Nasstar Plc (LON:NASA), the provider of hosted managed and cloud computing services, has today provided the following trading update for the six months ended 30 June 2018.
Visibility on full year expectations is good and the Board remains confident that the 2018 full year results will be in line with management expectations. We remain net cash positive and well positioned to continue to grow both revenues and profits.
Now in the second year of the “Nasstar 10-19” programme we have continued to focus on integration whilst continuing to invest in additional engineering resource to deliver the large contract announced last November.
As a result of switching to paying VAT on account, as previously announced in May this year, and Nasstar’s decision to invest in additional engineering resource in order to speed up contract delivery the net cash position has remained stable at £0.9 million as at 30 June 2018.
As previously announced Nasstar plc has adopted IFRS 9, IFRS 15 and IFRS 16 from the start of the current financial year and the results for the six months ended 30 June 2018 reflecting this are expected to be announced on 24 September 2018.