Com­pany Re­port

Belfast Telegraph - Business Telegraph - - News -

Novosco Group has its reg­is­tered ad­dress at Cat­a­lyst Inc and is an in­ter­est­ing ex­am­ple of a suc­cess story which has emerged from the (for­mer) Science Park. The prin­ci­pal ac­tiv­ity of the group is to pro­vide man­aged cloud IT ser­vices, an im­por­tant de­vel­op­ment in the ad­vance of IT.

The group changed its struc­ture dur­ing 2017 when it ex­panded by ac­quir­ing the share cap­i­tal of Novosco Ltd, a re­lated com­pany in Dublin. The fi­nan­cial fig­ures quoted here may not be ex­actly com­pa­ra­ble year on year be­cause the busi­ness, for 2016 and 2017 has re­ported as a group. De­tails for 2015 pre­cede the for­ma­tion of a group com­pany.

This rel­a­tively new group has gen­er­ated a sig­nif­i­cant in­crease in turnover, each year, and is trad­ing prof­itably. The ac­counts re­flect a mod­est re­liance on bor­rowed funds largely off­set by a use­ful mar­gin of cash at the bank or in hand. The fig­ures quoted for cap­i­tal ex­pen­di­ture are the com­bi­na­tion of in­vest­ment in fixed as­sets and ad­di­tions of in­tan­gi­ble as­sets.

In 2017, the group took ac­count of a sig­nif­i­cant re­ver­sal to credit neg­a­tive good­will of £227,000.

The group has a mod­est div­i­dend ex­pen­di­ture of £317,000 each year. The re­ten­tion of post-tax prof­its has con­trib­uted to con­tin­u­ing in­creases in the bal­ance sheet val­ues of share­hold­ers’ funds, reach­ing £8.6m in De­cem­ber 2017.

In ad­di­tion to a sub­sidiary in Dublin of the same name, an­other sub­sidiary is Net- work De­fence Ltd, an English reg­is­tered com­pany which is thought to be the source of a re­cent ma­jor con­tract with the NHS pro­vid­ing IT struc­ture and sup­port ser­vices for Cam­bridge Univer­sity Hos­pi­tals.

The group em­ployed 158 peo­ple in the year 2017. Re­cently, the group stated that it ex­pects to see the labour force in­crease to 330 in the next three years.

Dur­ing 2017 the group com­pleted the in­te­gra­tion of Na­tional De­fence. Also, dur­ing 2017 the group se­cured con­tracts for fu­ture years of £10m. After the year end, the group gained ad­di­tional con­tracts of £100m for 2018 and beyond.

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