NASA.L Regulatory News (NASA)

22 Jun 2006 09:05

Nasstar PLC22 June 2006 Nasstar plc Interim results for the six months ended 31 March 2006 Nasstar plc, the Application Service Provider ("ASP") supplying software overthe Internet, is pleased to announce its first interim results since joiningAIM, for the six months ended 31 March 2006. During the period the Company has made significant progress in establishing ascalable technical infrastructure. The increase in operational expenses reflectsthe investment that has been made in a new hosting facility at the London datacentre where the services are hosted as well as in the network operations centreand customer support system. As result of the investment made the Company is nowin a strong position to meet its growth expectations. Sales growth during the second half of the period have been positive followingthe appointment of a new sales manager mid-way through the period and theCompany has been successful in securing some high value contracts. This growthhas been achieved against the background of the AIM flotation during the firstthree months of the period which absorbed management time that would otherwisehave been devoted to the development of the business. Included in the results is £62,000 of expenditure incurred in the Company'sadmission to AIM, which is of strategic importance to the Group's growth plans. As set out in the Company's Admission Document, the Board intends to achievegrowth not only organically but also through acquisitions. The Board is excitedand confident about the Group's prospects. The Lord DaresburyChairman21 June 2006 Nasstar plcConsolidated profit and loss accountfor the six months ended 31 March 2006 Six months Year ended 31 ended 30 March September 2006 2005 (unaudited) (audited) £'000 £'000 Turnover 222 415 Operating expenses exceptional one-off listing costs (62) - other operating expenses (436) (670) ------- ------- Operating loss (276) (255) Interest payable and similar charges (7) (17) ------- ------- Loss on ordinary activities before taxation (283) (272) Taxation 51 51 ------- -------Loss on ordinary activities after taxation (232) (221) ======= ======= Loss per share Basic (2.36p) (4.42p) Diluted (2.36p) (4.42p) ======= ======= Figures for the year ended 30 September 2005 are for Nasstar (UK) Limited only. All operations are classified as continuing. There are no recognised gains or losses other than those shown in theconsolidated profit and loss account above. Nasstar plcConsolidated balance sheetas at 31 March 2006 As at 31 As at 30 March September 2006 2005 (unaudited) (audited) £'000 £'000 Fixed assets Tangible assets 165 164 ------- -------Current assetsDebtors 270 121Cash at bank and in hand 177 37 ------- ------- 447 158 Creditors: amounts falling due within one year (303) (406) ------- -------Net current assets/(liabilities) 144 (248) ------- ------- Total assets less current liabilities 309 (84) Creditors: amounts falling due after more than one year (33) (32) ------- ------- Net assets/(liabilities) 276 (116) ======= ======= Capital and reserves Called up share capital 109 57Share premium account 67 157 Merger reserve 662 -Profit and loss account (562) (330) ------- -------Equity shareholders' funds 276 (116) ======= ======= Figures for 30 September 2005 are for Nasstar (UK) Limited only. Nasstar plcConsolidated cash flow statementfor the six months ended 31 March 2006 Six months Year ended 31 ended 30 March September 2006 2005 (unaudited) (audited) £'000 £'000 Net cash (outflow)/inflow from operating activities (440) 57 Returns on investments and servicing of finance Interest paid (7) (17) Capital expenditurePayments to acquire tangible fixed assets (46) (57) ------- -------Net cash outflow before management ofliquid resources and financing (493) (17) Management of liquid resources Capital element of finance lease obligations 9 (7) Financing Issue of ordinary share capital 624 85 ------- -------Increase in cash 140 61 ======= ======= Figures for the year ended 30 September 2005 are for Nasstar (UK) Limited only. Nasstar plcReconciliation of net cash flow to movement in net funds/(debt)for the six months ended 31 March 2006 Six months Year ended 31 ended 30 March September 2006 2005 (unaudited) (audited) £'000 £'000 Increase in cash 140 61Cash flow from increase in finance leases (9) (51) ------- ------- Change in net funds resulting from cash flows 131 10Opening net funds/(debt) (14) (24) ------- -------Closing net funds/(debt) 117 (14) ======= ======= Reconciliation of operating loss to net cash (outflow)/inflow from operatingactivities for the six months ended 31 March 2006 Six months Year ended 31 ended 30 March September 2006 2005 (unaudited) (audited) £'000 £'000 Operating loss (276) (255) Depreciation 45 63 (Increase)/decrease in debtors (98) 1(Decreate)/increase in creditors (111) 249 ------- ------- (440) 57 ======= ======= Nasstar plc Notes to the accounts 1. Basis of preparation The interim results for the six months ended 31 March 2006 have not been auditedand do not constitute statutory accounts in accordance with section 240 of theCompanies Act 1985. The comparative figures for the year ended 30 September2005 have been abridged from the accounts of Nasstar (UK) Limited. Theseaccounts received an unqualified auditors' report and have been filed with theRegistrar of Companies. The financial information has been prepared in accordance with applicableaccounting standards and under the historical cost accounting convention.Accounting policies consistent with those applied in the financial statementsfor Nasstar (UK) Limited the year ended 30 September 2005 have been used inpreparing the consolidated unaudited interim results for the 6 months ended 31March 2006, except that the consolidated unaudited interim results have beenprepared using merger accounting which gives rise to the merger reserve shown inthe consolidated balance sheet. 2. Taxation The credit for taxation is based on the unaudited results and is calculated atthe expected rate applicable to the Group for the full year. The Group has a deferred tax asset of £122,000 (2005: £71,000). 3. Loss per ordinary share Loss per share has been calculated on the loss after tax divided by the weightedaverage number of shares in issue during the six months ended 31 March 2006 of9,834,722 (year ended 31 September 2005 - 5,000,000). The exercise of outstanding options in the Company is anti-dilutive. 4. Dividends The Directors do not recommend the payment of an interim dividend. 5. Copies of interim results Copies of this statement are being sent to shareholders. Further copies areavailable on request from the Company Secretary, Nasstar plc, 14-18 Old Street,London EC1V 9BH. This information is provided by RNS The company news service from the London Stock ExchangeEND