Nasstar's revenues beat expectations, wins top law firm contract

1st Feb 2019 08:29

(Sharecast News) - Nasstar crept higher after reporting that full-year revenue will come in "slightly ahead" of management expectations while EBITDA will fall in line after the year ended with positive trading.The managed services and cloud computing provider's strong fourth quarter of the year ended 31 December included the securing of its first deal with a law firm in the top 50 of the UK's Legal 200 list as it won a three-year contract to deliver a fully managed public/private hybrid cloud solution.The contract is expected to generate revenues of at least £3.1m over its term, providing valuable underpinning to current 2020 expectations, and the project is expected to go live towards the end of 2019.2018 was also the second year of the "Nasstar 10-19" plan, resulting in investment in strategic areas designed to secure future long-term growth, recognise and deliver revenues more quickly, improve efficiencies and retain the group's competitive edge in a fast-moving market."As a direct result of this initiative we are now better positioned than ever to deliver on projects of increasing complexity and size and very focused on developing a sales pipeline of larger deals, as we reported in the 2018 interim results," said a statement from the AIM traded company.Finally, the company said its net cash at the period end was in line with management expectations at £1.5m.Nasstar's shares were up 1.28% at 11.85p at 0907 GMT.