Telford-based Nasstar pledges investment in team
Cloud computing specialist Nasstar said it had made a positive start to the year, as it promised further investment in its staff.
The Telford-based company employs 190 people across its operations, with more than half of those at its Queensway Business Park headquarters.
Now it has vowed to put further investment into its staff as it bids to build on a strong start to the year.
"Investment in growing the Nasstar business has continued during the first half," the trading update said.
"We are investing significantly in the account management team to ensure customers are proactively managed and revenue opportunities within the wider client base maximised.
"Similarly, the group's professional services team has been active on the development of our own application functionality, enhancing our own intellectual property."
The company said trading had been "positive" in the half-year to June 30, as it embarks on a programme aimed at maximising revenue and cost synergies in order to increase margins from 20 to 25 per cent by the end of the decade.
Its work so far has helped make Nasstar "more attractive to clients of an increased size", the statement said.
The first half has also seen plans put in place that will see Nasstar close three of its seven UK data centres before the end of the year, although it has not said which sites are to be affected by that move.
It is also moving its out-of-hours support operation to New Zealand to increase efficiencies in the UK.
The London Stock Exchange-listed company saw revenue increase by 36 per cent to £18.7 million in year to December 31.
It has completed a string of acquisitions in recent years, including Vesk which underperformed, but its most recent – Modrus – has bedded in well.
Adjusted EBITDA was up 32 per cent to £3.8 million for the period. The company’s overall loss grew to £1.8m because of factors linked to the acquisitions.
The company's half-year results are expected to be released on 25 September 2017.
