Nasstar revenue growth boosts company's full-year EBITDA

29th Apr 2019 08:10

(Sharecast News) - Managed IT outfit Nasstar saw revenues move ahead in its last trading year, leading to higher EBITDA.Nasstar witnessed a 7% year-on-year increase in revenues to £25.7m, dragging EBITDA ahead 9% to £5.2m in the process.In the year ended 31 December, the AIM-listed group scored a significant new three-year contract win with a top 50 British law firm to deliver a fully managed public/private hybrid cloud solution to 850 users, providing "clear evidence" of the benefit of its "Nasstar 10-19" investment plan.Net cash increased 50% to £1.5m but Nasstar still turned in a statutory loss per share of 0.17p per share - a slight narrowing when compared to the 0.23p loss recorded in the prior year.Chief executive Nigel Redwood said: "Despite the very challenging macroeconomics of the technical sector, caused by wider economic uncertainties combined with increasing cost pressures and competition, Nasstar has had a positive 2018."The 'Nasstar 10-19' programme has focused on key areas to mitigate as much as possible the market pressures seen across the technical sector whilst structuring the business as a single entity."Elsewhere, Nasstar chairman Peter Daresbury revealed he will step down from the board after 12 years on 23 October.Daresbury will be replaced be Nick Bate, who joined the board as a non-executive director in January 2014.As of 1040 BST, Nasstar shares had picked up 3.11% to 12.42p.