Telford cloud computing expert delivers 47pc sales rise
Cloud computing specialist Nasstar saw the fruits of its growth initiatives flourish in the first half of the year as revenue soared by 47 per cent.
The Telford-based company has been on an acquisition drive in recent years, adding new businesses and looking to add larger customers to its client portfolio.
Now it has seen the benefits of that campaign, with a 47 per cent spike in revenue to £11.9 million – an eight per cent increase on an underlying basis.
Adjusted pre-tax earnings were also significantly higher over the six-month period to June 30, rising by 66 per cent to £2.65 million.
Nigel Redwood, Chief Executive Officer of Nasstar, commented: "The Nasstar 10-19 programme has gained significant traction in H1 and I am delighted that we have seen the results of the initiatives materialise in these positive results, with Nasstar truly becoming one company in structure and name.
"As a result the first half of the year has progressed positively with trading in line with management expectations.
"New business has been strong and I am pleased to see contracted recurring revenue continue to grow and especially encouraged by the proof of concept that we are currently engaged in for a 1,000 user organisation.
"This demonstrates further that our delivery model is becoming increasingly attractive to the upper quartile of the SME market place."
The company has also secured £139,000 of new monthly recurring revenue in 2017, a potential eight per cent growth in the key figure.
But the latest figures only include about £25,000 of that recurring revenue, with the remainder expected to deliver in the second half of the year, suggesting a further sales rise is on the way.
