Nasstar in line with expectations amid engineering investment

Cloud computing services provider Nasstar on Monday said it remains “confident” that full-year results will fall in line with previous expectations.

In an update for the six months ended 30 June, a statement from the firm said it is cash positive and “well positioned” to continue to grow both revenues and profits as the Nasstar 10-19 programme continues.

The programme, which is designed to deliver an increased strategic focus to create one fully integrated business, has led to the closure of three data centres and the investment of additional engineering resource to deliver a large contract of up to £3.3m announced in November.

As a result of the additional investment and the firm’s decision to start paying VAT on account, Nasstar’s net cash position has remained stable at £0.9m at the year’s half way stage.

The AIM traded company said it expects to release audited results for the first half of the year on 24 September.

Nasstar’s shares were unchanged at 11.75p at 0922 BST.