Nasstar Plc (LON:NASA), the provider of hosted managed and cloud computing services, today provided 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