31 Jul 2019 07:00
31 July 2019
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 2019.
Trading in the first six months of 2019 has been in line with management expectations. The main focus for the period has been implementing the previously announced three-year contract with a top 50 UK law firm which is expected to generate monthly revenues in H2. At the same time, as ever, we have continued to work on projects and implementations with existing and other new clients. These initiatives, together with the remaining "Nasstar 10-19" activities, provide visibility on full year expectations for the 2019 full year results which are expected to be in line with management expectations. Net cash* at the period end was £2.4m (H1 2018: £1m).
The final year of "Nasstar 10-19" has seen the management team continue to focus on data centre consolidation with all live private cloud platforms now delivered from two primary data centres. Investment continues into automation and system rationalisation, one of the final priorities of "Nasstar 10-19".
Group results for the half year ended 30 June 2019 are planned to be released on 30 September 2019.
* Calculated as cash less interest-bearing bank loans and borrowings
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)
Alice Lane (Corporate Broking)
About Nasstar plc
Nasstar (www.nasstar.com) and its wholly owned operating businesses provide hosted managed and 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 one of its primary data centres, is head quartered in Telford with regional offices in Northampton and Bournemouth whilst 24 x 7 support is delivered from its Auckland office in New Zealand. Nasstar is an accredited Microsoft Gold Partner, was the 2016 Citrix Networking Partner of the Year and is certified to ISO 27001.
Nasstar specialises in building bespoke 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.