Nasstar Announces Preliminary Results For The Year Ended 31 December 2018
In news / By Lydia Cooper / 29 April 2019
Leading provider of hosted managed and cloud computing services, Nasstar, is pleased to announce its preliminary results for the year ended 31 December 2018.
Financial highlights include continued improvements in key KPIs with contracted recurring revenues representing 91% of total revenues, demonstrating Nasstar’s strong visibility of earnings. Total revenues increased by 7% for the year, slightly ahead of management expectations and EBITDA also grew at 9%, a slightly faster rate than sales.
Operationally, the management team at Nasstar have concentrated on the “Nasstar 10-19” priorities and commitment to delivering the three-year strategic plan which has contributed to a positive set of results. Continued refinement of the Group strategy has been imperative to ensure Nasstar’s capabilities are evolving to maximise the opportunities and mitigate the threats seen in the technical sector.
The second year of the “Nasstar 10-19” plan, with further investment in key strategic areas designed to:
- Secure future long-term growth
- Speed up delivery and recognition of revenues
- Improve efficiencies
- Retain competitive advantage
- Develop sales pipeline of larger opportunities
Additionally, Nasstar was pleased to report a significant three year contract win with a top 50 UK law firm to deliver a fully managed public/private hybrid cloud solution to 850 users providing clear evidence of the benefit of the “Nasstar 10-19” programme as well as demonstrating the ability to win contracts of increasing complexity and size.
Nigel Redwood, CEO of Nasstar comments:
“Despite the very challenging macroeconomics of the technical sector caused by wider economic uncertainties combined with increasing cost pressures and competition, Nasstar has had a positive 2018. The “Nasstar 10-19” programme has focused on key areas to mitigate as much as possible the market pressures seen across the technical sector whilst structuring the business as a single entity. 2018 was the second year of our three-year integration strategy and I am excited by the organisation this strategy has created.”
To read the full annual report, click here.