30 Jul 2018 07:00
30 July 2018
Nasstar plc
("Nasstar" or the "Company")
Trading Statement
Nasstar (AIM: NASA), the provider of hosted managed and cloud computing services, is pleased to provide the following trading update for the six months ended 30 June 2018.
Visibility on full year expectations is good and the Board remains confident that the 2018 full year results will be in line with management expectations. We remain net cash positive and well positioned to continue to grow both revenues and profits.
Now in the second year of the "Nasstar 10-19" programme we have continued to focus on integration whilst continuing to invest in additional engineering resource to deliver the large contract announced last November.
As a result of switching to paying VAT on account, as previously announced in May this year, and Nasstar's decision to invest in additional engineering resource in order to speed up contract delivery the net cash position has remained stable at £0.9 million as at 30 June 2018.
As previously announced Nasstar has adopted IFRS 9, IFRS 15 and IFRS 16 from the start of the current financial year and the results for the six months ended 30 June 2018 reflecting this are expected to be announced on 24 September 2018.
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)
IFC Advisory (Financial PR) +44 (0) 20 3934 6630
Tim Metcalfe, Graham Herring, Miles Nolan
About Nasstar plc
Nasstar (www.nasstar.com) and its wholly owned operating businesses provide hosted managed and hybrid cloud computing services, integrating private and public clouds supplying a robust, secure and stable hosted Information Technology service to business customers. The Group provides a true end to end service for clients providing them with enhanced IT performance and greater cost control over their IT function. The Group owns its primary data centre, is head quartered in Telford with regional offices in Northampton, London and Bournemouth whilst 24 x 7 support is delivered from its Auckland office in New Zealand. Nasstar is an accredited Microsoft Gold Partner, is the 2016 Citrix Networking Partner of the Year and is certified to ISO 27001.
Nasstar specialises in building bespoke hybrid cloud hosted services to manage a client's entire application set, tailor made to suit specific industries, designing public, private and hybrid cloud solutions to meet the objectives of the client. The solution is a highly scalable service that provides benefits including "Anywhere Access" to computing; a standardised corporate solution that can be accessed globally in multiple languages; generating cost savings when compared to the traditional IT ownership model whilst replacing capital expenditure with a simple usage based payment model.
Nasstar (AIM:NASA) was founded in 1998, admitted to AIM in December 2005, acquired e-know.net Limited in a reverse takeover in January 2014, Kamanchi Limited in July 2014, VESK in October 2015 and Modrus Limited in September 2016.