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Nasstar sees FY revenues in line with views

By BFN News | 09:01 AM | Monday 19 January, 2015

Nasstar said H2 trading continued the progress made in H1 and provided directors with confidence that FY revenues will be in line with expectations. At the same time, the integration of the three trading subsidiaries (Nasstar (UK) Limited, Limited and Kamanchi Limited) was completed ahead of schedule, delivering more synergy savings than expected within the financial period, resulting in 2014 adjusted EBITDA* being ahead of previous expectations. As previously reported, the restructuring of Nasstar UK yielded a first positive monthly EBITDA contribution in June 2014 and this was sustained during the second half with a positive EBITDA contribution for the second half of the year. Trading from the recent acquisition of Kamanchi has been in line with Board expectations, which have remained unchanged since the time of the acquisition. Group financial working disciplines have already been rolled out within Kamanchi and the three group operating businesses are now working closely together to cross sell Kamanchi recruitment application consultancy services across the group. Investment into management resource and skill set has been completed during 2014 and continues into 2015 to structure the business to more effectively integrate the three subsidiaries. Strong cash control resulted in group cash at year end being ahead of expectations at £0.9m representing a net debt position of just £0.07m. This was achieved despite paying £1.5m from cash reserves as part of the Kamanchi consideration. At 9:01am: (LON:NASA) Nasstar PLC share price was 0p at 8.75p Story provided by

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