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Nasstar sees FY ahead of expectations
Cloud computing provider Nasstar said full year trading closed out positively with "careful strategic focus" delivering Adjusted EBITDA slightly ahead of management expectations.
The company said that positive cash generation helped to deliver a significantly improved net cash position of approximately £1.0m which compared to net debt of £2.8m in 2016.
Group adjusted EBITDA margins have moved ahead to 23% from 20.3% and were on track to deliver against the company's target to raise margins from 20% to 25% of revenue by the end of 2019.
"Organic business development has progressed well in 2017. Our industry leading capability in 'public/private' cloud hybrid solutions was in evidence in November's contract win which secured a three year contract to deliver a fully managed public/private Hybrid cloud solution to a global workforce of 1,000 users," Nasstar said.
"In addition, two further notable contract wins closed out towards the end of the year in recruitment, one of our key vertical markets."