30th Sep 2019 15:09
(Alliance News) - Nasstar PLC on Monday said it swung to profit in the first half of 2019 thanks to lower expenses and a slight revenue rise.
The firm's pretax profit for the six months ended June 30 was GBP412,000, swinging from GBP447,000 loss a year before.
Administrative expenses were the main factor in this, down 10% at GBP7.8 million from GBP8.7 million a year before. On top of that, revenue rose 2.4% to to GBP12.8 million from GBP12.5 million.
This is the final year of the company's Nasstar 10-19 integration strategy, which is now focused on "internal system consolidation and process automation".
Chief Executive Nigel Redwood said: "It is very pleasing to see the 'Nasstar 10-19' programme come to fruition, delivering a more unified and streamlined Nasstar. With this nearing its conclusion we now enter a new period for the group for which we are currently formulating strategic priorities; we look forward to providing more detail in due course."
Redwood added: "We have seen decision timelines for both new business and current customer projects extended as a result of the continued political and economic uncertainties caused by Brexit, notably from Q2 onwards so our focus on mitigation strategies is constant. Despite these challenges Nasstar continues to trade well, delivering another six months of solid performance."
Shares in Nasstar were up 0.8% at 11.34 pence in London on Monday afternoon.
By Anna Farley; [email protected]
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