21 Sep 2015 07:00
Nasstar plc
Interim results for the 6 month period ended 30 June 2015
Nasstar plc ("Nasstar", the "Company" or the "Group"; stock code: NASA), a provider of hosted managed and cloud computing services, announces its unaudited interim results for the 6 month period ended 30 June 2015.
Financial Highlights
· 32% revenue growth compared to the same period last year
· 31% adjusted EBITDA** growth compared to the same period last year
· 55% adjusted profit before tax*** growth compared to the same period last year
· Gross margins strengthened to 71% (H1 2014: 68%)
· Strong cash generation resulting in cash in bank £1.15m, transitioning the Group from net debt to a net cash position of £0.4m
· Adjusted earnings*** per share 0.3p for 6 months to 30 June 15 (H1 2014: 0.2p)
| 6 mths to 30 June 15 £'000
| 6 mths to 30 June 14 £'000
| 12 mths to 31 Dec 14 £'000
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Revenue | 6,628 | 5,006 | 11,182 |
EBITDA* | 1,353 | 275 | 1,311 |
Adjusted EBITDA** | 1,408 | 1,074 | 2,250 |
Loss before tax | (421) | (1,218) | (1,904) |
Adjusted Profit before tax*** | 884 | 570 | 1,169 |
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*Comprising earnings adjusted for interest, taxation, depreciation, amortisation and share based payments
**adjusted for exceptional items being costs in relation to reorganisation costs and aborted transaction costs
***adjusted for amortisation of purchased intangibles, share based payments and exceptional items
Key Performance Indicators
| 30 June 15 | 30 Jun 14 | 31 Dec 14 |
Total monthly recurring revenue at end of period | £969,000 | £776,000 | £942,000 |
Average monthly recurring revenue per hosted desktop | £128 | £103 | £115 |
Recurring % of total reported revenue | 89% | 92% | 89% |
Gross profit percentage | 71% | 68% | 69% |
Operational Highlights
· Cost consolidation programs continued, including:-
o The merging of the two London offices
o Consolidation of licensing reporting, helping reduce monthly licensing costs
· Joined Microsoft's Cloud Solution Provider (CSP) program enabling the sale and integration of Office 365 into the Group's solutions
· Investment into management resource and skill set has continued laying a firm foundation for future growth
· Recruited a new Head of Sales
Nigel Redwood, Chief Executive Officer of Nasstar, commented:
"2015 represents the first full financial period that we start to see the rewards of integrating our three subsidiaries into one Group, and I am delighted by the growth demonstrated in our financial highlights and the progress we continue to make in our key operating metrics.
The technology industry is as fast paced as ever, and the developments from our innovations team continue to give me confidence that our solutions portfolio will maintain its competitive edge. The integration of Office 365 into our platform demonstrates our ability to embrace sector change and benefit from such innovations.
Cross selling opportunities between the Group customer base continues to evolve as expected and our operational teams are seeing the benefits of the larger resource pool and geographic reach.
I remain optimistic about the remaining half of the year and believe we are progressing in line with current Board expectations."
For further information, please contact:
Nasstar plc +44 (0) 1952 225 000
Nigel Redwood, Chief Executive Officer
Niki Redwood, Finance Director
finnCap Limited (Nominated Adviser & Broker) +44 (0) 20 7220 0500
Julian Blunt, James Thompson (Corporate Finance)
Stephen Norcross (Corporate broking)
Gresham PR (Financial PR) +44 (0) 7866 805 108
Neil Boom
Chairman's Statement
Nasstar has continued its evolutionary journey initiated by the reverse takeover of e-know.net in January 2014 and has since made good progress in terms of delivering on its stated strategy of organic growth augmented by selective acquisitions. As a result, I am delighted to report another strong set of results with revenues increasing by 32.4% compared with H1 2014, reflecting the full six months' contribution from Kamanchi Ltd (Kamanchi), which was acquired in July 2014. Furthermore, the underlying growth excluding Kamanchi continues to be strong with revenue increasing by 8% compared to the same period last year.
The recurring revenue base accounts for 89% of total revenue; this strength will continue to underpin the Group's financial stability and visibility of earnings. Recurring revenue per month immediately following the acquisition of Kamanchi last year was c£875k per month; this has since grown to £969k per month at the end of June 2015.
The strong revenues combined with the cost consolidation programmes have resulted in the Group reporting excellent cash generation, impressive EBITDA growth and a 55% increase in adjusted profit before tax compared to H1 2014. Overall I am very pleased with the financial performance and stability of the organisation.
We continue to work hard to ensure a one-Group ethos across our subsidiaries. This enables us to enjoy maximum cost and operational benefits derived from being part of a larger organisation. As a result I have been thrilled to see that the Group has developed a Mission & Vision Statement along with an updated set of values, encompassing all three operating businesses. We continue to embed these values into day to day operations.
On behalf of the Board I would like to thank every member of the Nasstar team for their dedication, commitment and hard work.
The performance of the Group and this strong set of results gives me confidence that, despite the recently announced customer reorganisations, the Group is on course to achieve current Board expectations. The Group's Board, management team and excellent group of employees combined with our strategy gives me confidence that we have a first class platform for growth from which to create clear shareholder value.
Lord Daresbury
Chairman
Business Review
The Group is a provider of hosted managed and cloud computing services supplying a robust, secure and stable hosted Information Technology service to business customers, providing them with enhanced IT performance and greater cost control over their IT function. The Group is an accredited Microsoft Gold Partner, officially certified against the Cloud Industry Forum Code of Practice and is certified to ISO 27001.
The Group provides a comprehensive cloud managed service package, offering Hosted Desktop, Office 365, Hosted Exchange, Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Hosted Telephony services. Additionally, the Group hosts a wide variety of software applications on behalf of clients. Further, the Group provides managed networks and an extensive end user support service. All such services are supplied on a price per user per month basis building a strong longer term recurring revenue relationship with clients.
The Group is also part of a select few UK partners that have been invited to join Microsoft's Cloud Solution Provider (CSP) program. This equips the Group with a tier one agreement to sell Microsoft's cloud offering known as Office 365 (O365). The program enables the Group to supply O365 on a truly flexible per user per month model, with the Group contracting with the end user and retaining full invoicing and customer support. This has enabled the Group to further integrate the O365 offering into its hosted desktop solution, embracing the innovations of O365 as a clear differentiator over its competitors.
Furthermore, the Group through its Professional Services Team provides consultancy services on business processes and application development to its clients in its targeted vertical markets. This enhances its added value service to its managed service client base. As an example, through its exclusive sector focus, Kamanchi has built strong relationships with the specialist recruitment software providers (authors), thus enabling it to offer clients a one-stop solution for all their essential recruitment applications. Similar relationships are established within the legal sector at e-know.net.
The Group's new Head of Sales joined the business in May as planned and is making good progress in continuing to develop and evolve the direct go to market strategy of the Group. The strategy is to embrace the strengths of the three subsidiaries in each of their specialist areas. The Group now principally focuses on direct sales to three vertical markets: legal, finance and recruitment. The regulated nature of these industry sectors combined with the Group's ability to demonstrate a proven capability to successfully deliver to prospective clients, has supported the Group's philosophy to target the mid-range of the SME market place. The Group is also beginning to establish a customer footprint in other sectors including utilities and logistics.
Selected acquisitions have further enhanced the Group's standing in its vertical markets, such that it is now a leading hosted desktop provider, supporting in excess of 7,650 hosted desktops and 4,650 SaaS based users.
A critical part of the Group's strategy has been the clear focus on creating long standing relationships with clients. As a result the Group benefits from a most loyal client base. This has been achieved through a concerted focus on customer service and staff development/retention. This has in turn been instrumental in providing continuity for clients whilst contributing towards developing increased client services and thereby enjoy high levels of client retention.
Investment into management resource and skill set has continued in 2015 to both structure the business more effectively and integrate the three subsidiaries, thus laying a firm foundation for future growth. Further cost consolidation programs have been executed as planned, which included the merging of the two London offices. We were able to agree an early termination on the Old Street lease thereby creating savings.
The Directors have continued to focus on each cost line and have made progress with reducing monthly licensing costs associated with the Microsoft product range. The Group has been able to take advantage of consolidating the reporting of the three subsidiaries and negotiate better SPLA (Service Provider Licensing Agreement) costs by switching SPLA licensing partners.
The strong cost and cash control continues and the initiatives in these areas in the first half of the year will help reduce the cumulative impact of the recently announced customer reorganisations. The group continues to enjoy strong customer renewals, this being demonstrated by two of the top five customers recently entering into negotiations to renew for a further 5 years.
The Group continues to identify and review possible acquisition opportunities, though always with a clear focus on the assessment of strategic rationale. In support of this acquisition strategy a team has been created internally to run the life cycle of the acquisition process, from identification and screening, through due diligence, implementation and post-acquisition integration.
Financial Review
Group revenue for the six month period ending 30 June 2015 was £6.6m, a 32% growth compared to the same period last year (H1 2014: £5m), representing 8% growth on an underlying basis, excluding the first time impact of Kamanchi, acquired in July 2014.
Gross margin percentage continues to increase (H1 2015: 71%, H1 2014: 68%) thanks to delivering a greater number of services to users and as a result of the cost consolidation programs.
There has been 31% growth in adjusted EBITDA** to £1.4m (H1 2014: £1.1m), 5% on an underlying basis. At 21% of revenues this maintains our strong performance and is in line with the Group's target. EBITDA* has grown 392% to £1.35M as the exceptional items relating to the acquisitions during 2014 washed through.
Adjusted profit before tax*** rose by 55% compared to the same period last year, 9% on an underlying basis. Reported loss before tax was £0.4m (H1 2014: £1.2m loss), stated after Exceptional items of £55k. Exceptional items comprise reorganisation costs and aborted transaction costs. Adjusted profit before tax*** is £0.9m adjusted for amortisation of purchased intangibles, share based payments and exceptional items.
An amortisation charge of £1.12m has been charged to the Consolidated Statement of Comprehensive Income in respect of amortisation of the intangible asset represented by purchased customer contracts.
The Group at the period end showed a net cash position of £0.4m (after loans and finance leases) with £1.15m cash in the bank.
Adjusted earnings per share has been calculated as follows:-
| 6 mths to 30 Jun 15 Unaudited | 6mths to 30 Jun 14 Unaudited | 12 mths to 31 Dec 14 Audited |
Reported Loss attributable to shareholders of the parent | (362) | (1,129) | (1,710) |
Amortisation of acquired intangibles including customer contract intangible | 1,149 | 896 | 1,986 |
Exceptional Items **** | 55 | 799 | 939 |
Share Based Payments | 101 | 93 | 193 |
Goodwill impairment | - | - |
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Adjusted profit attributable to shareholders of the parent | 943 | 659 | 1,408 |
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Adjusted earnings per ordinary share | 0.3p | 0.2p | 0.4p |
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****assumed not tax deductible for the purposes of this illustrative calculation
Conclusion
In a fast moving market, the Board feels Nasstar is building on a clear "protect and grow strategy" through its focus on customer service, client retention and product innovation. Success is being achieved by knowing our customers, harnessing technology, inspiring our people and invoking the power of partnerships to deliver clients the very best solutions.
The integration of the three subsidiaries has enabled the Group to enjoy full synergy savings and benefit from established cross selling revenue opportunities. Throughout the integration the Group has maintained the individual strengths of the respective businesses and built on the strengths of each brand in the respective markets.
The Group continues its close relationship with Microsoft, as evidenced by the Group being part of a select few UK partners that has been invited to join Microsoft's CSP program. The close relationship enables the Group's innovation team to leverage Microsoft technical resources, whilst the sales and marketing teams work together on co-funded go to market campaigns.
In an ever growing market place, the Group continues to build on its solid foundation and looks ahead with optimism.
Nigel Redwood
Chief Executive Officer
15 September 2015
Consolidated statement of Profit and Loss and other Comprehensive Income
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| Note | 6 mths to 30 Jun 15 Unaudited
| 6mths to 30 Jun 14 Unaudited
| 12 mths to 31 Dec 14 Audited
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| £000 | £000 | £000 |
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| Revenue |
| 6,628 | 5,006 | 11,182 |
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| Cost of sales |
| (1,941) | (1,593) | (3,518) |
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| Gross profit |
| 4,687 | 3,413 | 7,664 |
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| Administrative expenses |
| (5,071) | (4,564) | (9,465) |
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| Share based payments |
| (101) | (93) | (193) |
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| Amortisation of customer intangibles |
| (1,125) | (861) | (1,941) |
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| Other administrative expenses |
| (3,790) | (2,811) | (6,392) |
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| Administrative expenses before exceptional items |
| (5,016) | (3,765) | (8,526) |
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| Operating loss before exceptional items |
| (329) | (352) | (862) |
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| Exceptional items | 4 | (55) | (799) | (939) |
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| Operating loss |
| (384) | (1,151) | (1,801) |
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| Financial income |
| - | 2 | 4 |
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| Financial expenses |
| (37) | (69) | (107) |
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| Loss before tax |
| (421) | (1,218) | (1,904) |
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| Taxation | 5 | 59 | 89 | 194 |
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| Loss for the period and total comprehensive income for the period, attributable to shareholders |
| (362) | (1,129) | (1,710) |
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| Loss per share: | 7 |
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| Basic |
| (0.1p) | (0.3p) | (0.5p) |
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Diluted |
| (0.1p) | (0.3p) | (0.5p) |
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Consolidated Statement of Financial Position
at 30 June 2015
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Note | 30 Jun 2015 Unaudited £000 | 30 Jun 2014 Unaudited £000 | 31 Dec 2014 Audited £000 |
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Non-current assets and liabilities |
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Goodwill |
| 3,534 | 3,244 | 3,534 |
Intangible assets - computer software |
| 404 | 546 | 452 |
Intangible assets - customer contracts |
| 8,180 | 7,746 | 9,305 |
Plant and equipment |
| 2,870 | 2,949 | 2,975 |
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| 14,988 | 14,485 | 16,266 |
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Current assets |
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Inventories |
| 17 | - | 9 |
Other financial assets |
| - | - | 30 |
Trade and other receivables |
| 1,811 | 1,583 | 1,770 |
Cash and cash equivalents |
| 1,146 | 1,696 | 908 |
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| 2,974 | 3,279 | 2,717 |
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Total assets |
| 17,962 | 17,764 | 18,983 |
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Non-current liabilities |
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Interest-bearing loans and borrowings |
| 333 | 607 | 465 |
Deferred taxation |
| 1,752 | 1,388 | 1,811 |
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| 2,085 | 1,995 | 2,276 |
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Current liabilities |
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Interest-bearing loans and borrowings |
| 377 | 561 | 517 |
Trade and other payables |
| 2,022 | 1,674 | 2,341 |
Provisions | 8 | 86 | 399 | 196 |
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| 2,485 | 2,634 | 3,054 |
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Total liabilities |
| 4,570 | 4,629 | 5,330 |
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Net assets |
| 13,392 | 13,135 | 13,653 |
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Equity attributable to equity holders of the parent |
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Share capital |
| 3,664 | 3,540 | 3,664 |
Share premium |
| 13,968 | 15,918 | 16,793 |
Merger reserve |
| 662 | 662 | 662 |
Retained deficit |
| (4,902) | (6,985) | (7,466) |
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Total equity |
| 13,392 | 13,135 | 13,653 |
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Consolidated Statement of Changes in Equity
| Share capital | Share premium | Mergerreserve | Retained deficit | Total equity |
| £000 | £000 | £000 | £000 | £000 |
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Balance at 1 Jan 2014 | 620 | 4,728 | 662 | (5,949) | 61 |
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Comprehensive income |
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Loss for the year recognised in profit and loss | - | - | - | (1,129) | (1,129) |
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Total comprehensive income for the year | - | - | - | (1,129) | (1,129) |
Shares issued in period | 2,920 | 11683 | - | - | 14,603 |
Expenses of share issue | - | (493) | - | - | (493) |
Share based payment recognised in equity | - | - | - | 93 | 93 |
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At 30 June 2014 | 3,540 | 15,918 | 662 | (6,985) | 13,135 |
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Comprehensive income |
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Loss for the period recognised in profit and loss | - | - | - | (581) | (581) |
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Total comprehensive income for the period | - | - | - | (581) | (581) |
Shares issued in period | 124 | 875 | - | - | 999 |
Share based payment recognised in equity | - | - | - | 100 | 100 |
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At 31 December 2014 | 3,664 | 16,793 | 662 | (7,466) | 13,653 |
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Comprehensive income |
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Loss for the period recognised in profit and loss | - | - | - | (362) | (362) |
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Total comprehensive income for the period | - | - | - | (362) | (362) |
Capital reduction | - | (2,825) | - | 2,825 | - |
Share based payment recognised in equity | - | - | - | 101 | 101 |
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At 30 June 2015 | 3,664 | 13,968 | 662 | (4,902) | 13,392 |
Consolidated Statement of Cash Flows
| 6 mths to 30 Jun 15 Unaudited £000 | 6mths to 30 Jun 14 Unaudited £000 | 12 mths to 31 Dec 14 Audited £000 |
Cash flows from operating activities |
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Loss for the period | (362) | (1,129) | (1,710) |
Adjustments for: |
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Net finance charges | 37 | 67 | 103 |
Taxation | (59) | (89) | (194) |
Depreciation, amortisation and impairment | 1,636 | 1,334 | 2,920 |
Share based payments | 101 | 93 | 193 |
Corporation tax payments | (135) | - | - |
Share based payments - severance | - | - | 85 |
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Net cash flow from operating activities before changes in working capital | 1,218 | 276 | 1,397 |
Decrease/(Increase) in inventories | (8) | 3 | 3 |
Decrease/(increase) in trade and other receivables | (10) | (128) | (70) |
(Decrease) / increase in trade and other payables | (293) | (807) | (955) |
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Net cash from operating activities | 907 | (656) | 375 |
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Cash flows from investing activities |
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Acquisition of intangible assets | (64) | - | (294) |
Acquisition of property, plant and equipment | (295) | (290) | (240) |
Acquisition of subsidiary undertakings, net of cash acquired | - | (7,423) | (8,553) |
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Net cash from investing activities | (359) | (7,713) | (9,087) |
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Cash flows from financing activities |
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Issue of ordinary shares | - | 10,603 | 10,518 |
Expenses of issue of ordinary shares | - | (493) | (493) |
Repayment of lease finance arrangements | (233) | (252) | (536) |
Repayment of bank loan | (40) | (40) | (80) |
Interest paid | (37) | (69) | (107) |
Interest received | - | 2 | 4 |
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Net cash from financing activities | (310) | 9,751 | 9,306 |
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Net increase/decrease in cash and cash equivalents | 238 | 1,382 | 594 |
Cash and cash equivalents the beginning of the period | 908 | 314 | 314 |
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Cash and cash equivalents at the end of the period | 1,146 | 1,696 | 908 |
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Notes to the interim statement
1. Corporate information
Nasstar plc ("the Company") is a company incorporated in England and Wales and quoted on the London Stock Exchange's Alternative Investment Market (NASA). Further copies of these results will be available at the Company's registered office: Datapoint House, 400 Queensway Business Park, Queensway, Telford, Shropshire, TF1 7UL or on the Company website at www.nasstar.com. These consolidated interim financial statements were approved by the Board of Directors on 18 September 2015.
2. Basis of preparation
These condensed interim financial statements of the Company and its subsidiaries ("the Group") for the 6 months ended 30 June 2015 have been prepared using accounting policies consistent with International Financial Reporting Standards (IFRSs) as adopted by the European Union.
These consolidated interim financial statements of the Group are for the six months ended 30 June 2015. The comparative figures for the 12 month period ended 31 December 2014 are derived from the Group's statutory accounts for that financial period. Those statutory accounts have been reported on by the Group's auditors and delivered to the Registrar of Companies. The report of the auditor was (i) unqualified, (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying its report and (iii) did not contain a statement under Section 498 of the Companies Act 2006.
The condensed consolidated interim financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's annual financial statements as at 31 December 2014.
The condensed consolidated interim financial statements for the six months to 30 June 2015 have not been audited or reviewed by an auditor pursuant to the Auditing Practices Board guidance on Review of Interim Financial Information.
The condensed consolidated interim financial statements for the six months to 30 June 2015 have been prepared on the basis of the accounting policies expected to be adopted for the year ending 31 December 2015. These are anticipated to be consistent with those set out in the Group's latest annual financial statements for the year ended 31 December 2014. These accounting policies are drawn up in accordance with International Financial Reporting Standards (IFRSs), International Accounting Standards (IASs) and International Financial Reporting Interpretations Committee (IFRIC) interpretations (collectively IFRSs) as adopted for use in the European Union.
Significant accounting policies:
AIM-listed companies are not required to comply with IAS 34 'Interim Financial Reporting' and accordingly the Company has taken advantage of this exemption.
Forward-looking statements:
This report may contain certain statements about the future outlook for Nasstar plc. Although the directors believe their expectations are based on reasonable assumptions, any statements about future outlook may be influenced by factors that could cause actual outcomes and results to be materially different.
3. Segmental analysis
A segment is a distinguishable component of the Group that is engaged in providing products or services in a particular business sector (business segment) or in providing products or services in a particular economic environment (geographic segment), which is subject to risks and rewards that are different in those other segments.
The Group operated in the period in one segment, the provision of software as a service, and in one market, the United Kingdom. The disclosures required by IFRS8 relating to profits, losses, assets and liabilities of the segment are therefore shown by the financial statements as a whole.
4. Exceptional items
The following items are considered significant by virtue of their size and nature and therefore have been recognised as exceptional items during the period
| 6 mths to 30 Jun 15 Unaudited £'000
| 6 mths to 30 Jun 14 Unaudited £'000
| 12 mths to 31 Dec 14 Audited £'000
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Acquisition costs | 20 | 91 | 177 |
Provisions for onerous contracts | - | 171 | 196 |
Reorganisation costs | 35 | 537 | 566 |
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| 55 | 799 | 939 |
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Note acquisition costs in the six months to 30 June 2015 are in relation to an aborted transaction |
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5. Income tax credit
The income tax credit for the period is based on the estimated rate of corporation tax that is likely to be effective for the year to 31 December 2015.
6. Dividends
No dividend has been paid or proposed in the period.
7. Earnings per share
Loss per share: |
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Basic |
| (0.1p) |
Diluted |
| (0.1p) |
The calculation of the basic loss per share for the six months ended 30 June 2015 is based upon the following.
| 6 mths to 30 Jun 15 Unaudited | 6mths to 30 Jun 14 Unaudited | 12 mths to 31 Dec 14 Audited |
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Weighted average no. of shares in issue | 366,444,447 | 337,587,125 | 351,311,842 |
(Loss) attributable to shareholders of the parent | (£362,000) | (£1,129,000) | (£1,710,000) |
(Loss) per 1p ordinary share | (0.1p) | (0.3p) | (0.5p) |
The diluted loss per share for all periods is the same as the basic loss per share as the losses have an anti-dilutive effect.
8. Provisions
| 30 Jun 2015 Unaudited £'000
| 30 Jun 2014 Unaudited £'000
| 31 Dec 2014 Audited £'000
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Provision for onerous leases | - | 55 | 24 | ||
Provision for loss making contracts | 86 | 344 | 172 | ||
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| 86 | 399 | 196 | ||
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9. Availability of audited and interim accounts
Copies of the 2014 audited accounts are available on the Company's website (www.nasstar.com/investors) for the purposes of AIM rule 26. Further copies of these interim results will be available at the Company's registered office: Datapoint House, 400 Queensway Business Park, Queensway, Telford, Shropshire, TF1 7UL or on the Company website at www.nasstar.com.