Nasstar PLC Trading Statement and Notice of Results (7426O)
February 01 2019 - 2:00AM
UK Regulatory
TIDMNASA
RNS Number : 7426O
Nasstar PLC
01 February 2019
1 February 2019
Nasstar plc
("Nasstar", "Company" or "Group")
Trading Statement and Notice of Results
Nasstar (AIM: NASA), the provider of hosted managed and cloud
computing services, is pleased to provide the following trading
update for the financial year ended 31 December 2018.
Trading for the year closed out positively with revenues and
adjusted EBITDA* expected to be, respectively, slightly ahead of
and in line with management expectations. In addition, the
Directors are pleased to report that the Group's net cash at 31
December 2018 was in line with management expectations at GBP1.5
million.
2018 was the second year of the "Nasstar 10-19" plan and saw
further investment in key strategic areas designed to secure future
long-term growth, recognise and deliver revenues more quickly,
improve efficiencies and retain the Group's competitive edge in a
fast-moving market. As a direct result of this initiative we are
now better positioned than ever to deliver on projects of
increasing complexity and size and very focussed on developing a
sales pipeline of larger deals, as we reported in the 2018 interim
results.
We were delighted therefore to secure in Q4 our first deal with
a law firm in the top 50 of the UK's Legal 200 list with the
winning of a three-year contract to deliver a fully managed
public/private hybrid cloud solution. Nasstar will deliver a fully
managed hosted desktop solution to all 850 users at the law firm
over the course of a three-year term. Due to its size and
complexity this project is expected to go live towards the end of
Q4 2019 and to generate revenues of at least GBP3.1 million over
its term, providing valuable underpinning to current 2020
expectations.
*Comprising earnings adjusted for interest, taxation,
depreciation, amortisation, exceptional items and share based
payments.
Notice of Results
As previously announced Nasstar has adopted IFRS 9, IFRS 15 and
IFRS 16 from the start of the 2018 financial year and the results
for the year ended 31 December 2018 reflecting this are expected to
be announced on 29 April 2019.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
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)
IFC Advisory Limited (Financial PR & IR) +44 (0) 20 3934 6630
Tim Metcalfe
Miles Nolan
Zach Cohen
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 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 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
TSTBBMFTMBJJBFL
(END) Dow Jones Newswires
February 01, 2019 02:00 ET (07:00 GMT)
Nasstar (LSE:NASA)
Historical Stock Chart
From Mar 2024 to Apr 2024
Nasstar (LSE:NASA)
Historical Stock Chart
From Apr 2023 to Apr 2024