ACQUISITION STRATEGY BOOSTS NASSTAR
Further, IT Jobs will be created as revenue has edged toward the £20m mark at Telford-based cloud computing specialist Nasstar following a “robust performance” from its core businesses.
Nasstar generated revenues of £18.4m in the year to 31 December 2016, up from £13.8m a year earlier.
Pre-tax losses widened to £1.8m from £1.3m due to a hike in exceptional items and administrative payments.
Chief executive Nigel Redwood said the group’s acquisition strategy in 2016, which led to the £13m purchase of Modrus in August, has provided a “strong platform for organic growth”and more IT Jobs within the Shropshire area.
“Modrus completes our service portfolio and enables the Group to focus on maximising and realising the benefit of bringing together five businesses over the last three years,” Redwood added.
“Our enhanced marketing plan saw the relaunch of our Nasstar brand which I truly believe now reflects the capabilities of our end to end fully managed service. The rebranding of the subsidiaries continued in the second half of 2016 with both the e-know.net and Kamanchi subsidiaries undertaking a full Nasstar rebrand with their names changing to Nasstar.
“Our focus in 2017 is to realise the efficiencies that have been made possible via our acquisition strategy with a view to improving margins in future years. We believe this will continue to provide a strong platform for organic growth, and create further new IT Jobs within Shropshire while increasing shareholder value.”
Nasstar’s board has recommended a final dividend of 0.052p per share, a 16 per cent increase on its maiden dividend announced last year.
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– Storm Rannard
