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.