divided by Adjusted EBITDA for the last twelve months. The Group uses this ratio to monitor financial leverage and assess compliance headroom against banking covenant thresholds. A reconciliation of net debt is provided in Note 16.

Cash flow from operations / Adjusted EBITDA conversion ratio is defined as cash generated from operations (before exceptional items) divided by Adjusted EBITDA, expressed as a percentage. The Group considers this measure useful in assessing the quality of earnings and the efficiency with which Adjusted EBITDA is converted into cash.

Recurring revenue represents contracted or repeat service revenues where there is a reasonable expectation of continuation, including contracted monthly and annual service fees, domain renewals and managed service retainers. Non-recurring revenue includes hardware resale, one-off project and implementation fees, and professional services engagements not expected to repeat on a regular basis. Where contracts contain both recurring and non-recurring elements, revenue is allocated between categories based on the nature of each performance obligation. The Group considers this disaggregation meaningful as recurring revenue provides greater visibility of future cash flows and is a key indicator of the quality and sustainability of the revenue base.

Recurring revenue % is defined as recurring revenue divided by total revenue, expressed as a percentage.

Adjusted profit before tax is presented by the Group as an alternative performance measure to provide additional insight into underlying trading performance. It excludes items that management considers to be non-recurring, acquisition-related or non-operational in nature.

The Group considers adjusted profit before tax to be a useful measure as it removes the impact of non-recurring and acquisition-related items, which are typically excluded by investors and analysts when assessing underlying performance.

Adjusted diluted earnings per share is calculated by adjusting profit before tax as described above, applying an appropriate tax charge, and dividing by the weighted average number of ordinary shares in issue during the year, adjusted for the dilutive effect of share options.

The Group considers this measure to be useful for the same reasons as adjusted profit before tax. It is also used as a reference point when considering dividend distributions.

V.1.0 FINTAGS 01 April 2025 31 March 2026 31 March 2026 true true 8 16 8 16 8 Trade receivables are amounts due from customers for goods sold and services provided in the ordinary course of business. Trade receivables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method, less provision for impairment. In recognising any provision for impairment, the Group applies the IFRS 9 approach to measuring expected credit losses which uses a lifetime expected loss allowance for all assets held at amortised cost. The Group recognises a loss allowance for all expected credit losses on initial recognition of trade receivables. Cash and cash equivalents comprise cash at bank and short-term deposits that are readily convertible into known amounts of cash with maturities of three months or less from inception and which are subject to an insignificant risk of changes in value. Trade payables are stated at their nominal value, recognised initially at fair value and subsequently valued at amortised cost. Borrowings are initially stated at fair value after deduction of any issue costs. The carrying amount is increased by the finance costs in respect of the accounting period and reduced by payments made in the period. Borrowings are subsequently stated at amortised cost, any difference between the periods (net of transaction costs) and the redemption value is recognised through profit or loss over the period of the borrowings using the effective interest method. Where borrowings are repaid early and new loan facilities agreed the terms of each loan facility are compared. Where the terms of the new borrowings are significantly different from those of the previous borrowings, the previous borrowings are treated as extinguished rather than modified as prescribed under IFRS 9. Trade payables are stated at their nominal value, recognised initially at fair value and subsequently valued at amortised cost. Trade receivables are amounts due from customers for goods sold and services provided in the ordinary course of business. Trade receivables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method, less provision for impairment. In recognising any provision for impairment, the Group applies the IFRS 9 approach to measuring expected credit losses which uses a lifetime expected loss allowance for all assets held at amortised cost. The Group recognises a loss allowance for all expected credit losses on initial recognition of trade receivables. true false true 01 April 2024 31 March 2025 These accounts have been prepared in accordance with the special provisions in part 15 of the companies act 2006 relating to small companies and in accordance with FRS Property, plant and equipment is stated at cost net of depreciation and any provision for impairment. Leasehold property is included in property, plant and equipment only where it is held under IFRS 16. The gain or loss arising on the disposal of an asset is determined as the difference between the disposal proceeds and the carrying amount of the asset and is recognised in profit or loss. true iso4217:GBP xbrli:pure xbrli:shares iso4217:GBP xbrli:shares SC204560 2025-04-01 2026-03-31 SC204560 bus:Chairman bus:ExecutiveOfficer 2025-04-01 2026-03-31 SC204560 bus:Director2 bus:Non-executiveOfficer 2025-04-01 2026-03-31 SC204560 bus:Director3 bus:Non-executiveOfficer 2025-04-01 2026-03-31 SC204560 bus:Director4 bus:Non-executiveOfficer 2025-04-01 2026-03-31 SC204560 bus:Non-executiveOfficer bus:Director5 2025-04-01 2026-03-31 SC204560 bus:CompanySecretary1 2025-04-01 2026-03-31 SC204560 bus:RegisteredOffice 2025-04-01 2026-03-31 SC204560 2026-03-31 SC204560 bus:Consolidated core:ContinuingOperations 2025-04-01 2026-03-31 SC204560 bus:Consolidated core:ContinuingOperations 2024-04-01 2025-03-31 SC204560 bus:Consolidated core:ContinuingOperations core:IntangibleAssetsOtherThanGoodwill 2025-04-01 2026-03-31 SC204560 bus:Consolidated core:ContinuingOperations core:IntangibleAssetsOtherThanGoodwill 2024-04-01 2025-03-31 SC204560 bus:Consolidated core:Goodwill 2026-03-31 SC204560 bus:Consolidated core:Goodwill 2025-03-31 SC204560 bus:Consolidated 2026-03-31 SC204560 bus:Consolidated 2025-03-31 SC204560 bus:Consolidated core:Non-currentFinancialInstruments 2026-03-31 SC204560 bus:Consolidated core:Non-currentFinancialInstruments 2025-03-31 SC204560 bus:Consolidated core:CurrentFinancialInstruments 2026-03-31 SC204560 bus:Consolidated core:CurrentFinancialInstruments 2025-03-31 SC204560 bus:Consolidated core:ShareCapital 2026-03-31 SC204560 bus:Consolidated core:ShareCapital 2025-03-31 SC204560 bus:Consolidated core:CapitalRedemptionReserve 2026-03-31 SC204560 bus:Consolidated core:CapitalRedemptionReserve 2025-03-31 SC204560 bus:Consolidated core:SharePremium 2026-03-31 SC204560 bus:Consolidated core:SharePremium 2025-03-31 SC204560 bus:Consolidated core:OtherReservesSubtotal 2026-03-31 SC204560 bus:Consolidated core:OtherReservesSubtotal 2025-03-31 SC204560 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2026-03-31 SC204560 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2025-03-31 SC204560 bus:Consolidated core:OtherMiscellaneousReserve 2026-03-31 SC204560 bus:Consolidated core:OtherMiscellaneousReserve 2025-03-31 SC204560 bus:Consolidated core:ShareCapital 2024-03-31 SC204560 bus:Consolidated core:OtherMiscellaneousReserve 2024-03-31 SC204560 bus:Consolidated core:CapitalRedemptionReserve 2024-03-31 SC204560 bus:Consolidated core:SharePremium 2024-03-31 SC204560 bus:Consolidated core:OtherReservesSubtotal 2024-03-31 SC204560 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2024-03-31 SC204560 bus:Consolidated 2024-03-31 SC204560 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2025-04-01 2026-03-31 SC204560 bus:Consolidated 2025-04-01 2026-03-31 SC204560 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2024-04-01 2025-03-31 SC204560 bus:Consolidated 2024-04-01 2025-03-31 SC204560 bus:Consolidated core:OtherReservesSubtotal 2025-04-01 2026-03-31 SC204560 bus:Consolidated core:OtherReservesSubtotal 2024-04-01 2025-03-31 SC204560 bus:Consolidated core:ShareCapital 2024-04-01 2025-03-31 SC204560 bus:Consolidated core:ShareCapital 2025-04-01 2026-03-31 SC204560 1 bus:Consolidated 2025-04-01 2026-03-31 SC204560 2 bus:Consolidated 2025-04-01 2026-03-31 SC204560 2 bus:Consolidated 2024-04-01 2025-03-31 SC204560 3 bus:Consolidated 2024-04-01 2025-03-31 SC204560 countries:UnitedKingdom 2025-04-01 2026-03-31 SC204560 4 bus:Consolidated 2025-04-01 2026-03-31 SC204560 core:CustomerRelationships bus:Consolidated 2025-04-01 2026-03-31 SC204560 core:Goodwill bus:Consolidated 2025-04-01 2026-03-31 SC204560 bus:Consolidated core:BottomRangeValue core:CustomerRelationships 2025-04-01 2026-03-31 SC204560 core:TopRangeValue bus:Consolidated core:CustomerRelationships 2025-04-01 2026-03-31 SC204560 core:BrandNames bus:Consolidated 2025-04-01 2026-03-31 SC204560 core:BottomRangeValue bus:Consolidated core:BrandNames 2025-04-01 2026-03-31 SC204560 core:BrandNames core:TopRangeValue bus:Consolidated 2025-04-01 2026-03-31 SC204560 core:DevelopmentCostsCapitalisedDevelopmentExpenditure bus:Consolidated 2025-04-01 2026-03-31 SC204560 core:ComputerSoftware bus:Consolidated 2025-04-01 2026-03-31 SC204560 bus:Consolidated core:OwnedOrFreeholdAssets core:LandBuildings 2025-04-01 2026-03-31 SC204560 core:LeaseholdImprovements bus:Consolidated 2025-04-01 2026-03-31 SC204560 core:OtherPropertyPlantEquipment bus:Consolidated 2025-04-01 2026-03-31 SC204560 core:ComputerEquipment bus:Consolidated 2025-04-01 2026-03-31 SC204560 core:OfficeEquipment bus:Consolidated 2025-04-01 2026-03-31 SC204560 core:MotorVehicles bus:Consolidated 2025-04-01 2026-03-31 SC204560 bus:Consolidated core:FinancialLiabilitiesAmortisedCost 2025-04-01 2026-03-31 SC204560 bus:Consolidated core:FinancialAssetsAmortisedCost 2025-04-01 2026-03-31 SC204560 bus:Consolidated core:ShareCapitalSharePremiumSubtotal 2025-04-01 2026-03-31 SC204560 bus:Consolidated core:MergerReserve 2025-04-01 2026-03-31 SC204560 bus:Consolidated core:CapitalContributionReserve 2025-04-01 2026-03-31 SC204560 core:HedgingReserve bus:Consolidated 2025-04-01 2026-03-31 SC204560 core:ForeignCurrencyTranslationReserve bus:Consolidated 2025-04-01 2026-03-31 SC204560 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2025-04-01 2026-03-31 SC204560 5 bus:Consolidated 2025-04-01 2026-03-31 SC204560 bus:Consolidated countries:UnitedKingdom 2025-04-01 2026-03-31 SC204560 bus:Consolidated countries:UnitedKingdom 2024-04-01 2025-03-31 SC204560 bus:Consolidated countries:RestWorldOutsideUK 2025-04-01 2026-03-31 SC204560 bus:Consolidated countries:RestWorldOutsideUK 2024-04-01 2025-03-31 SC204560 bus:Consolidated core:Goodwill 2024-04-01 2025-03-31 SC204560 6 bus:Consolidated 2025-04-01 2026-03-31 SC204560 6 bus:Consolidated 2024-04-01 2025-03-31 SC204560 bus:Consolidated core:AcceleratedTaxDepreciationDeferredTax 2026-03-31 SC204560 bus:Consolidated core:AcceleratedTaxDepreciationDeferredTax 2025-03-31 SC204560 bus:Consolidated core:OtherDeferredTax 2026-03-31 SC204560 bus:Consolidated core:OtherDeferredTax 2025-03-31 SC204560 bus:Consolidated core:TaxLossesCarry-forwardsDeferredTax 2026-03-31 SC204560 bus:Consolidated core:TaxLossesCarry-forwardsDeferredTax 2025-03-31 SC204560 bus:Consolidated core:FurtherSpecificItem1DeferredTaxComponentTotalForDeferredTax 2026-03-31 SC204560 bus:Consolidated core:FurtherSpecificItem1DeferredTaxComponentTotalForDeferredTax 2025-03-31 SC204560 bus:Consolidated core:FurtherSpecificItem2DeferredTaxComponentTotalForDeferredTax 2026-03-31 SC204560 bus:Consolidated core:FurtherSpecificItem2DeferredTaxComponentTotalForDeferredTax 2025-03-31 SC204560 core:PreviouslyStatedAmount bus:Consolidated 2025-03-31 SC204560 core:PriorPeriodIncreaseDecrease core:Non-currentFinancialInstruments bus:Consolidated 2025-03-31 SC204560 core:PreviouslyStatedAmount core:Non-currentFinancialInstruments bus:Consolidated 2025-03-31 SC204560 core:CurrentFinancialInstruments bus:Consolidated 2025-03-31 SC204560 core:PriorPeriodIncreaseDecrease core:CurrentFinancialInstruments bus:Consolidated 2025-03-31 SC204560 core:PriorPeriodIncreaseDecrease bus:Consolidated 2025-03-31 SC204560 bus:Consolidated core:FurtherSpecificItem3DeferredTaxComponentTotalForDeferredTax 2026-03-31 SC204560 bus:Consolidated core:FurtherSpecificItem3DeferredTaxComponentTotalForDeferredTax 2025-03-31 SC204560 7 bus:Consolidated core:ContinuingOperations 2025-04-01 2026-03-31 SC204560 8 bus:Consolidated core:ContinuingOperations 2025-04-01 2026-03-31 SC204560 8 bus:Consolidated core:ContinuingOperations 2024-04-01 2025-03-31 SC204560 bus:Consolidated core:PreviouslyStatedAmount 2024-04-01 2025-03-31 SC204560 bus:Consolidated core:PriorPeriodIncreaseDecrease 2024-04-01 2025-03-31 SC204560 9 bus:Consolidated 2024-04-01 2025-03-31 SC204560 9 bus:Consolidated core:PriorPeriodIncreaseDecrease 2024-04-01 2025-03-31 SC204560 9 bus:Consolidated core:PreviouslyStatedAmount 2024-04-01 2025-03-31 SC204560 10 bus:Consolidated 2024-04-01 2025-03-31 SC204560 10 bus:Consolidated core:PriorPeriodIncreaseDecrease 2024-04-01 2025-03-31 SC204560 10 bus:Consolidated core:PreviouslyStatedAmount 2024-04-01 2025-03-31 SC204560 12 bus:Consolidated 2025-04-01 2026-03-31 SC204560 13 bus:Consolidated 2025-04-01 2026-03-31 SC204560 14 bus:Consolidated 2025-04-01 2026-03-31 SC204560 bus:Consolidated core:OtherResidualIntangibleAssets 2025-04-01 2026-03-31 SC204560 bus:Consolidated core:OtherResidualIntangibleAssets 2024-04-01 2025-03-31 SC204560 bus:Consolidated core:ContinuingOperations core:Goodwill 2024-04-01 2025-03-31 SC204560 bus:Consolidated core:IntangibleAssetsOtherThanGoodwill 2024-04-01 2025-03-31 SC204560 15 bus:Consolidated 2024-04-01 2025-03-31 SC204560 16 bus:Consolidated 2024-04-01 2025-03-31 SC204560 bus:Consolidated core:IntangibleAssetsOtherThanGoodwill 2025-04-01 2026-03-31 SC204560 17 bus:Consolidated 2025-04-01 2026-03-31 SC204560 18 bus:Consolidated 2025-04-01 2026-03-31 SC204560 18 bus:Consolidated 2024-04-01 2025-03-31 SC204560 19 bus:Consolidated 2024-04-01 2025-03-31 SC204560 20 bus:Consolidated 2025-04-01 2026-03-31 SC204560 core:Share-basedPaymentsDeferredTax bus:Consolidated 2024-03-31 SC204560 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2024-03-31 SC204560 core:FurtherSpecificItem1DeferredTaxComponentTotalForDeferredTax bus:Consolidated 2024-03-31 SC204560 core:FurtherSpecificItem2DeferredTaxComponentTotalForDeferredTax bus:Consolidated 2024-03-31 SC204560 core:FurtherSpecificItem3DeferredTaxComponentTotalForDeferredTax bus:Consolidated 2024-03-31 SC204560 core:Share-basedPaymentsDeferredTax bus:Consolidated 2025-03-31 SC204560 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2025-03-31 SC204560 core:FurtherSpecificItem1DeferredTaxComponentTotalForDeferredTax bus:Consolidated 2025-03-31 SC204560 core:OtherDeferredTax bus:Consolidated 2025-03-31 SC204560 core:FurtherSpecificItem2DeferredTaxComponentTotalForDeferredTax bus:Consolidated 2025-03-31 SC204560 core:FurtherSpecificItem3DeferredTaxComponentTotalForDeferredTax bus:Consolidated 2025-03-31 SC204560 core:TaxLossesCarry-forwardsDeferredTax bus:Consolidated 2025-03-31 SC204560 core:Share-basedPaymentsDeferredTax bus:Consolidated 2026-03-31 SC204560 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2026-03-31 SC204560 core:FurtherSpecificItem1DeferredTaxComponentTotalForDeferredTax bus:Consolidated 2026-03-31 SC204560 core:OtherDeferredTax bus:Consolidated 2026-03-31 SC204560 core:FurtherSpecificItem2DeferredTaxComponentTotalForDeferredTax bus:Consolidated 2026-03-31 SC204560 core:FurtherSpecificItem3DeferredTaxComponentTotalForDeferredTax bus:Consolidated 2026-03-31 SC204560 core:TaxLossesCarry-forwardsDeferredTax bus:Consolidated 2026-03-31 SC204560 core:Share-basedPaymentsDeferredTax bus:Consolidated 2024-04-01 2025-03-31 SC204560 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2024-04-01 2025-03-31 SC204560 core:FurtherSpecificItem1DeferredTaxComponentTotalForDeferredTax bus:Consolidated 2024-04-01 2025-03-31 SC204560 core:OtherDeferredTax bus:Consolidated 2024-04-01 2025-03-31 SC204560 core:FurtherSpecificItem2DeferredTaxComponentTotalForDeferredTax bus:Consolidated 2024-04-01 2025-03-31 SC204560 core:FurtherSpecificItem3DeferredTaxComponentTotalForDeferredTax bus:Consolidated 2024-04-01 2025-03-31 SC204560 core:TaxLossesCarry-forwardsDeferredTax bus:Consolidated 2024-04-01 2025-03-31 SC204560 core:Share-basedPaymentsDeferredTax bus:Consolidated 2025-04-01 2026-03-31 SC204560 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2025-04-01 2026-03-31 SC204560 core:FurtherSpecificItem1DeferredTaxComponentTotalForDeferredTax bus:Consolidated 2025-04-01 2026-03-31 SC204560 core:OtherDeferredTax bus:Consolidated 2025-04-01 2026-03-31 SC204560 core:FurtherSpecificItem2DeferredTaxComponentTotalForDeferredTax bus:Consolidated 2025-04-01 2026-03-31 SC204560 core:FurtherSpecificItem3DeferredTaxComponentTotalForDeferredTax bus:Consolidated 2025-04-01 2026-03-31 SC204560 core:TaxLossesCarry-forwardsDeferredTax bus:Consolidated 2025-04-01 2026-03-31 SC204560 21 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2024-04-01 2025-03-31 SC204560 21 core:FurtherSpecificItem2DeferredTaxComponentTotalForDeferredTax bus:Consolidated 2024-04-01 2025-03-31 SC204560 21 bus:Consolidated 2024-04-01 2025-03-31 SC204560 bus:Consolidated core:Share-basedPaymentsDeferredTax 2026-03-31 SC204560 bus:Consolidated core:Share-basedPaymentsDeferredTax 2025-03-31 SC204560 bus:AllOrdinaryShares bus:Consolidated 2024-04-01 2025-03-31 SC204560 bus:Consolidated core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2026-03-31 SC204560 bus:Consolidated core:CustomerRelationships 2026-03-31 SC204560 bus:Consolidated core:BrandNames 2026-03-31 SC204560 bus:Consolidated core:ComputerSoftware 2026-03-31 SC204560 bus:Consolidated core:OtherResidualIntangibleAssets 2026-03-31 SC204560 bus:Consolidated core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2025-03-31 SC204560 bus:Consolidated core:CustomerRelationships 2025-03-31 SC204560 bus:Consolidated core:BrandNames 2025-03-31 SC204560 bus:Consolidated core:ComputerSoftware 2025-03-31 SC204560 bus:Consolidated core:OtherResidualIntangibleAssets 2025-03-31 SC204560 bus:Consolidated core:Goodwill 2024-03-31 SC204560 bus:Consolidated core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 SC204560 bus:Consolidated core:CustomerRelationships 2024-03-31 SC204560 bus:Consolidated core:ComputerSoftware 2024-03-31 SC204560 bus:Consolidated core:IntangibleAssetsOtherThanGoodwill 2024-03-31 SC204560 bus:Consolidated core:OtherResidualIntangibleAssets 2024-03-31 SC204560 bus:Consolidated core:IntangibleAssetsOtherThanGoodwill 2025-03-31 SC204560 bus:Consolidated core:IntangibleAssetsOtherThanGoodwill 2026-03-31 SC204560 bus:Consolidated core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-04-01 2025-03-31 SC204560 bus:Consolidated core:ComputerSoftware 2024-04-01 2025-03-31 SC204560 bus:Consolidated core:CustomerRelationships 2024-04-01 2025-03-31 SC204560 bus:Consolidated core:CustomerRelationships 2025-04-01 2026-03-31 SC204560 bus:Consolidated core:ComputerSoftware 2025-04-01 2026-03-31 SC204560 bus:Consolidated core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2025-04-01 2026-03-31 SC204560 bus:Consolidated core:BrandNames 2024-04-01 2025-03-31 SC204560 bus:Consolidated core:BrandNames 2025-04-01 2026-03-31 SC204560 bus:Consolidated core:OwnedOrFreeholdAssets core:LandBuildings core:PreviouslyStatedAmount 2024-03-31 SC204560 bus:Consolidated core:Right-of-useAssets core:PreviouslyStatedAmount 2024-03-31 SC204560 bus:Consolidated core:LeaseholdImprovements core:PreviouslyStatedAmount 2024-03-31 SC204560 bus:Consolidated core:OtherPropertyPlantEquipment core:PreviouslyStatedAmount 2024-03-31 SC204560 bus:Consolidated core:ComputerEquipment core:PreviouslyStatedAmount 2024-03-31 SC204560 bus:Consolidated core:OfficeEquipment core:PreviouslyStatedAmount 2024-03-31 SC204560 bus:Consolidated core:MotorVehicles core:PreviouslyStatedAmount 2024-03-31 SC204560 bus:Consolidated core:PreviouslyStatedAmount 2024-03-31 SC204560 bus:Consolidated core:OwnedOrFreeholdAssets core:LandBuildings 2025-03-31 SC204560 bus:Consolidated core:Right-of-useAssets 2025-03-31 SC204560 bus:Consolidated core:LeaseholdImprovements 2025-03-31 SC204560 bus:Consolidated core:OtherPropertyPlantEquipment 2025-03-31 SC204560 bus:Consolidated core:ComputerEquipment 2025-03-31 SC204560 bus:Consolidated core:OfficeEquipment 2025-03-31 SC204560 bus:Consolidated core:MotorVehicles 2025-03-31 SC204560 bus:Consolidated core:OwnedOrFreeholdAssets core:LandBuildings 2026-03-31 SC204560 bus:Consolidated core:Right-of-useAssets 2026-03-31 SC204560 bus:Consolidated core:LeaseholdImprovements 2026-03-31 SC204560 bus:Consolidated core:OtherPropertyPlantEquipment 2026-03-31 SC204560 bus:Consolidated core:ComputerEquipment 2026-03-31 SC204560 bus:Consolidated core:OfficeEquipment 2026-03-31 SC204560 bus:Consolidated core:MotorVehicles 2026-03-31 SC204560 bus:Consolidated core:Right-of-useAssets 2024-04-01 2025-03-31 SC204560 bus:Consolidated core:LeaseholdImprovements 2024-04-01 2025-03-31 SC204560 bus:Consolidated core:ComputerEquipment 2024-04-01 2025-03-31 SC204560 bus:Consolidated core:OfficeEquipment 2024-04-01 2025-03-31 SC204560 bus:Consolidated core:Right-of-useAssets 2025-04-01 2026-03-31 SC204560 bus:Consolidated core:LeaseholdImprovements 2025-04-01 2026-03-31 SC204560 bus:Consolidated core:OtherPropertyPlantEquipment 2025-04-01 2026-03-31 SC204560 bus:Consolidated core:ComputerEquipment 2025-04-01 2026-03-31 SC204560 bus:Consolidated core:OfficeEquipment 2025-04-01 2026-03-31 SC204560 bus:Consolidated core:OtherPropertyPlantEquipment 2024-04-01 2025-03-31 SC204560 bus:Consolidated core:MotorVehicles 2024-04-01 2025-03-31 SC204560 22 bus:Consolidated core:Right-of-useAssets 2025-04-01 2026-03-31 SC204560 22 bus:Consolidated 2025-04-01 2026-03-31 SC204560 bus:Consolidated core:OwnedOrFreeholdAssets core:LandBuildings 2024-03-31 SC204560 bus:Consolidated core:Right-of-useAssets 2024-03-31 SC204560 bus:Consolidated core:LeaseholdImprovements 2024-03-31 SC204560 bus:Consolidated core:OtherPropertyPlantEquipment 2024-03-31 SC204560 bus:Consolidated core:ComputerEquipment 2024-03-31 SC204560 bus:Consolidated core:OfficeEquipment 2024-03-31 SC204560 bus:Consolidated core:MotorVehicles 2024-03-31 SC204560 bus:Consolidated core:OwnedOrFreeholdAssets core:LandBuildings 2024-04-01 2025-03-31 SC204560 bus:Consolidated core:MotorVehicles 2025-04-01 2026-03-31 SC204560 core:Non-currentFinancialInstruments bus:Consolidated 2026-03-31 SC204560 core:Non-currentFinancialInstruments bus:Consolidated 2025-03-31 SC204560 core:CurrentFinancialInstruments bus:Consolidated 2026-03-31 SC204560 23 core:CurrentFinancialInstruments bus:Consolidated 2026-03-31 SC204560 23 core:CurrentFinancialInstruments bus:Consolidated 2025-03-31 SC204560 24 core:CurrentFinancialInstruments bus:Consolidated 2026-03-31 SC204560 24 core:CurrentFinancialInstruments bus:Consolidated 2025-03-31 SC204560 bus:Consolidated core:FinancialAssetsAmortisedCost 2026-03-31 SC204560 core:CurrentFinancialInstruments bus:Consolidated core:FinancialAssetsAmortisedCost 2026-03-31 SC204560 core:CurrentFinancialInstruments bus:Consolidated core:FinancialAssetsAmortisedCost 2026-03-31 SC204560 core:Non-currentFinancialInstruments bus:Consolidated core:FinancialAssetsAmortisedCost 2026-03-31 SC204560 bus:Consolidated core:FinancialAssetsAmortisedCost 2025-03-31 SC204560 core:Non-currentFinancialInstruments bus:Consolidated core:FinancialAssetsAmortisedCost 2025-03-31 SC204560 core:CurrentFinancialInstruments bus:Consolidated core:FinancialAssetsAmortisedCost 2025-03-31 SC204560 core:CurrentFinancialInstruments bus:Consolidated core:FinancialAssetsAmortisedCost 2025-03-31 SC204560 bus:Consolidated core:Non-currentFinancialInstruments core:FinancialLiabilitiesAmortisedCost 2026-03-31 SC204560 bus:Consolidated core:Non-currentFinancialInstruments core:FinancialLiabilitiesAmortisedCost 2026-03-31 SC204560 bus:Consolidated core:Non-currentFinancialInstruments core:FinancialInstrumentsFairValue 2026-03-31 SC204560 bus:Consolidated core:CurrentFinancialInstruments core:FinancialInstrumentsFairValue 2026-03-31 SC204560 bus:Consolidated core:FinancialLiabilitiesAmortisedCost 2026-03-31 SC204560 bus:Consolidated core:FinancialLiabilitiesAmortisedCost 2025-03-31 SC204560 core:FinancialInstrumentsFairValue bus:Consolidated core:CurrentFinancialInstruments 2025-03-31 SC204560 core:FinancialInstrumentsFairValue bus:Consolidated core:Non-currentFinancialInstruments 2025-03-31 SC204560 bus:Consolidated core:FinancialLiabilitiesAmortisedCost core:CurrentFinancialInstruments 2025-03-31 SC204560 bus:Consolidated core:CurrentFinancialInstruments core:FinancialLiabilitiesAmortisedCost 2026-03-31 SC204560 bus:Consolidated core:FinancialLiabilitiesAmortisedCost core:Non-currentFinancialInstruments 2025-03-31 SC204560 core:ForwardContract bus:Consolidated core:Non-currentFinancialInstruments 2026-03-31 SC204560 core:ForwardContract bus:Consolidated core:Non-currentFinancialInstruments 2025-03-31 SC204560 core:ForwardContract bus:Consolidated core:CurrentFinancialInstruments 2026-03-31 SC204560 core:ForwardContract bus:Consolidated core:CurrentFinancialInstruments 2025-03-31 SC204560 core:InterestRateRisk bus:Consolidated 2025-04-01 2026-03-31 SC204560 core:CurrencyRisk bus:Consolidated 2025-04-01 2026-03-31 SC204560 bus:Consolidated core:WithinOneYear core:CurrentFinancialInstruments 2026-03-31 SC204560 bus:Consolidated core:BetweenTwoFiveYears core:Non-currentFinancialInstruments 2026-03-31 SC204560 bus:Consolidated core:MoreThanFiveYears core:Non-currentFinancialInstruments 2026-03-31 SC204560 bus:Consolidated core:WithinOneYear core:CurrentFinancialInstruments 2025-03-31 SC204560 bus:Consolidated core:BetweenTwoFiveYears core:Non-currentFinancialInstruments 2025-03-31 SC204560 bus:Consolidated core:MoreThanFiveYears core:Non-currentFinancialInstruments 2025-03-31 SC204560 bus:Consolidated core:WithinOneYear 2026-03-31 SC204560 bus:Consolidated core:WithinOneYear 2025-03-31 SC204560 bus:Consolidated core:BetweenTwoFiveYears 2026-03-31 SC204560 bus:Consolidated core:BetweenTwoFiveYears 2025-03-31 SC204560 bus:Consolidated core:MoreThanFiveYears 2026-03-31 SC204560 bus:Consolidated core:MoreThanFiveYears 2025-03-31 SC204560 bus:Consolidated core:OtherProvisionsContingentLiabilities 2026-03-31 SC204560 bus:Consolidated core:OtherProvisionsContingentLiabilities 2025-03-31 SC204560 bus:Consolidated core:OtherProvisionsContingentLiabilities 2024-03-31 SC204560 bus:Consolidated core:OtherProvisionsContingentLiabilities 2024-04-01 2025-03-31 SC204560 bus:Consolidated core:OtherProvisionsContingentLiabilities 2025-04-01 2026-03-31 SC204560 bus:AllOrdinaryShares bus:Consolidated 2025-04-01 2026-03-31 SC204560 bus:AllOrdinaryShares bus:Consolidated 2024-03-31 SC204560 bus:AllOrdinaryShares bus:Consolidated 2025-03-31 SC204560 bus:AllOrdinaryShares bus:Consolidated 2026-03-31 SC204560 core:ShareCapitalOrdinaryShares bus:Consolidated 2024-03-31 SC204560 core:ShareCapitalOrdinaryShares bus:Consolidated 2025-03-31 SC204560 core:ShareCapitalOrdinaryShares bus:Consolidated 2026-03-31 SC204560 core:OtherMiscellaneousReserve 2026-03-31 SC204560 core:ShareCapitalOrdinaryShares bus:Consolidated 2024-04-01 2025-03-31 SC204560 core:ShareCapitalOrdinaryShares bus:Consolidated 2025-04-01 2026-03-31 SC204560 core:Share-basedPaymentsReserve bus:Consolidated 2026-03-31 SC204560 core:ForeignCurrencyTranslationReserve bus:Consolidated 2026-03-31 SC204560 core:MergerReserve bus:Consolidated 2026-03-31 SC204560 core:HedgingReserve bus:Consolidated 2026-03-31 SC204560 core:OtherReservesSubtotal bus:Consolidated 2026-03-31 SC204560 core:Share-basedPaymentsReserve bus:Consolidated 2025-03-31 SC204560 core:ForeignCurrencyTranslationReserve bus:Consolidated 2025-03-31 SC204560 core:MergerReserve bus:Consolidated 2025-03-31 SC204560 core:HedgingReserve bus:Consolidated 2025-03-31 SC204560 core:OtherReservesSubtotal bus:Consolidated 2025-03-31 SC204560 core:Share-basedPaymentsReserve bus:Consolidated 2024-03-31 SC204560 core:ForeignCurrencyTranslationReserve bus:Consolidated 2024-03-31 SC204560 core:MergerReserve bus:Consolidated 2024-03-31 SC204560 core:OtherReservesSubtotal bus:Consolidated 2024-03-31 SC204560 core:ForeignCurrencyTranslationReserve bus:Consolidated 2024-04-01 2025-03-31 SC204560 core:OtherReservesSubtotal bus:Consolidated 2024-04-01 2025-03-31 SC204560 core:HedgingReserve bus:Consolidated 2024-04-01 2025-03-31 SC204560 core:Share-basedPaymentsReserve bus:Consolidated 2024-04-01 2025-03-31 SC204560 core:Share-basedPaymentsReserve bus:Consolidated 2025-04-01 2026-03-31 SC204560 core:OtherReservesSubtotal bus:Consolidated 2025-04-01 2026-03-31 SC204560 26 core:Share-basedPaymentsReserve bus:Consolidated 2025-04-01 2026-03-31 SC204560 26 core:OtherReservesSubtotal bus:Consolidated 2025-04-01 2026-03-31 SC204560 26 core:Share-basedPaymentsReserve bus:Consolidated 2024-04-01 2025-03-31 SC204560 26 core:OtherReservesSubtotal bus:Consolidated 2024-04-01 2025-03-31 SC204560 core:Share-basedArrangement1 bus:Consolidated 2025-04-01 2026-03-31 SC204560 core:Share-basedArrangement2 bus:Consolidated 2025-04-01 2026-03-31 SC204560 core:Share-basedArrangement1 bus:Consolidated 2025-03-31 SC204560 core:Share-basedArrangement1 bus:Consolidated 2024-03-31 SC204560 core:Share-basedArrangement1 bus:Consolidated 2026-03-31 SC204560 core:Share-basedArrangement1 bus:Consolidated 2024-04-01 2025-03-31 SC204560 27 bus:Consolidated 2025-04-01 2026-03-31 SC204560 core:Subsidiary1 2025-04-01 2026-03-31 SC204560 core:Subsidiary2 2025-04-01 2026-03-31 SC204560 core:Subsidiary3 2025-04-01 2026-03-31 SC204560 core:Subsidiary4 2025-04-01 2026-03-31 SC204560 core:Subsidiary5 2025-04-01 2026-03-31 SC204560 core:Subsidiary6 2025-04-01 2026-03-31 SC204560 core:Subsidiary7 2025-04-01 2026-03-31 SC204560 core:Subsidiary8 2025-04-01 2026-03-31 SC204560 core:Subsidiary9 2025-04-01 2026-03-31 SC204560 core:Subsidiary10 2025-04-01 2026-03-31 SC204560 core:Subsidiary11 2025-04-01 2026-03-31 SC204560 core:Subsidiary12 2025-04-01 2026-03-31 SC204560 28 core:Subsidiary1 2025-04-01 2026-03-31 SC204560 29 core:Subsidiary2 2025-04-01 2026-03-31 SC204560 30 core:Subsidiary3 2025-04-01 2026-03-31 SC204560 31 core:Subsidiary4 2025-04-01 2026-03-31 SC204560 32 core:Subsidiary5 2025-04-01 2026-03-31 SC204560 33 core:Subsidiary6 2025-04-01 2026-03-31 SC204560 34 core:Subsidiary7 2025-04-01 2026-03-31 SC204560 35 core:Subsidiary8 2025-04-01 2026-03-31 SC204560 36 core:Subsidiary9 2025-04-01 2026-03-31 SC204560 37 core:Subsidiary10 2025-04-01 2026-03-31 SC204560 38 core:Subsidiary11 2025-04-01 2026-03-31 SC204560 39 core:Subsidiary12 2025-04-01 2026-03-31 SC204560 core:Subsidiary1 countries:Ireland 2025-04-01 2026-03-31 SC204560 core:Subsidiary2 countries:England 2025-04-01 2026-03-31 SC204560 core:Subsidiary3 countries:UnitedStates 2025-04-01 2026-03-31 SC204560 core:Subsidiary4 countries:Scotland 2025-04-01 2026-03-31 SC204560 core:Subsidiary5 countries:England 2025-04-01 2026-03-31 SC204560 core:Subsidiary6 countries:England 2025-04-01 2026-03-31 SC204560 core:Subsidiary7 countries:England 2025-04-01 2026-03-31 SC204560 core:Subsidiary8 countries:England 2025-04-01 2026-03-31 SC204560 core:Subsidiary9 countries:England 2025-04-01 2026-03-31 SC204560 core:Subsidiary10 countries:England 2025-04-01 2026-03-31 SC204560 core:Subsidiary11 countries:England 2025-04-01 2026-03-31 SC204560 core:Subsidiary12 countries:Scotland 2025-04-01 2026-03-31 SC204560 core:Subsidiary13 2025-04-01 2026-03-31 SC204560 core:Subsidiary14 2025-04-01 2026-03-31 SC204560 core:Subsidiary15 2025-04-01 2026-03-31 SC204560 core:Subsidiary16 2025-04-01 2026-03-31 SC204560 core:Subsidiary17 2025-04-01 2026-03-31 SC204560 core:Subsidiary18 2025-04-01 2026-03-31 SC204560 core:Subsidiary19 2025-04-01 2026-03-31 SC204560 core:Subsidiary20 2025-04-01 2026-03-31 SC204560 core:Subsidiary21 2025-04-01 2026-03-31 SC204560 core:Subsidiary22 2025-04-01 2026-03-31 SC204560 core:Subsidiary23 2025-04-01 2026-03-31 SC204560 core:Subsidiary24 2025-04-01 2026-03-31 SC204560 core:Subsidiary13 countries:England 2025-04-01 2026-03-31 SC204560 core:Subsidiary14 countries:England 2025-04-01 2026-03-31 SC204560 core:Subsidiary15 countries:England 2025-04-01 2026-03-31 SC204560 core:Subsidiary16 countries:England 2025-04-01 2026-03-31 SC204560 core:Subsidiary17 countries:England 2025-04-01 2026-03-31 SC204560 core:Subsidiary18 countries:England 2025-04-01 2026-03-31 SC204560 core:Subsidiary19 countries:England 2025-04-01 2026-03-31 SC204560 core:Subsidiary20 countries:England 2025-04-01 2026-03-31 SC204560 core:Subsidiary21 countries:England 2025-04-01 2026-03-31 SC204560 core:Subsidiary22 countries:England 2025-04-01 2026-03-31 SC204560 core:Subsidiary23 countries:India 2025-04-01 2026-03-31 SC204560 core:Subsidiary24 countries:England 2025-04-01 2026-03-31 SC204560 40 core:Subsidiary17 2025-04-01 2026-03-31 SC204560 41 core:Subsidiary18 2025-04-01 2026-03-31 SC204560 42 core:Subsidiary19 2025-04-01 2026-03-31 SC204560 43 core:Subsidiary20 2025-04-01 2026-03-31 SC204560 44 core:Subsidiary21 2025-04-01 2026-03-31 SC204560 45 core:Subsidiary22 2025-04-01 2026-03-31 SC204560 46 core:Subsidiary23 2025-04-01 2026-03-31 SC204560 47 core:Subsidiary24 2025-04-01 2026-03-31 SC204560 core:Subsidiary25 2025-04-01 2026-03-31 SC204560 core:Subsidiary26 2025-04-01 2026-03-31 SC204560 core:Subsidiary27 2025-04-01 2026-03-31 SC204560 core:Subsidiary28 2025-04-01 2026-03-31 SC204560 core:Subsidiary29 2025-04-01 2026-03-31 SC204560 core:Subsidiary30 2025-04-01 2026-03-31 SC204560 core:Subsidiary31 2025-04-01 2026-03-31 SC204560 core:Subsidiary32 2025-04-01 2026-03-31 SC204560 core:Subsidiary25 countries:England 2025-04-01 2026-03-31 SC204560 core:Subsidiary26 countries:England 2025-04-01 2026-03-31 SC204560 core:Subsidiary27 countries:England 2025-04-01 2026-03-31 SC204560 core:Subsidiary28 countries:England 2025-04-01 2026-03-31 SC204560 core:Subsidiary29 countries:England 2025-04-01 2026-03-31 SC204560 core:Subsidiary30 countries:England 2025-04-01 2026-03-31 SC204560 core:Subsidiary31 countries:England 2025-04-01 2026-03-31 SC204560 core:Subsidiary32 countries:England 2025-04-01 2026-03-31 SC204560 48 core:Subsidiary25 2025-04-01 2026-03-31 SC204560 49 core:Subsidiary26 2025-04-01 2026-03-31 SC204560 50 core:Subsidiary27 2025-04-01 2026-03-31 SC204560 51 core:Subsidiary28 2025-04-01 2026-03-31 SC204560 52 core:Subsidiary29 2025-04-01 2026-03-31 SC204560 53 core:Subsidiary30 2025-04-01 2026-03-31 SC204560 54 core:Subsidiary31 2025-04-01 2026-03-31 SC204560 55 core:Subsidiary32 2025-04-01 2026-03-31 SC204560 2025-03-31 SC204560 core:Non-currentFinancialInstruments 2026-03-31 SC204560 core:Non-currentFinancialInstruments 2025-03-31 SC204560 core:CurrentFinancialInstruments 2026-03-31 SC204560 core:CurrentFinancialInstruments 2025-03-31 SC204560 core:ShareCapital 2026-03-31 SC204560 core:ShareCapital 2025-03-31 SC204560 core:OtherMiscellaneousReserve 2025-03-31 SC204560 core:CapitalRedemptionReserve 2026-03-31 SC204560 core:CapitalRedemptionReserve 2025-03-31 SC204560 core:SharePremium 2026-03-31 SC204560 core:SharePremium 2025-03-31 SC204560 core:OtherReservesSubtotal 2026-03-31 SC204560 core:OtherReservesSubtotal 2025-03-31 SC204560 core:ShareCapital 2024-03-31 SC204560 core:CapitalRedemptionReserve 2024-03-31 SC204560 core:SharePremium 2024-03-31 SC204560 core:OtherReservesSubtotal 2024-03-31 SC204560 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC204560 core:OtherMiscellaneousReserve 2024-03-31 SC204560 2024-03-31 SC204560 core:RetainedEarningsAccumulatedLosses 2024-04-01 2025-03-31 SC204560 2024-04-01 2025-03-31 SC204560 core:RetainedEarningsAccumulatedLosses 2025-04-01 2026-03-31 SC204560 core:ShareCapital 2025-04-01 2026-03-31 SC204560 core:OtherReservesSubtotal 2025-04-01 2026-03-31 SC204560 core:ShareCapital 2024-04-01 2025-03-31 SC204560 core:OtherReservesSubtotal 2024-04-01 2025-03-31 SC204560 56 core:OtherReservesSubtotal 2024-04-01 2025-03-31 SC204560 56 core:RetainedEarningsAccumulatedLosses 2024-04-01 2025-03-31 SC204560 56 core:OtherReservesSubtotal 2025-04-01 2026-03-31 SC204560 56 core:RetainedEarningsAccumulatedLosses 2025-04-01 2026-03-31 SC204560 core:PreviouslyStatedAmount 2024-04-01 2025-03-31 SC204560 core:UnlistedNon-exchangeTraded 2025-03-31 SC204560 core:UnlistedNon-exchangeTraded 2026-03-31 SC204560 core:UnlistedNon-exchangeTraded core:CostValuation 2025-03-31 SC204560 core:UnlistedNon-exchangeTraded core:OtherIncreaseDecreaseInInvestments 2026-03-31 SC204560 core:UnlistedNon-exchangeTraded core:CostValuation 2026-03-31 SC204560 core:UnlistedNon-exchangeTraded core:ProvisionsForImpairmentInvestments 2025-03-31 SC204560 core:UnlistedNon-exchangeTraded core:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments 2026-03-31 SC204560 core:UnlistedNon-exchangeTraded core:ProvisionsForImpairmentInvestments 2026-03-31 SC204560 57 core:CurrentFinancialInstruments 2026-03-31 SC204560 57 core:CurrentFinancialInstruments 2025-03-31 SC204560 core:Share-basedPaymentsDeferredTax 2025-03-31 SC204560 core:TaxLossesCarry-forwardsDeferredTax 2026-03-31 SC204560 core:TaxLossesCarry-forwardsDeferredTax 2025-03-31 SC204560 core:OtherDeferredTax 2026-03-31 SC204560 core:FurtherSpecificItem1DeferredTaxComponentTotalForDeferredTax 2026-03-31 SC204560 core:ForwardContract core:Non-currentFinancialInstruments core:OtherRiskTypeDerivative1 2026-03-31 SC204560 core:ForwardContract core:Non-currentFinancialInstruments core:OtherRiskTypeDerivative1 2025-03-31 SC204560 core:ForwardContract core:CurrentFinancialInstruments core:OtherRiskTypeDerivative1 2026-03-31 SC204560 core:ForwardContract core:CurrentFinancialInstruments core:OtherRiskTypeDerivative1 2025-03-31 SC204560 core:OtherRiskTypeDerivative1 2026-03-31 SC204560 core:OtherRiskTypeDerivative1 2025-03-31 SC204560 core:ForwardContract core:Non-currentFinancialInstruments core:OtherRiskTypeDerivative2 2026-03-31 SC204560 core:ForwardContract core:Non-currentFinancialInstruments core:OtherRiskTypeDerivative2 2025-03-31 SC204560 core:ForwardContract core:CurrentFinancialInstruments core:OtherRiskTypeDerivative2 2026-03-31 SC204560 core:ForwardContract core:CurrentFinancialInstruments core:OtherRiskTypeDerivative2 2025-03-31 SC204560 core:OtherRiskTypeDerivative2 2026-03-31 SC204560 core:OtherRiskTypeDerivative2 2025-03-31 SC204560 core:Share-basedPaymentsReserve 2024-03-31 SC204560 core:MergerReserve 2024-03-31 SC204560 core:Share-basedPaymentsReserve 2025-03-31 SC204560 core:MergerReserve 2025-03-31 SC204560 core:Share-basedPaymentsReserve 2026-03-31 SC204560 core:MergerReserve 2026-03-31 SC204560 core:Share-basedPaymentsReserve 2024-04-01 2025-03-31 SC204560 core:Share-basedPaymentsReserve 2025-04-01 2026-03-31 SC204560 58 core:Share-basedPaymentsReserve 2024-04-01 2025-03-31 SC204560 58 core:OtherReservesSubtotal 2024-04-01 2025-03-31 SC204560 58 core:Share-basedPaymentsReserve 2025-04-01 2026-03-31 SC204560 58 core:OtherReservesSubtotal 2025-04-01 2026-03-31 SC204560 bus:PublicLimitedCompanyPLC 2025-04-01 2026-03-31 SC204560 bus:FullIFRS 2025-04-01 2026-03-31 SC204560 bus:Consolidated bus:FullIFRS 2025-04-01 2026-03-31 SC204560 bus:ConsolidatedGroupCompanyAccounts 2025-04-01 2026-03-31 SC204560 bus:Audited 2025-04-01 2026-03-31 SC204560 bus:Audited bus:Consolidated 2025-04-01 2026-03-31 SC204560 bus:FullAccounts bus:Consolidated 2025-04-01 2026-03-31 SC204560 bus:FullAccounts 2025-04-01 2026-03-31 SC204560 bus:CalendarYear 2025-04-01 2026-03-31 SC204560 curr:PoundSterling 2025-04-01 2026-03-31 SC204560 curr:PoundSterling bus:Consolidated 2025-04-01 2026-03-31 SC204560 bus:Consolidated bus:CalendarYear 2025-04-01 2026-03-31 SC204560 bus:Consolidated core:Goodwill core:Exceptional 2024-04-01 2025-03-31 SC204560 bus:Consolidated core:Exceptional 2025-04-01 2026-03-31 SC204560 59 bus:Consolidated 2025-04-01 2026-03-31 SC204560 core:KeyManagementIndividualGroup1 bus:Consolidated 2025-04-01 2026-03-31 SC204560 bus:Consolidated core:KeyManagementPersonnel 2025-04-01 2026-03-31 SC204560 bus:Consolidated core:DividendsPaidTransactions core:KeyManagementIndividualGroup1 2024-04-01 2025-03-31 SC204560 bus:Consolidated core:DividendsPaidTransactions core:KeyManagementPersonnel 2024-04-01 2025-03-31 SC204560 bus:Consolidated core:DividendsPaidTransactions 2024-04-01 2025-03-31 SC204560 core:KeyManagementIndividualGroup2 bus:Consolidated 2025-04-01 2026-03-31 SC204560 core:KeyManagementIndividualGroup3 bus:Consolidated 2025-04-01 2026-03-31 SC204560 bus:Consolidated core:KeyManagementIndividualGroup4 2025-04-01 2026-03-31 SC204560 bus:Consolidated core:KeyManagementIndividualGroup5 2025-04-01 2026-03-31 SC204560 core:DividendsPaidTransactions bus:Consolidated core:KeyManagementIndividualGroup2 2024-04-01 2025-03-31 SC204560 core:KeyManagementIndividualGroup3 core:DividendsPaidTransactions bus:Consolidated 2024-04-01 2025-03-31 SC204560 core:KeyManagementIndividualGroup4 bus:Consolidated core:DividendsPaidTransactions 2024-04-01 2025-03-31 SC204560 core:KeyManagementIndividualGroup5 core:DividendsPaidTransactions bus:Consolidated 2024-04-01 2025-03-31 SC204560 60 core:Subsidiary13 2025-04-01 2026-03-31 SC204560 61 core:Subsidiary14 2025-04-01 2026-03-31 SC204560 62 core:Subsidiary15 2025-04-01 2026-03-31 SC204560 63 core:Subsidiary16 2025-04-01 2026-03-31 SC204560 core:RetainedEarningsAccumulatedLosses 2025-03-31 SC204560 core:RetainedEarningsAccumulatedLosses 2026-03-31 SC204560 core:UnlistedNon-exchangeTraded core:Subsidiary4 2026-03-31 SC204560 core:UnlistedNon-exchangeTraded core:Subsidiary2 2026-03-31 SC204560 core:UnlistedNon-exchangeTraded core:Subsidiary19 2026-03-31 SC204560 core:UnlistedNon-exchangeTraded core:Subsidiary5 2026-03-31 SC204560 core:UnlistedNon-exchangeTraded core:Subsidiary17 2026-03-31 SC204560 core:UnlistedNon-exchangeTraded core:Subsidiary24 2026-03-31 SC204560 core:UnlistedNon-exchangeTraded core:Subsidiary5 core:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments 2026-03-31 SC204560 64 core:OtherReservesSubtotal bus:Consolidated 2025-04-01 2026-03-31 SC204560 64 bus:Consolidated 2025-04-01 2026-03-31 SC204560 64 core:OtherReservesSubtotal bus:Consolidated 2024-04-01 2025-03-31 SC204560 64 bus:Consolidated 2024-04-01 2025-03-31 SC204560 bus:Director1 2025-04-01 2026-03-31 SC204560 bus:Director1 bus:Consolidated 2025-04-01 2026-03-31 SC204560 core:FinancialLiabilitiesFairValueThroughProfitOrLoss bus:Consolidated 2025-03-31 SC204560 core:FinancialLiabilitiesFairValueThroughProfitOrLoss bus:Consolidated 2026-03-31 SC204560 core:BetweenTwoFiveYears 2026-03-31 SC204560 core:BetweenTwoFiveYears 2025-03-31 SC204560 core:WithinOneYear 2026-03-31 SC204560 core:WithinOneYear 2025-03-31 SC204560 core:WithinOneYear core:PreviouslyStatedAmount 2025-03-31 SC204560 core:BetweenTwoFiveYears core:PreviouslyStatedAmount 2025-03-31 SC204560 core:PreviouslyStatedAmount 2025-03-31 SC204560 core:OtherProvisionsContingentLiabilities 2025-04-01 2026-03-31 SC204560 core:OtherProvisionsContingentLiabilities 2024-04-01 2025-03-31 SC204560 core:OtherMiscellaneousReserve 2025-04-01 2026-03-31


Total Revenue	Adjusted EBITDA
£154.9m	£25.6m
2025: £143.5m	2025: £34.3m

Recurring Revenue %	Adjusted EBIT
86%	£5.2m
2025: 89%	2025: £12.8m

Loss Before Tax	Adjusted (loss)/
£(13.6)m	£(4.0)m
2025: £(53.2)m	2025: £6.5m

Cash Flow from Operations	Adjusted Diluted EPS
£21.9m	(1.6)p
2025: £27.2m	2025: 3.4p

Overview
Officers and Professional Advisers	5

Strategic Report
Chairman's Statement	6
Operational Report	10
Strategy and Business Model	14
Business and Financial Review	18
Financial Review by Segment	21
Principal Risks and Uncertainties	31
Stakeholder Engagement	36
Sustainability Report	42

Corporate Governance
Board of Directors	54
Corporate Governance Report	57
Report on Remuneration	73
Directors Report	80
Directors Responsibilities Statement	84

Financial Statements
Independent Auditor's Report to the Members of Iomart Group plc	86
Consolidated Statement of Comprehensive Income	102
Consolidated Statement of Financial Position	103
Consolidated Statement of Changes in Equity	104
Consolidated Statement of Cash Flows	105
Notes to the Consolidated Financial Statements	106
Parent Company Financial Statements	161
Notes to the Company Financial Statements	162

Supplementary Information
S.1 Alternative Performance Measures	173

	Iomart Cloud Services
	£89.5m revenue

	Atech
	£50.1m revenue

	Domain & Mass Hosting
	(Easyspace)
	£15.2m revenue

>	Throughput improvements of up to 42%
>	Reduction in critical (P1) incidents
>	Significantly faster processing times for key workloads
>	Improved overall stability and reliability
>	Reduced total cost of ownership

% of Recurring Revenue	Gross Profit Margin	Adjusted EBITDA

86%	44.2%	£25.6m
(2025: 89%)	(2025: 49.1%)	(2025: £34.3m)
% of recurring revenue is defined as Recurring Revenue / Revenue.	Gross profit margin % is defined as Gross Profit / Revenue as a %.	Adjusted EBITDA is earnings before interest, tax, depreciation and amortisation (EBITDA) before share-based payment charges, acquisition costs and exceptional non-recurring costs.

Richard Last	Executive Chair
Scott Cunningham	Chief Financial Officer
Angus MacSween	Non-Executive Director
Kathryn Lamont	Non-Executive Director
Annette Nabavi	Non-Executive Director
Adrian Chamberlain	Non-Executive Director

1.	Gross order bookings” represent the annualised value of contracted recurring revenue from new customer wins, renewals and in-term expansions secured during the financial year. This metric reflects order intake measured as the annual recurring revenue value based on contracted commitments and does not represent recognised revenue, which is recorded over time as services are delivered.
2.	Customer churn” represents the reduction in annualised recurring revenue from existing customers arising from cancellations, non-renewals and contracted reductions in service scope or pricing. The annualised churn value is recognised in the period in which the associated decrease in monthly recurring revenue is first reflected in reported revenue.

Adjusted EBIT	Adjusted EBITDA Margin %	Adjusted EBIT Margin %

£5.2m	16.5%	3.3%
(2025: £12.8m)	(2025: 23.9%)	(2025: 8.9%)
Adjusted EBIT is earnings before interest and tax (EBIT) before amortisation charges on acquired intangible assets, share-based payment charges, acquisition costs and exceptional non-recurring costs.	Adjusted EBITDA margin % is defined as Adjusted EBITDA / Revenue as a %.	Adjusted EBIT margin % is defined as Adjusted EBIT / Revenue as a %.

Adjusted Loss Before Tax Margin	Adjusted Loss Before Tax	Loss Before Tax Margin %

(2.6)%	£(4.0)m	(8.8)%
(2025: 4.5%)	(2025: £6.5m)	(2025: (37%))
Adjusted loss before tax margin % is defined as adjusted profit/ (loss) before tax / Revenue as a %.	Adjusted loss before tax is loss before tax, amortisation charges on acquired intangible assets, share-based payment charges, acquisition costs and exceptional non-recurring costs.	Loss before tax margin % is defined as Profit before Tax / Revenue as a %

Cash Flow from Operations	Net Debt Ratio	Adjusted Diluted Earnings Per Share

£21.9m	4.2x	1.6p
(2025: £27.2m)	(2025: 2.7x)	(2025: 3.4p)
Cash flow from operations / Adjusted EBITDA % is defined as cash flow from operations / Adjusted EBITDA as a %.	Net debt / Adjusted EBITDA level ratio is defined as Net Debt / Adjusted EBITDA.	Adjusted diluted earnings per share is earnings per share before amortisation charges on acquired intangible assets, share based payment charges, acquisition costs and exceptional non-recurring costs and the taxation effect of these /weighted average number of ordinary shares - diluted.

	2026 £’000	Reclassified 2025 £’000

Iomart Cloud Services	89,552	97,059
Atech	50,123	30,188
Domain & Mass Hosting (Easyspace)	15,210	16,213
Total revenue	154,885	143,460

Adjusted EBITDA	2026 £'000	Reclassified 2025 £'000

Iomart Cloud Services	17,086	27,460
Atech	5,077	3,067
Domain & Mass Hosting (Easyspace)	7,620	8,562
Group overheads	(4,222)	(4,777)
Total adjusted EBITDA	25,561	34,312

		Reclassified
Atech	2026	2025
	£'000	£'000

Recurring	39,045	23,739

Non-recurring	11,078	6,449
Total revenue	50,123	30,188

Adjusted (loss)/Profit Before Tax	2026	2025
	£'000	£'000

Adjusted EBIT	5,166	12,825

Net Bank & Other Interest	(7,752)	(5,442)

Finance Lease Interest	(1,429)	(928)
Adjusted (Loss)/Profit Before Tax	(4,015)	6,455

>	non-cash charges for the amortisation of acquired intangible assets of £7.0m (2025: £4.9m);
>	£2.2m of exceptional administrative expenses relating to costs related to the cost efficiency, Integration and change of Chief Executive Officer.

The analysis of the net debt is shown below:	2026	2025
	£'000	£'000

Bank revolver loan	97,500	97,000

Less: cash and cash equivalents	(8,921)	(13,088)

Bank revolver loan less cash and cash equivalents	88,579	83,912

Lease liabilities	20,042	18,006
Net debt	108,621	101,918

50%	-	reduction in threat detection time
97%	-	of incidents resolved within SLA
40%	-	improvement in Microsoft Secure Score

	Enhanced visibility and control across hybrid and multi-cloud environments
	Reduced complexity and improved predictability of security spend

a.	The likely consequence of any decision in the long-term	Our Strategy and Business Model: pages 14 to 16

b.	The interests of the Group's employees	Stakeholder Engagement: pages 36 to 39 Diversity, Equity and Inclusion: pages 70 to 71 Ensuring the safety and wellbeing of our people: Directors Report page 82

c.	The need to foster the Group's business relationships with suppliers, customers and others	Stakeholder Engagement: pages 36 to 39 Directors Report: pages 80 to 83 Modern Slavery Statement: page 70

d.	The impact of the Group's operations on the community and the environment	Stakeholder Engagement: pages 36 to 39 Streamlined Energy and Carbon Reporting (SECR) reporting: page 51

e.	The desire of the Group to maintain a reputation for high standards of business conduct	Corporate Governance Statement: pages 54 to 72 Whistleblowing policy: page 70

f.	The need to act fairly between members of the Company	Stakeholder Engagement: page 36 to 39

>	The Board holds an annual strategy day assessing the long-term plan of the Group and its impact on key stakeholders;

>	Standing agenda items and papers presented at each monthly Board meeting including financial and operational reports, including reporting on people, sales and marketing, customer service, technology, product portfolio and the external market;

>	The Board receives presentations from the Executive team on a regular basis giving updates on key activities which feed into the decision-making process;

>	The Chairs of the Audit, Remuneration and Nomination Committee provide regular updates to the Board on items within their remit; and

>	The Group's risk management approach identifies principal risks facing the Group, and mitigating controls to manage the impact of the risks. Through attendance at the risk management sessions, the Board understand the risks relating to our stakeholder groups.

Why Effective Engagement is Important		How We Engage

Stakeholder Group - Shareholders
Long-term strategic plans and growth for the business require strong relations with shareholders to ensure that the interests of our investors are aligned with the Company's strategic direction and purpose. We ensure that we provide open and transparent information to the market to allow investors, both existing and potential, to make effective and informed investment decisions.		• Annual report and financial statements and half year results. • Results materials and presentations. • Investor Roadshows following interim and year end results announcements. • Trading updates. • Stock exchange announcements, regulatory news service (“RNS”) and press announcements with anonymised feedback provided by our brokers. • Annual General Meeting. • Chair and CFO engagement with significant shareholders. • Dedicated investor section on Group's website.

Stakeholder Group - Customers
Understanding the varying needs and challenges of our customers is critical to the Group's success and to ensuring we grow through organic and new customers. We engage with our customers to ensure we continue to enhance and develop our product portfolio to meet their needs.	• Chief Revenue Officer is invited to engage with the Board on a regular basis to provide updates on performance to drive operational priorities to deliver a high-quality customer experience. • We ensure that our customers have the opportunity to speak to their support team, account manager or a member of senior management throughout each stage of their customer journey. • Regular service reviews to address feedback from customers. • We host stands at key technology events and run our own private events to connect with existing and prospective customers.

	For more information on how we engage with customers, see page 82

Stakeholder Group - Key suppliers and partners
To support our business model and strategy, we require an efficient and effective supply chain. Suppliers are critical to the products and service we provide to our customers including the development of our product portfolio and new products, competitive pricing and service delivery. The Group has a number of key strategic partners that we engage with to support delivery of our business in a number of key areas including IT infrastructure and communication products and services, software, provision of power and our landlords on leased property.	• Regular open and honest two-way interaction with suppliers. • Senior executives engage with a number of key strategic partners and key vendor alliances to ensure we monitor the quality of our suppliers to optimise operational efficiency, ensure we receive the best level of service and continue to contract on favourable terms to support the business. • We have specific product and vendor management in place for our strategic partners being Microsoft, Broadcom and Commvault who undertake regular updates, both informal and informal, as part of the partnership programmes of these technology partners. • The Board approves all key supplier contracts above certain thresholds in accordance with the Company's delegation of authority limits.

	For more information on how we engage with suppliers, see page 82.
Stakeholder Group - Environment
The Group recognises the environmental impact arising from our business activities and is committed to minimising the impact we have on the environment to secure the long-term future of the Group. The Group operates a number of data centres throughout the UK and we operate our data centres in a way intended to reduce the impact on our local environment, including the usage of energy and greenhouse gas emissions.	• The Board considers and approves capital investments that support the Group's reduction in carbon emissions from our data centres. • The Board receive regular management reports on energy performance and outputs of our data centres to demonstrate our commitment to Energy Saving Opportunities Scheme (“ESOS”) and Streamlined Energy and Carbon Reporting (“SECR”). • The Board also receive updates on compliance with ISO standards, environmental and energy efficiency management policies and updates on improvement activities.

Key Decisions Made		Key Stakeholder Group Impacted
Key Impact - Long-term Strategy and Performance of the Group

The Board undertook its annual strategic review, considering the Group's long term direction, financial performance and evolving market dynamics. This included a focus on the Group's strategic priorities, operational performance and leadership structure.	•	Shareholders
	•	Employees
	•	Customers
	•	Suppliers
	•	Environment
In March 2026, the Board approved the FY27 budget and five year plan, reflecting the Group's strategy to strengthen its core business, maintain cost discipline and focus on sustainable, long term growth. In doing so, the Board considered the impact of market conditions, customer trends, supplier dynamics and cost efficiency initiatives.

The Board considered the implications of these decisions for all key stakeholders, ensuring an appropriate balance between investment, operational performance and long term value creation.

Key Impact - Financing and Capital Spend

The Board maintained a disciplined approach to capital allocation, with a focus on strengthening the Group's financial position and supporting long term resilience.	•	Shareholders
	•	Customers
	•	Suppliers
	•	Environment
During the year, the Board approved the refinancing of the Group's £115m revolving credit facility and continued to oversee capital investment in core infrastructure. Liquidity management remained a key focus, including short term funding requirements.

In light of the Group's financial position and strategic priorities, the Board determined that no dividend would be paid for FY26. These decisions were made with regard to the interests of shareholders and other stakeholders, balancing financial flexibility with long term sustainability.

Key Impact - Operating Model and Organisational Change

The Board approved a revised operating model, aligning the Group around three core business units with clear accountability for performance and delivery, supported by centralised functions. This included the decision to formally separate the group's Data centre infrastructure operations.	•	Shareholders
	•	Employees
	•	Customers
	•	Suppliers

During the year, the Board also oversaw the implementation of cost optimisation initiatives and embedded cost discipline across the business, consistent with its strategic focus on improving efficiency and resilience.

The Board carefully considered the impact of these changes on employees and organisational stability, recognising the importance of maintaining engagement, capability and continuity across the business.

Key impact - Data Centre Estate Strategy

The Board evaluated strategic options for the Group's data centre estate, including consolidation activities and structural changes to enhance focus and accountability.	•	Shareholders
	•	Employees
		Customers
	•	Environment
During the year, the Board approved the establishment of a separate subsidiary to manage data centre infrastructure assets, supporting improved operational clarity and positioning the Group to maximise long term value from its infrastructure platform. This is being actioned in the first half of FY27.

>	The ESG Steering Committee is chaired by the Chief Financial Officer and consists of senior representatives from across the Group, including the Chief People Officer, Chief Operating Officer and is also attended by the Chair of the Audit Committee. The Committee meets quarterly to consider matters arising during the period, including climate related risks, opportunities and initiatives, and to identify future work programmes. Relevant updates are communicated to the Board, via the Audit Committee, on a bi annual basis. The Committee met three times during the financial year.

>	In line with its Terms of Reference, the ESG Steering Committee has oversight of ESG related matters, including responsibility for the oversight and coordination of all climate related topics relevant to the Group, both current and emerging.

>	The Audit Committee supports the CEO in overseeing the identification and assessment of principal risks to the business, including climate related risks, and in ensuring appropriate actions are taken to support business continuity and long term resilience. The Committee reviews risks assessed as potentially material and ensures these are communicated to the Board.

>	The Audit Committee oversees how climate-related risks are evaluated within the Group's risk management framework and risk register. The Committee meets quarterly and, as part of the Group's formal risk management process, assesses the impact of key risks, including climate-related threats, on the Group's operations. An updated Group Risk Register is presented to the Board annually.

>	Temperature-related hazards (including heat stress, changing temperatures and cold wave/frost),
>	Water Stress and Drought,
>	Strong winds (including storms and hurricanes/cyclones/typhoons),
>	Precipitation and Flooding (including variable precipitation, pluvial flooding and heavy precipitation),
>	Wildfires

>	Technological changes,
>	Energy costs,
>	Reporting obligations, and
>	Stakeholder expectations.

>	Setting objectives for reducing energy consumption and maintaining an energy efficiency programme, managing energy usage at its related business premises,
>	Complying with applicable environmental regulations,
>	Improving the power usage effectiveness across our data centres,
>	Providing training, encouraging employee involvement in energy efficiency improvement initiatives, and
>	Participating in the Energy Savings Opportunity Scheme and complying with Streamlined Energy and Carbon Reporting regulations.

• Damage to building, equipment and downtime • No access to routes to and from sites and impact on employee homes	Medium (precipitation and flooding)	Existing Response: • Sites or data centres in coastal areas are situated on elevated ground or staff can work from home if necessary

• Damage to infrastructure • Increased insurance premiums and potential for reduced availability of insurance on assets in high-risk locations • Early retirement of existing assets (e.g., damage to property and assets in “high-risk” locations) • Possibility of short-circuits, causing serious damage, fires, or small-scale explosions • Water and moisture damage to insulation, corrosion, cable, and equipment failure	Medium- high (storms)	• Local flood barriers and water management plans in place
		• Investment in electrical, cooling and generator capacities for data centres • Contracted a third party to undertake a physical climate scenario analysis of all sites. The necessary frequency of assessment was defined.
		Planned Response: Contracted a third party to undertake Ambition to contract a third party to review current mitigation measures in place and consider new ones. Explore whether the Group's suppliers are vulnerable to flooding, to identify the magnitude of the risk across the business and consider appropriate mitigation actions to ensure preparedness.

GHG emissions and energy use data for the period	2020-21 Baseline Year UK	2024-25 Comparison reporting Year UK	2025-26 Current reporting Year UK

Emissions from activities which the company owns or controls, including combustion of fuel & operation of facilities (Scope 1) / tCO2e	-	8	21


Emissions from the purchase of electricity, heat, steam, and cooling purchased for own use (Scope 2, location-based) / tCO2e	13,504	9,744	7,606


Emissions from the purchase of electricity, heat, steam, and cooling purchased for own use (Scope 2, market-based) / tCO2e	13,504	-	-


Emissions from business travel in rental cars or employee-owned vehicles, where the company is responsible for purchasing fuel	4	38	72


Total gross Scope 1 & Scope 2 emissions [location-based] / tCO2e	13,504	9,752	7,627

Total gross Scope 1 & Scope 2 emissions [market-based] / tCO2e	13,504	8	21

Total gross Scope 1, Scope 2 [location-based] & Scope 3 emissions / tCO2e	13,508	9,790	7,700


Total gross Scope 1, Scope 2 [market-based] & Scope 3 emissions / tCO2e	13,508	46	94


Energy consumption used to calculate the above emissions / kWh	57,956,041	47,264,798	43,384,336


Recurring Revenue [£'000]	100,211	127,569	133,648

Intensity ratio: tCO2e (gross Scope 1 + 2) per £'000 revenue [location-based]	0.13	0.08	0.06

Intensity ratio: tCO2e (gross Scope 1 + 2) per £'000 revenue [market-based]	0.13	0.0001	0.0002


Intensity ratio: tCO2e (gross Scope 1, 2, 3) per £'000 revenue [location-based]	0.13	0.08	0.06


Intensity ratio: tCO2e (gross Scope 1, 2, 3) per £'000 revenue [market-based]	0.13	0.0004	0.0007

>	Scope 1 emissions are a result of the combustion of transport fuels in company-owned vehicles or long-term leased vehicles. Iomart does not have facilities which use natural gas.

>	Scope 2 indirect emissions are from purchased electricity for its offices and data centres. Market-based emissions take into account the procurement of renewable electricity (100%), backed by Renewable Energy Guarantees of Origin (REGOs).

>	Scope 3 emissions from business travel in rental cars or employee-owned vehicles, where lomart is responsible for purchasing fuel.

>	ongoing solar panels and LED lighting programmes,
>	replacing cooling systems with ones that are modern, efficient and utilise free cooling,
>	Implementing an Integrated Management System (IMS) and procuring REGOs, aligned with ISO 14001:2015 and ISO 50001:2018 standards,
>	procuring renewable electricity across their UK data centre estate in 2021,
>	investing in a new fleet of vehicles to reduce fleet emissions; and
>	rolling out improved airflow management within our datacentres, increasing efficiency of cooling.

Principle		Where addressed in this Annual Report
1.	Establish a purpose, values and strategy	Iomart's strategy centres on transitioning from a legacy infrastructure provider to a high-growth managed cloud and Microsoft services business. The Atech acquisition accelerated this repositioning, bringing Microsoft Azure, Modern Work and Security capabilities. The three-segment model (Iomart Cloud Services, Atech, Easyspace) reflects distinct market positions and customer bases, each with dedicated leadership. Long term value is driven by growing recurring revenue, expanding margins in higher-value managed services and disciplined cost management. Strategy and Business Model (p.14); Chairman's Statement (p.6)
2.	Seek to understand and meet stakeholder needs and expectations	The Board engages with shareholders through the AGM, results presentations and one-to-one meetings with institutional investors. The Executive Chair and CFO are the primary contacts for investor relations. Feedback from investor meetings is reported to the Board and informs strategic priorities. The Company publishes half-year and full-year results, trading updates and regulatory announcements via RNS Stakeholder Engagement (p.36); Section 172 Statement (p.37)
3.	Take into account wider stakeholder and social responsibilities	Key stakeholder groups include employees, customers, suppliers and the communities in which the Group operates data centres. Employee engagement is conducted through regular all-hands communications and the annual employee survey. The Group's environmental responsibilities include energy efficiency initiatives across its data centre estate and monitoring of its carbon footprint. A cost efficiency programme delivered £4m in annualised savings during the year. Sustainability Report (p.42); Stakeholder Engagement (p.36)
4.	Embed effective risk management	The Board maintains a Group risk register reviewed at least annually. Principal risks are identified, assessed for likelihood and impact, and mitigating controls are documented. The Audit Committee oversees the risk management framework and receives reports from management. Key risks in the current year include customer churn in legacy services, cybersecurity threats, integration of Atech and the Group's leverage position following the acquisition. Principal Risks and Uncertainties (p.31); Note 15 Risk Management