RNS Number : 2272E
Nexus Infrastructure PLC
14 May 2026
14 May 2026
Nexus Infrastructure plc
("Nexus" or the "Group")
Interim results for the six months ended 31 March 2026
Improved financial performance with a strengthening order book
Nexus Infrastructure plc (AIM:NEXS), a leading provider of essential infrastructure solutions, announces its interim results for the six months ended 31 March 2026 (HY26).
Charles Sweeney, Chief Executive of Nexus, commented: "During the first half of FY26, we have delivered a further improvement in performance despite the prevailing uncertain macro environment. Tamdown has maintained its growth trajectory and secured new contracts to add to the order book. Coleman has also continued to progress, with early-stage AMP8 activity underway and expected to build momentum later in the year.
"While we remain mindful of the broader geopolitical and economic uncertainty, we are encouraged by the Group's positioning across both housebuilding and infrastructure sectors. With a strengthened order book, disciplined execution and a diversified platform, we remain well placed to deliver full year results in line with market expectations".
Financial Highlights
·
Group revenue increased by 5.6% to £32.3m (HY25: £30.6m), in line with market expectations, with an improvement in gross margin to 15.1% (HY25: 14.9%).
·
Tamdown's order book grew to£87.9m (HY25: £80.8m), providing good visibility for the remainder of the year and beyond.
·
Group operating loss before exceptional items reduced to £0.8m (HY25: £1.1m).
·
Strong balance sheet maintained, with cash and cash equivalents of £8.5m (HY25: £9.6m).
·
Net assets remain robust at £26.2m (HY25: £28.1m).
·
An interim dividend of 1.0 pence per share will be paid to shareholders on the register on 22 May 2026. The shares will go ex-dividend on 21 May 2026 with payment being made to shareholders on 19 June 2026.
Operational Highlights
·
Continued progress against the Group's strategic objectives, delivering a further improvement in performance despite a challenging macroeconomic backdrop.
·
Site operations curtailed by an unusually wet winter, but activities ramped up significantly thereafter.
·
New contracts secured to extend the order book from £83.4m at the start of FY26 to £87.9m at the end of March 2026.
·
Coleman Construction & Utilities Limited ("Coleman") delivered an improved performance, with early-stage AMP8 activity now underway and expected to build later in the year.
Outlook
·
The Group enters the second half of FY26 with sites operating at increased levels, backed by a strong order book.
·
The Group's diversification into regulated and infrastructure-backed markets continues to provide greater earnings resilience and long-term visibility.
·
While cognisant of the continued challenging UK macroeconomic backdrop, the Board remains confident in the Group's ability to deliver full-year results in line with market expectations.
For more information, please contact:
Nexus Infrastructure plc
via Alma
Charles Sweeney, Chief Executive Officer Dawn Hillman, Chief Financial Officer
nexus@almastrategic.com
Zeus (Nominated Adviser and Sole Broker)
Tel: 020 3829 5000
James Hornigold, Antonio Bossi (Investment Banking) Nick Searle (ECM)
Alma Strategic Communications
Tel: 0203 405 0205
Justine James Hannah Campbell Will Merison
nexus@almastrategic.com
Notes to Editors
Nexus is a leading provider of civil engineering infrastructure solutions through its two subsidiaries: Tamdown Group Limited ("Tamdown") and Coleman Construction & Utilities Limited ("Coleman").
Tamdown provides a range of civil engineering and infrastructure solutions to the UK housebuilding sector, with operations focused on the South-East of England and London. Celebrating its 50th year in 2026, it has an established market-leading position.
Coleman delivers civil engineering and building projects in the water, rail, highways and rivers & marine sectors. Since its foundation in 2000, the business has grown based on a reputation for quality of service and customer satisfaction.
www.nexus-infrastructure.com
CEO Statement
Nexus has delivered a further increase in performance in the first half of FY26, continuing to advance our strategic priorities against a backdrop of ongoing market uncertainty. While early indications of improving conditions in our end markets were subsequently tempered by heightened geopolitical tensions relating to the conflict in the Middle East, the Group has remained focused on disciplined execution, operational efficiency and positioning the business for sustainable growth.
The Group's revenue for HY26 of £32.2m, represents a growth of 5.6% compared with HY25. This reflects increased activity across Tamdown sites, alongside an improved contribution from Coleman. The Group's gross profit margin increased to 15.1% (HY25 14.9%). The balance sheet remains strong, with cash and cash equivalents of £8.5m, supporting our disciplined approach to growth and investment.
Tamdown has continued its positive trajectory, delivering an improved performance in the period. Although site operations were affected by an unusually wet winter, activity levels increased significantly towards the end of the first half, resulting in strong operational performance. Encouragingly, new contract awards have remained robust, with the order book increasing to £87.9m (HY25: £80.8m). Underpinned by our long-standing relationships with major UK housebuilders, the order book includes a number of multi-phase developments, which provide good visibility for the remainder of the year and beyond.
Coleman also delivered an improved performance in HY26. While the commencement of AMP8 was slower than initially anticipated, early-stage project activity has started. We expect momentum to build later in the year and into FY27, reflecting the scale of long-term investment programmes in the water sector. Coleman continues to play an important role in diversifying the Group's activities into markets less prone to economic shocks.
Strategy
Nexus remains focused on its three core strategic objectives: growing with our customers, expanding our market, and maintaining a strong focus on financial delivery.
Growing with our customers
Tamdown continues to strengthen its relationships with leading UK housebuilders, securing positions on large, multi-phase developments. The increase in the order book reflects both the quality of delivery and the strength of these long-standing partnerships. Whilst the housing market has remained subdued, Tamdown has continued to achieve growth. The underlying demand fundamentals continue to support a positive long-term outlook for both the sector and for Tamdown.
Expanding our market
Coleman's integration within the Group continues to progress well, providing access to sectors that benefit from long-term, committed capital investment. In the water sector, AMP8 represents a significant opportunity, and we are well positioned to support this programme as activity levels increase. Coleman is now engaged in early-stage works and expects to ramp up activities later in the year as the programme progresses.
Focus on financial delivery
Operational discipline and cost management remain central to our approach. The drive to continually seek improvements in productivity has resulted in an increase to gross margins. Initiatives are underway to achieve further advancements and to protect against the impact of any future inflationary pressures. Alongside this, the Group remains focused on managing costs and maintaining a tight control of cash.
Board
Richard Kilner and Ffion Griffith stepped down from the Board at the conclusion of the AGM in March 2026 and I would like to thank Richard and Ffion for their commitment, guidance and valued support to Nexus over their time with the Group. Following the AGM, Clare Lacey has taken on the role of Interim Chair. The Board continues to focus on delivering our strategy and building on the progress we have made. We remain committed to maintaining an open and constructive dialogue with our shareholders as the business moves forward.
Summary and outlook
The Group delivered an improvement in performance in the first half, with revenue growth, an increased order book and continued strategic progress, despite a more uncertain external environment.
We have entered the second half with good operational momentum, supported by a strong order book and improving activity levels. Whilst we remain mindful of ongoing geopolitical and economic uncertainties, Nexus is well positioned to deliver further progress in line with market expectations.
Charles Sweeney
Chief Executive Officer
CFO REVIEW
HY26 Overview
Group revenue for the period increased to £32.3m (H1 2025: £30.6m). The Group's gross profit margin increased to 15.1% (H1 2025: 14.9%) and the operating loss reduced to £0.8m before exceptional items (H1 2025: £1.1m) reflecting continual improvement in operations and the expansion into new sectors for the Group.
Cash was £8.5m (H1 2025: £9.6m). Working capital requirements will increase over the second half of the financial year as turnover increases through delivery of the Tamdown order book and release of works via AMP8 in the water sector.
The Board is maintaining its dividend policy and will be paying a 1.0 pence per share interim dividend on 19 June 2026.
Tamdown's order book was £87.9m (H1 2025: £80.8m) at the end of the period a further increase from the year end position of £83.4m.
Revenue
The Group's revenue increased by 5.6%. Revenue is split between the housing (Tamdown) and water and rail (Coleman) sectors.
o
Tamdown's revenue for the period was £29.1m (H1 2025: £27.8m)
o
Coleman's revenue for the period was £3.1m (H1 2025: £2.8m)
Gross Profit
The Group's gross profit margin increased by 0.2% from 14.9% H1 2025 to 15.1% at H1 2026.
o
Tamdown's gross profit was £3.99m (H1 2025: £3.8m)
o
Tamdown's gross profit margin was 13.7% (H1 2025: 13.6%)
o
Coleman's gross profit was £0.9m (H1 2025: £0.8m) with a gross profit margin of 27.8%
Loss/Profit before tax and exceptionals
The Group's operating loss before exceptionals was £0.8m (H1 2025: £1.1m).
o
Tamdown's operating loss decreased to £173k (H1 2025: £364k).
o
Coleman's operating profit was £111k (H1 2025: £100k).
Proposed dividend per share (p)
The Board is declaring an interim dividend of 1.0 pence per share being paid on 19 June 2026 to shareholders on the register at the close of business on 22 May 2026. The shares will go ex-dividend on 21 May 2026. The DRIP deadline will be 29 May 2026.
Total dividend per share
The Board is pleased to maintain its dividend policy and has declared an interim dividend of 1.0 pence per share for the fourth consecutive year.
The total dividend per share for FY2025 was 3.0 pence per share.
Cash
The Group cash balance at H1 2026 is £8.5m (H1 2025: £9.6m). The cash balance will support the increase in revenue during H2 2026.
Order book
Tamdown's order book has increased by 8.8% to £87.9m (H1 2025: £80.8m) helping to provide certainty to revenues for the balance of the year.
Outlook
Tamdown expects to see an increase in revenues in the second half of the year as it delivers its order book. This will drive profitability in the second half of the year.
Coleman is seeing early indications of AMP8 work being released which should increase turnover later in the year.
Dawn Hillman
Chief Financial Officer
14 May 2026
Condensed consolidated statement of comprehensive income for the six months to March 2026
Unaudited Six months to 31 March 2026
Unaudited Six months to 31 March 2025
Audited Year ended 30 September 2025
Note
£'000
£'000
£'000
Revenue
2
32,309
30,615
65,910
Cost of Sales
(27,432)
(26,050)
(55,655)
Gross profit
4,877
4,565
10,255
Administrative expenses
(5,712)
(5,670)
(12,838)
Impairment loss
-
-
187
Other Income
-
-
1,316
Operating (loss)/profit before exceptional items
(835)
(1,105)
(1,080)
Exceptional items
4
-
(502)
(759)
Operating (loss)/profit
(835)
(1,607)
(1,839)
Finance income
88
68
152
Finance expense
(325)
(326)
(705)
(Loss)/profit before tax
(1,072)
(1,865)
(2,392)
Taxation
5
-
-
12
(Loss)/profit and total comprehensive income for the year attributable to equity holders of the parent
(1,072)
(1,865)
(2,380)
(Losses)/earnings per share (pence per share)
Basic (p per share) - total operations
7
(11.9)
(20.64)
(26.3)
Diluted (p per share) - total operations
(11.9)
(20.64)
(26.3)
Condensed consolidated statement of financial position as 31 March 2026
Unaudited Six months to 31 March 2026
Unaudited Six months to 31 March 2025
Audited Year ended 30 September 2025
£'000
£'000
£'000
Non-current assets
Property, plant and equipment
4,519
6,467
4,626
Right of use assets
11,581
10,113
11,229
Goodwill
3,575
4,584
3,575
Total non-current assets
19,675
21,164
19,430
Current assets
Trade and other receivables
19,205
18,304
19,304
Contract assets
3,181
4,341
1,989
Corporation tax asset
135
-
-
Cash and cash equivalents
8,517
9,596
10,942
Total current assets
31,038
32,241
32,235
Total assets
50,713
53,405
51,665
Current liabilities
Trade and other payables
11,335
11,402
11,690
Contract liabilities
1,110
1,779
416
Lease liabilities
1,699
1,855
1,632
Corporation tax liability
-
265
205
Total current liabilities
14,144
15,301
13,943
Non-current liabilities
Lease liabilities
10,322
9,930
9,881
Deferred tax liabilities
-
57
-
Other Payables
-
-
522
Toal non-current liabilities
10,322
9,987
10,403
Total liabilities
24,466
25,288
24,346
Net assets
26,247
28,117
27,319
Equity attributable to equity holders of the Company
Share capital
181
181
181
Share premium account
9,419
9,419
9,419
Capital redemption reserve
743
-
743
Retained earnings
15,904
18,517
16,976
Total equity
26,247
28,117
27,319
Condensed consolidated statement of changes in equity for the six months to March 2026
Share capital
Share premium account
Capital redemption reserve
Retained earnings
Total
£'000
£'000
£'000
£'000
£'000
Equity as at 1 October 2024 (audited)
181
9,419
743
19,632
29,975
Profit for the period
(2,380)
(2,380)
Total comprehensive income for the period
(2,380)
(2,380)
Transactions with owners
Dividend paid
(276)
(276)
Share buyback
Share based payments
Issue of share capital
Equity as at 30 September 2025 (audited)
181
9,419
743
16,976
27,319
Profit for the period
(1,072)
(1,072)
Total comprehensive income for the period
(1,072)
(1,072)
Transactions with owners
Dividend paid
-
-
Equity as at 31 March 2026 (unaudited)
181
9,419
743
15,904
26,247
Condensed consolidated statement of cashflows for the six months to 31 March 2026
Unaudited Six months to 31 March 2026
Unaudited Six months to 31 March 2025
Audited Year ended 30 September 2025
£'000
£'000
£'000
Cash flow from operating activities
Profit before tax
(1,072)
(1,865)
(2,391)
Adjusted by:
(Profit)/loss/ on disposal of property, plant and equipment - owned
(12)
2
25
Impairment loss
-
(187)
Finance expense
325
327
705
Finance income
(88)
(68)
(152)
Depreciation of property, plant and equipment - owned
468
398
962
Depreciation of property, plant and equipment - right of use
956
879
1,693
Operating profit/(loss) before working capital changes
577
(327)
655
Working capital adjustments:
Decrease/(Increase) in trade receivables
291
5,930
4,657
Decrease/(Increase) in contract assets
(1,192)
(1,694)
1,363
Decrease/(Increase) in trade and other payables
(615)
(1,012)
(2,475)
(Decrease)/Increase in trade and contract liabilities
694
(158)
150
Cash (used in) / generated from operating activities
(245)
2,739
4,350
Taxation paid
(337)
(180)
(192)
Net cash (used in) / generated from operating activities
(582)
2,232
4,158
Cash flow from investing activities:
Purchase of property, plant and equipment - owned
(218)
(1,124)
(538)
Purchase of property, plant and equipment - right of use
(295)
(357)
(192)
Proceeds from sale of property, plant and equipment - owned
(220)
11
215
Purchase of fixed deposits with maturities over 3 months
(1,000)
Investment in acquisition
(4,276)
(2,921)
Interest received
88
68
152
Net cash generated from/(used) in investing activities
(645)
(5,677)
(4,284)
Cash flow from financing activities
Principal elements of lease repayments
(873)
241
(1,752)
Dividend payment
-
-
(276)
Interest paid
(325)
(705)
Net cash (used in) / generate from financing activities
(1,198)
241
(2,733)
Net change in cash and cash equivalents
(2,425)
(3,205)
(2,859)
Cash and cash equivalents at the beginning of the year
10,942
12,801
12,801
Cash and cash equivalents at the end of the period
8,517
9,596
9,942
Fixed deposits with a maturity of over 3 months
-
-
1,000
Cash and cash equivalents for the purpose of the statement of financial position
8,517
9,596
10,942
Notes to the condensed consolidated financial statements
For the six months to 31 March 2026
1. Basis of preparation and accounting policies
The interim report of the Group for the six months ended 31 March 2026 has been prepared in accordance with UK-adopted IAS 34 "Interim financial Reporting" and the AIM Rules for Companies.
The interim report does not constitute financial statements as defined in Section 434 of the Companies Act 2006 and is neither audited nor reviewed. It should be read in conjunction with the Report and Accounts for the year ended 30 September 2025, which is available upon request from the Group's registered office, Nexus Park, Avenue East, Skyline 120, Great Notley, Braintree, Essex CM77 7AL or can be downloaded from the website www.nexus-infrastructure.com.
The comparative information for the financial year ended 30 September 2025 does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. A copy of the statutory accounts for that year has been reported on by the Company's auditor and delivered to Registrar of Companies. The report of the auditor was (i) unqualified, (ii) did not include a reference to any matters which the auditor drew attention by the way of emphasis without qualifying their report and (iii) did not contain statements under section 498 (2) or (3) of the Companies Act 2006.
The interim report has been prepared on the basis of the accounting policies as set out in the Report and Accounts for the year ended 30 September 2025.
In preparing this interim report, the significant estimates and judgement made by the Directors in applying the Group's accounting policies and financial risk management objectives were the same as those set out in the Report and Account for the year ended 30 September 2025.
Going concern
In determining the appropriate basis of preparation of the interim report, the Directors are required to consider whether the Group can continue in operational existence for the foreseeable future. After making enquiries, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for at least 12 months from the date of this report. Accordingly, they continue to adopt the going concern basis in preparing the interim report.
2. Revenue
Revenues from external customers are generated from the supply of services relating to construction contacts. Revenue is recognised over time in the following divisions:
Unaudited Six months to 31 March 2026
Unaudited Six months to 31 March 2025
Audited Year ended 30 September 2025
£'000
£'000
£'000
Segment revenue
32,309
30,615
65,910
Revenue from external customers
32,309
30,615
65,920
Timing of revenue recognition
Over time
29,115
30,615
65,910
At a point in time
3,194
-
-
Customer Type
Residential
29,115
27,853
60,023
Water sector
2,605
2,550
5,180
Rail
489
212
707
Total
32,309
30,615
65,910
3. Segment analysis
The group has two operating divisions under the control of the Executive Board, which is identified as the Chief Operating Decision Marker as defined under IFRS8: Operating Segments.
· Tamdown: Civil engineering and construction contracts relating to housebuilding: and
· Coleman: Construction contracts relating to water and rail infrastructure sectors.
All of the group's operation are carried out entirely within the United Kingdom.
Segment information about the Groups' operations is presented below:
Unaudited Six months to 31 March 2026
Unaudited Six months to 31 March 2025
Audited Year ended 30 September 2025
£'000
£'000
£'000
Revenue
Tamdown
29,115
27,853
60,023
Coleman
3,194
2,763
5,887
Total Revenue
32,309
30,615
65,910
Gross Profit
Tamdown
3,989
3,788
8,406
Coleman
888
778
1,849
Total gross profit
4,877
4,565
10,255
Operating (loss) / profit from continuing operations after exceptional items
Tamdown
(173)
(364)
(174)
Group administrative expenses
(779)
(1,335)
(2,229)
Coleman
111
100
206
Nexus Park Ltd
6
(8)
10
Total operating (loss) after exceptional items
(835)
(1,607)
(1,839)
4. Exceptional items
Unaudited Six months to 31 March 2026
Unaudited Six months to 31 March 2025
Audited Year ended 30 September 2025
£'000
£'000
£'000
Deferred contingent consideration
-
-
(257)
Acquisition costs
-
(502)
(502)
Total
-
(502)
(759)
5. Taxation
Where applicable, taxation is recognised based on management's estimate of the weighted average effective annual tax rate expected for the full financial year.
The group has unused tax losses which will offset any corporation tax charges for the remainder of the subsidiaries.
6. Dividends
Unaudited Six months to 31 March 2026
Unaudited Six months to 31 March 2025
Audited Year ended 30 September 2025
£'000
£'000
£'000
Amounts recognised as distributions to equity holders:
Interim dividend for the yar end 30 September 2024 of 1p per share
-
-
91
Final dividend for the yar end 30 September 2023 of 2p per share
-
-
185
-
-
276
A final dividend payment for the year ended 30 September 2025 of 2p per share was approved by shareholders at a general meeting on 24/03/26 and was paid to shareholders on 24/04/26. This has not been included as a liability in these financial statements. The final dividend paid was £181k.
The board is declaring an interim dividend of 1 pence per share. The interim dividend will be paid on 19/06/26 to shareholders on the register at the close of business on 22/05/26 The shares will go ex-dividend on 21/05/26.
7. Earning per share
Basic earnings per share is calculated by dividing the profit attributable to equity shareholders of the Company by the weighted average number of shares in issue for the year.
Diluted earnings per share is calculated by adjusting the weighted average number of shares in issue for the year to assume conversion of all dilutive potential shares.
The calculation of the basic and diluted earnings per share is based on the following data;
Unaudited Six months to 31 March 2026
Unaudited Six months to 31 March 2025
Audited Year ended 30 September 2025
£'000
£'000
£'000
Weighted average number of shares in issue for the year
9,034
9,034
9,034
Effect of dilutive potential ordinary shares:
Share options (number)
-
-
Weighted average number of shares for the purpose of diluted earnings per share
9,034
9,034
9,034
Profit attributable to equity shareholders
(1,072)
(1,865)
(2,379)
Basic (losses)/earnings (p per share)
(11.9)
(20.64)
(26.3)
Diluted (losses)/earnings (p per share)
(11.9)
(20.64)
(26.3)
There are no share options in place, so no dilutive effect in the earnings per share.
8. Related Party Transactions
The Group's key management personnel are the Executive and Non-Executive Directors, as identified in the Annual Report for the year ended 30 September 2025. Richard Kilner and Ffion Griffith stepped down from the Board at the conclusion of the AGM in March 2026 and following the AGM Clare Lacy has taken on the role of interim Chair.
Statement of Directors responsibilities
The Directors confirm, that, to the best of our knowledge:
·
The condensed set of financial statements has been prepared in accordance with UK-adopted IAS 34 "Interim Financial Reporting"; and
·
The condensed set of financial statement has been prepared in accordance with the rules of the London Stock Exchange for companies trading securities on AIM.
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