Source - SMW
Nasstar widened its H1 pretax loss to £770,000, from £421,000. Revenue was £8.1m, from £6.6m.

CEO Nigel Redwood commented:

"The integration of VESK following the acquisition last year is progressing well and I expect to see the benefits of the full integration in the second half of the year. 

"The first half of the year has progressed positively with trading in line with management expectations.  

"I am pleased to report a healthy level of growth in the monthly recurring revenue base, running at 6 per cent. during the first half reflecting the benefits of some of the new management initiatives we have taken. 

"The Board is optimistic for the remaining half of the year and believes we are progressing in line with full year expectations.

"The appointment of David McCarthy as Group MD has been very successful and his support has enabled me to focus on the execution of Group Strategy. 

"I was therefore delighted to announce the acquisition of Modrus in August and was equally reassured with the support shown by our current shareholders and encouraged by the addition of a number of new institutional investors during the recent placing. 

"Modrus adds complementary exposure to vertical markets in which the Group is not currently represented, including Media, Property Services and independent software vendors (ISVs) whilst adding operational breadth as well as scale to the Group."

At 9:40am: (LON:NASA) Nasstar PLC share price was 0p at 8.75p

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