Nasstar’s revenues grew more slowly than it hoped in the six months to March 2009 and it is running short of cash.
The provider of desktop software over the internet says that it is operating under “tight cash constraints” and this is likely to continue for the rest of the financial year. Nasstar says that it needs to raise £70,000 for its working capital requirements. Net debt was £312,000 at the end of March 2009.
Interim revenues grew from £1.01m to £1.05m, while the loss increased from £117,000 to £287,000 due to higher operating expenses. Sales through partners are taking time to build up, while direct sales have declined as sales resource was switched to the partner programme.
Shares in Nasstar fell 4.5p to 26p each following the results announcement. That values Nasstar at £4.4m.
Sales in recent weeks have been encouraging.
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