Nexus Infrastructure PLC Trading Update and Notice of Results (0775W)
21 April 2021 - 4:00PM
UK Regulatory
TIDMNEXS
RNS Number : 0775W
Nexus Infrastructure PLC
21 April 2021
Wednesday 21 April 2021
Nexus Infrastructure plc
("Nexus" or the "Group")
Trading Update and Notice of Results
Nexus Infrastructure plc (AIM:NEXS), a leading provider of
essential infrastructure services, utilities connections and smart
energy infrastructure, is pleased to provide an update on trading
for the six months ended 31 March 2021. The Company's interim
results will be announced on Thursday 20 May 2021.
Nexus continues to perform in line with the Board's
expectations, with all three businesses active on site and winning
new business. Nexus expects to deliver Group revenues of GBP63.9m
for the six months ended 31 March 2021 (H1 2020: GBP84.2m), in line
with the base case, the stronger of the two scenarios set out at
the time of the placing in June 2020.
The Group's total order book stood at GBP301.6m on 31 March
2021, GBP2.1m ahead of the prior year position (H1 2020: GBP299.5m)
and an increase of 6.9% since 30 September 2020 (GBP282.0m).
TriConnex, our utilities business, has performed well in the
period, delivering both revenue and profit growth against a strong
prior year period. The business continues to grow, with the order
book increasing during the six-month period by GBP5.5m to GBP190.9m
and up 4.6% year on year (H1 2020: GBP182.4m). H1 revenue was up
5.8% year on year, delivering a gross margin of approximately
30%.
eSmart Networks, our smart energy business, has gained strong
traction during the period, with revenue increasing by more than
150% year on year. The order book has also increased substantially
during the six-month period, increasing by GBP8.4m to GBP12.2m, a
450% increase over the same period last year (H1 2020: GBP2.2m).
The business is establishing an impressive client base in the
electric vehicle charging, industrial electrification and renewable
infrastructure sectors.
Tamdown, our civil engineering business, has seen turnover
significantly down in the period after a difficult FY20 and is in
line with the resized overhead. However, during the period, Tamdown
has been successful in securing new business that will commence in
H2, which has led to the order book increasing to GBP98.5m from the
year end position of GBP92.5m (H1 2020: GBP114.9m).
The balance sheet of the Group remains strong with cash and cash
equivalents of GBP25.6m (31 March 2020: GBP19.7m) and net cash,
adjusting for borrowings of GBP10.7m (31 March 2020: GBP8.7m).
Mike Morris, Chief Executive of Nexus, commented:
"I am delighted to see that Nexus Infrastructure services are as
in demand as ever, not least our deep knowledge and expertise in
electrification. TriConnex and eSmart Networks trading has been
particularly pleasing whilst Tamdown will rebuild over the medium
term. We look forward to seeing strong momentum in the order book
in the second half of the year, adding new blue-chip customers
across the essential services offered by our three businesses."
Enquiries:
Nexus Infrastructure plc Tel: 01376 320856
Michael Morris, Chief Executive
Officer
Alan Martin, Chief Financial
Officer
Numis Securities Limited Tel: 0207 260 1200
(Nominated Adviser & Broker)
Oliver Hardy (Nomad)
Heraclis Economides
Ben Stoop
Financial Public Relations Tel: 0203 757 4992
Camarco
Ginny Pulbrook
Oliver Head
Notes to Editors:
Nexus is a leading provider of essential infrastructure services
to the UK housebuilding and commercial sectors. The Group
comprises: Tamdown, a provider of specialised civil engineering,
infrastructure and high-rise construction services; TriConnex which
designs, installs and connects utility networks to properties on
new residential developments; and eSmart Networks which focuses on
electric vehicle charging and smart energy infrastructure.
Tamdown has a well-established market position having been in
operation for over 40 years and currently counts amongst its
customers the majority of the top ten largest UK housebuilders.
TriConnex was established in 2011 to take advantage of deregulation
in the utilities market with the goal of being recognised as the
UK's leading independent provider of utility connections to new
developments. eSmart Networks was set up in 2017 to respond to the
UK's need for charging infrastructure as the transition to electric
vehicles gathers pace alongside the need for smart energy
solutions.
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END
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