Nasstar's Interim Financial Results 2019
In news / By Lydia Cooper / 30 September 2019
Today, Nasstar has released a very positive set of interim results demonstrating revenues of £12.8m which is up 2% compared to the same period last year.
90% of H1 2019 revenue was generated from contracted recurring services and EBITDA is in line compared to the same period last year at £3.0m.
The results come during the final year of the “Nasstar 10-19” integration strategy which has seen the last stages of the data centre consolidation strategy near completion with all live private cloud platforms now being delivered from two primary data centres.
The final priority of “Nasstar 10-19” focuses around internal system consolidation and process automation. This has seen the delivery of an upgraded Dynamic NAV platform and the roll out of a new central IT service management system is expected to be completed in H2.
Nigel Redwood, Chief Executive Officer of Nasstar, commented:
“It is very pleasing to see the “Nasstar 10-19” programme come to fruition, delivering a more unified and streamlined Nasstar. With this nearing its conclusion, we’re now entering a new period for the Group and we’re currently putting plans together which we’ll be able to share in due course.
Despite the challenges presented by continued political and economic uncertainties caused by BREXIT, Nasstar continues to trade well, delivering another six months of solid performance. I’d like to take this opportunity to thank the team at Nasstar for their efforts and also our clients for their continued business”