REG - Nexus Infrastructure - Interim Results
18/05/2023 07:00
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RNS Number : 8607Z Nexus Infrastructure PLC 18 May 2023
18 May 2023
Nexus Infrastructure plc ("Nexus" or the "Group")
Interim results for the six months ended 31 March 2023
Nexus, a market-leading provider of civil engineering infrastructure services
to the UK housebuilding sector through its operational business, Tamdown,
today announces its unaudited interim results for the six months ended 31
March 2023.
Charles Sweeney, Chief Executive of Nexus, commented:
"I am delighted with the Group's performance during H1 including the sale of
two subsidiaries. Tamdown continues to see improvements in its operational and
commercial performance, supported by initiatives ranging from health and
safety to cost control.
The business has delivered an increase in revenues and operating margins, the
order book has been resilient in spite of challenging market conditions and
the balance sheet is healthy.
Our successes would not be possible without the outstanding work of our teams
who go above and beyond for our customers, and I would like to thank our
colleagues on behalf of the Board."
Group highlights:
· Sale of TriConnex and eSmart Networks in the period generated £77.7m
in proceeds, with £60.5m distributed to shareholders via a tender offer
· Strong balance sheet with cash and cash equivalents of £15.9m
· Interim dividend of 1.0 pence per share (H1 2022: 1.0 pence per
share)
Tamdown Financial highlights:
· Revenue increase to £50.8m (H1 2022: £46.7m)
· Operating profit increase to £1.3m (H1 2022: £1.1m)
· Operating margin improvement to 2.6% from 2.4%
· Order book remains strong at £85.3m (H1 2022: £88.4m)
Outlook
· In recent weeks, we have noted early indications of improvements in
market conditions. A number of housebuilders have commented on an increase in
enquiries and sales conversions.
Whilst this is encouraging, it is likely to take some months to be fully
reflected within Tamdown.
· The UK continues to suffer from a chronic undersupply of good
quality, affordable and sustainable housing and Tamdown is well-positioned to
respond as the market recovers.
· Despite ongoing cost inflation across the industry, the Group is
committed to taking the necessary mitigating actions to protect and improve
margins going forward, including; contract selection, flexibility in our plant
and labour cost base, and discipline in pricing of works.
Enquiries:
Nexus Infrastructure plc Tel: 01376 559 550
Charles Sweeney, Chief Executive Officer
Dawn Hillman, Chief Financial Officer
Numis Securities Limited Tel: 0207 260 1200
(Nominated Adviser & Broker)
Oliver Hardy (Nomad)
Heraclis Economides
Hannah Boros
Camarco Tel: 0203 757 4992
(Financial Public Relations)
Ginny Pulbrook
Rosie Driscoll
Notes to Editors:
Nexus is a market-leading provider of civil engineering infrastructure
services to the UK housebuilding sector through its operational business,
Tamdown.
Tamdown provides a range of civil engineering and infrastructure services to
the UK housebuilding sectors, with operations focused on the South-East of
England and London. It has an established market-leading position having been
in operation for over 45 years.
Business and Financial Review
Following the sale of TriConnex and eSmart Networks, Tamdown is now the main
trading business of Nexus. Tamdown has successfully grown its revenues in the
period and profits have improved due to increased revenues and successful
delivery on-site, with the operating margin improving to 2.6% from 2.4%.
Tamdown has secured work during the period maintaining a good order book of
£85.3m despite a difficult economic backdrop.
The Group's balance sheet remains strong with net assets of £42.1m as at 31
March 2023 (2022: £32.7m). Included within the net assets balance is cash and
cash equivalents of £15.9m (31 March 2022: £1.3m). The Group has no
borrowings.
Tamdown
Tamdown provides a range of civil engineering and infrastructure services to
the UK housebuilding sectors, with operations focused on the South-East of
England and London. Tamdown has an established market-leading position, with a
reputation for providing quality services to a broad range of the top UK
housebuilders.
The fundamental market growth drivers for Tamdown are positive since the UK's
housing market has been in a long-term position of structural undersupply as
the number of new houses built has failed to keep pace with the rate of
household formation. This structural undersupply provides us with confidence
that our housebuilding customers will continue to demand our quality services.
Revenue for Tamdown in the period grew year-on-year by 8.8% to a total of
£50.8m (H1 2022: £46.7m). The strong growth is attributed to an acceleration
of activity on the existing order book.
Tamdown's gross margin for the period was 10.9% (H1 2022: 11.0%). This is an
increase from the full FY22 gross margin position of 10.1%. The gross margin
will continue to show improvement as older contracts complete. Tamdown gross
profit for the period totalled £5.5m (H1 2022: £5.2m) and Tamdown operating
profit for the period totalled £1.3m (H1 2022: £1.1m).
Tamdown has continued to be active and competitive in the market, winning work
from its extensive customer base, leveraging our continued strong
relationships and reputation for quality delivery. Given the weaker housing
market backdrop in the period, housebuilders have reduced volumes and have
been slow to place new orders. Reflecting this and the acceleration of
delivery on site, the order book has decreased since the year-end to £85.3m
(H1 2021: £88.4m).
The operating environment continues to be characterised by input cost
inflation, primarily in materials, energy, and labour. The business is
committed to taking the necessary actions to protect and improve its margins,
including utilising the flexibility in our plant and labour cost base. The
backdrop of Government policy to counter the housing supply deficit,
alongside order book wins, provides us with confidence that existing and new
customers will continue to demand our services, with improvements to
profitability over the medium term.
Dividend and Dividend timetable
Considering these results and our confidence in the expected results for the
financial year, the Board is declaring an interim dividend of 1.0 pence per
share, maintaining the prior year position (H2 2022: 1.0 pence per share),
representing a dividend cover of 3x. The Group's dividend policy remains
unchanged and the Board expects Tamdown to continue delivering profits in H2.
The interim dividend will be paid on 30 June 2023 to shareholders on the
register at close of business on 2 June 2023. The shares will go ex-dividend
on 1 June 2023.
Financial Overview
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 2022.
Income statement
During the first half of our financial year, Nexus successfully completed the
sale of two of our subsidiaries for £77.7m, returning £60.5m to
shareholders. We are now focused on executing our strategy and the development
of Tamdown.
Group revenue increased 9% to £51.0m (H1 2022: £46.7m), with revenue growth
from Tamdown increasing due to high levels of activity on site. Group gross
profit was £5.7m (H1 2022: £5.2m), with an overall gross margin of 11.3% (H1
2022: 11.0%).
Nexus Group costs are on track to achieve the targeted £1.7m run rate in Q4
of this financial year. Exceptional costs relating to the disposal of
TriConnex and eSmart Networks were £2.3m and we are implementing the
transitional services agreement with full separation expected within the year.
The Group's operating profit totalled £72.4m reflecting the profit from the
sale of the former subsidiaries. Net finance costs totalled £0.02m (H1 2022:
£0.2m) resulting in profit before tax of £72.3m.
The tax charge for the period was £0.4m (H1 2022 charge: £0.2m) reflecting
an effective tax rate of 21.5% (H1 2022: 23.8%).
Balance Sheet and Cash Flow
The Group's balance sheet remains strong with net assets standing at £42.1m
as at 31 March 2023 compared to £32.6m at 31 March 2022. Included within the
net assets balance is cash and cash equivalents of £15.9m with the Group in a
zero borrowings position.
In line with prior years, cash was utilised in the first half of the year,
with operating activities utilising £10.0m (H1 2022: £4.0m). Investing
activities consumed £0.5m including investment in operational plant (H1 2022:
£0.4m), financing activities included the sale of the former subsidiaries for
£77.7m, and the distribution of capital to shareholders of £60.5m, and loan
and lease liability repayments of £0.6m. Cash balances of £13.1m were
transferred from the Group upon completion of the sale of subsidiaries.
A selection of banks have been approached to provide the Group's banking
arrangement with interest from several of the major high street banks. The
transition to a new bank is expected to complete before the end of the
financial year.
Risks and Uncertainties
The Group is subject to a number of risks and uncertainties as part of its
activities. The Board regularly reviews and considers these and seeks to
ensure that appropriate processes are in place to identify, monitor and
control these risks. The Directors consider that the principal risks and
uncertainties facing the Group include a potential market downturn and
inflation.
Strategic review
In December 2021, we announced that we would explore strategic options to
crystalise shareholder value in eSmart Networks. This process concluded on
3(rd) February 2023, with the sale of TriConnex Ltd and eSmart Networks Ltd to
FWCP Spark (UK) Holdco Limited for a consideration of £77.7m. This was
followed by a tender offer which delivered a £60.5m return to shareholders.
Summary and Outlook
During the first half of the financial year the Group's performance reflected
positive underlying trading in Tamdown despite difficult market conditions.
Looking ahead, although input cost inflation remains across the industry and
housebuilding volumes across the market are expected to be significantly
lower, the Group is committed to taking the necessary mitigating actions to
protect and improve margins.
Nexus continues to be well-positioned to support established and new
customers. Tamdown is on track to enhance profitability over the medium term.
The order book has been resilient and is combined with a strong balance sheet
which will support the Group in the second half of the year. In spite of
recent difficult market conditions, Tamdown has continued to win work at fair
prices, a positive reflection of Tamdown's value to its customer base.
Charles Sweeney
Chief Executive Officer
Nexus Infrastructure plc
Condensed consolidated statement of comprehensive income
For the six months to 31 March 2023
Unaudited Unaudited Audited
six months to six months to Year ended
31 March 31 March 30 September
2023 2022 2022
Note £'000 £'000 £'000
Revenue 2 51,023 46,662 98,392
Cost of sales (45,262) (41,504) (88,482)
Gross profit 5,761 5,158 9,910
Administrative expenses (5,784) (5,349) (10,225)
Operating profit/(loss) before exceptional items (23) (191) (315)
Exceptional items 4 72,382
Operating profit/(loss) 72,359 (191) (315)
Finance income 251 3 13
Finance expense (270) (189) (607)
Profit/(loss) before taxation 72,340 (378) (909)
Taxation 5 448 (195) (109)
Profit/(Loss) from Continuing Operations 72,788 (573) (1,018)
Discontinued Operations
(Loss)/Profit from discontinued operations (after tax) (252) 1,147 3,729
Profit and total comprehensive income/(expenses) for the period attributable 72,535 574 2,711
to equity holders of the parent
(Losses)/earnings per share (p per share)
Basic 7 -0.62 2.53 8.20
Diluted 7 -0.62 2.47 8.10
Nexus Infrastructure plc
Condensed consolidated statement of financial position
at 31 March 2023
Unaudited Unaudited Audited
six months to six months to Year ended
31 March 31 March 30 September
2023 2022 2022
Note £'000 £'000 £'000
Non-current assets
Property, plant and equipment 5,523 18,885 5,459
Right of use assets 12,107 1,680 12,620
Goodwill 2,361 2,361 2,361
Other investments - - -
Total non-current assets 19,991 22,926 20,440
Current assets
Inventories 50 - 43
Trade and other receivables 31,913 30,795 30,388
Contract assets 8,448 9,702 8,120
Corporation tax asset 535 263 27
Cash and cash equivalents 15,953 1,278 4,597
Assets Classified as held for sale - 55,157 57,411
Total current assets 56,899 97,195 100,586
Total assets 76,890 120,121 121,026
Current liabilities
Borrowings - 1,715 -
Trade and other payables 21,371 21,589 21,698
Contract liabilities 1,165 4,775 3,543
Lease liabilities 1,980 815 1,663
Liabilities associated with assets classified as held for sale - 48,322 49,094
Total current liabilities 24,516 77,216 75,998
Non-current liabilities
Borrowings - 8,875 -
Lease liabilities 10,132 978 10,793
Deferred tax liabilities 96 369 95
Total non-current liabilities 10,229 10,222 10,888
Total liabilities 34,745 87,438 86,886
Net assets 42,145 32,683 34,140
Equity attributable to equity holders of the Company
Share capital 181 910 911
Share premium account 9,419 9,419 9,419
Retained earnings 32,546 22,354 23,810
Total equity 42,145 32,683 34,140
Nexus Infrastructure plc
Condensed consolidated statement of changes in equity
For the six months to 31 March 2023
Share Share Retained
capital premium account earnings Total
£'000 £'000 £'000 £'000
Equity at 1 October 2021 (Audited) 908 9,419 21,805 32,132
Transactions with owners
Issue of share capital 3 - - 3
Dividends Paid - - (637) (637)
Share-based payments - - 462 462
3 - (175) (172)
Total comprehensive income
Profit and total comprehensive income for the period 724 724
724 724
Equity at 31 March 2022 (Unaudited) 911 9,419 22,354 32,684
Transactions with owners
Issue of share capital - - - -
Share-based payments - - (77) (77)
Dividends paid - - (454) (454)
- - (531) (531)
Total comprehensive income
Profit and total comprehensive income for the period 1,987 1,987
1,987 1,987
Equity at 30 September 2022 (Audited) 911 9,419 23,810 34,140
Transactions with owners
Issue of share capital
Redemption of shares (730) - - (730)
Capital distribution - - (59,807) (59,807)
Retained reserves adjustment for sale of assets - - (4,692) (4,692)
Dividends paid - - - -
Share-based payments - - 700 700
(730) (63,799) (64,530)
Total comprehensive income
Profit and total comprehensive income for the period 72,535 72,535
72,535 72,535
Equity at 31 March 2023 (Unaudited) 181 9,419 32,546 42,145
Nexus Infrastructure plc
Condensed consolidated statement of cash flows
For the six months to 31 March 2023
Unaudited Unaudited Audited
six months to six months to Year ended
31 March 31 March 30 September
2023 2022 2022
£'000 £'000 £'000
Cash flow from operating activities
Profit/(loss) before tax (including discontinued operations) 72,088 952 3,454
Adjusted by:
(Profit)/loss on disposal of property, plant and equipment - owned (220) (3)
Share-based payments 700 462 385
Sale of available for sale investments 3,000
Finance expense (net) 16 196 588
Loss on disposal of assets measured at FVOCI - - -
Depreciation of property, plant and equipment - owned 391 396 833
Depreciation of property, plant and equipment - right of use 902 466 1,215
Operating profit/(loss) before working capital charges 76,876 2,469 6,475
Working capital adjustments:
(Increase)/decrease in trade and other receivables (5,404) (4,792) (7,384)
Increase in contract assets - (5,682) (6,818)
Increase in inventories (781) (585) (430)
Increase/(decrease) in trade and other payables (4,225) 175 4,155
Increase in contract liabilities - 4,898 1,565
Cash (used in)/generated from operating activities 66,466 (3,517) (2,437)
Interest paid (90) (158) (244)
Taxation paid 117 (407) (550)
Net cash flows used in operating activities 66,492 (4,082) (3,231)
Cash flow from investing activities
Purchase of property, plant and equipment - owned (1,293) (411) (795)
Proceeds from disposal of property, plant and equipment - owned 570 40 13,555
Proceeds from the disposal of assets measured at FVOCI - - -
Interest received 275 4 39
Net cash used in investing activities (448) (367) 12,799
Cash flow from financing activities
Dividend payment - (637) (1,091)
Capital distribution (59,808) - -
Payment for cancellation of shares (730) - -
Cash transferred with sale of assets (13,123) - -
Draw down of term loan 77 - -
Drawdown of HP agreement - - 587
Repayment of term loan - (851) (11,663)
Principal elements of lease repayments (674) (484) (2,753)
Net proceeds from the issue of share capital - 2 3
Net cash generated from financing activities (74,259) (1,970) (14,917)
Net change in cash and cash equivalents (8,215) (6,419) (5,349)
Cash and cash equivalents at the beginning of the period 24,168 29,517 29,517
Cash and cash equivalents at the end of the period 15,953 23,098 24,168
Reconciliation of cash and cash equivalents at the end of the year
Held by continuing operations 15,953 1,278 4,597
Held by discontinued operations 21,820 19,571
Cash and cash equivalents at the end of the year 15,953 23,098 24,168
Notes to the condensed consolidated financial statements
For the six months to 31 March 2022
1. Basis of preparation and accounting policies
The interim report of the Group for the six months ended 31 March 2023 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 2022, which is available on 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 2022
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 the 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
2022.
In preparing this interim report, the significant estimates and judgements
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 Accounts for the year ended 30 September 2022.
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.
Nexus Infrastructure plc
Notes to the condensed consolidated financial statements (continued)
For the six months to 31 March 2023
2. Revenue
Revenues from external customers are generated from the supply of services
relating to construction contracts. Revenue is recognised over time in the
following operating divisions:
Unaudited 31 March 2023
Continuing Discontinued Total
Operations Operations
£'000 £'000 £'000
Segment revenue 51,018 23,483 74,502
Inter-segment revenue - - -
Revenue from external customers 51,018 23,483 74,502
Timing of revenue recognition
Over time 51,018 23,483 74,502
Customer type
Residential 51,018 17,992 69,010
Non-residential - 5,492 5,492
51,018 23,483 74,502
Unaudited 31 March 2022
Continued Discontinued Total
£'000 £'000 £'000
Segment revenue 46,662 33,604 80,266
Inter-segment revenue - - -
Revenue from external customers 46,662 33,604 80,266
Timing of revenue recognition
Over time 46,662 33,604 80,266
Customer type
Residential 46,662 24,988 71,650
Non-residential - 8,616 8,616
46,662 33,604 80,266
Audited 30 September 2022
Continued Discontinued Total
£'000 £'000 £'000
- - -
98,392 75,011 173,403
Timing of revenue recognition
Over time 98,392 75,011 173,403
Customer type
Residential 98,392 55,670 154,062
Non-residential - 19,341 19,341
98,392 75,011 173,403
Nexus Infrastructure plc
Notes to the condensed consolidated financial statements (Continued)
For the six months to 31 March 2023
3. Segmental analysis
The Group has one operating division under the control of the Executive Board,
which is identified as the Chief Operating Decision Maker as defined under
IFRS 8: Operating Segments:
- Tamdown
- Nexus Park
All of the Group's operations are carried out entirely within the United
Kingdom.
The results for TriConnex and eSmart Networks have been presented as
discontinued under IFRS 5, with the Tamdown and Group administration expenses
comprising the continuing operations below. The related assets and liabilities
of these operations have been similarly presented.
Segment information about the Group's operations is presented below:
Unaudited Unaudited Audited
six months to six months to Year ended
31 March 31 March 30 September
2023 2022 2022
£'000 £'000 £'000
Revenue from continuing operations
Tamdown 50,784 46,662 98,392
Nexus 234 - -
Inter-company trading - - -
Total revenue from continuing operations 51,018 46,662 98,392
Revenue from discontinued operations
TriConnex 17,992 24,988 55,670
eSmart Networks 5,492 8,616 19,341
Inter-company trading - - -
Total revenue from discontinued operations 23,483 33,604 75,011
Total revenue 74,502 80,266 173,403
Gross profit from continuing operations
Tamdown 5,522 5,158 9,910
Nexus 234 - -
Total gross profit from continuing operations 5,756 5,158 9,910
Gross profit from discontinued operations
TriConnex 4,649 7,511 16,319
eSmart Networks 1,256 1,371 4,024
Total gross profit from discontinued operations 5,906 8,881 20,343
Total gross profit 11,661 14,039 30,253
Operating profit from continuing operations after exceptional items
Tamdown 1,308 1,066 2,272
Group administrative expenses (3,653) (5,349) (2,587)
Total operating profit from continuing operations after exceptional items (2,346) (4,284) (315)
Operating profit from discontinued operations after exceptional items
TriConnex 1,044 2,422 5,568
eSmart Networks (1,358) (1,083) (1,212)
Total operating profit from discontinued operations after exceptional items (314) 1,339 4,356
Total operating profit after exceptional items (2,660) (2,944) 4,041
Nexus Infrastructure plc
Notes to the condensed consolidated financial statements (Continued)
For the six months to 31 March 2023
4. Exceptional items
Unaudited Unaudited Audited
six months to six months to Year ended
31 March 31 March 30 September
2023 2022 2022
Continuing operations
Gain on the disposal of asset 72,382 - -
72,382 - -
Nexus received £77.7m for the sale of TriConnex and eSmart Networks. The
gain is calculated after the deduction of the £3m investment in eSmart
Networks and the exceptional administrative costs of £2.3m.
5. Taxation
Taxation is recognised based on management's estimate of the weighted average
effective annual tax rate expected for the full financial year. The estimated
effective annual tax rate applied to the pre-tax income for the six months
ended 31 March 2023 is 21.5%.
Nexus Infrastructure plc
Notes to the condensed consolidated financial statements (Continued)
For the six months to 31 March 2023
6. Dividends
Unaudited Unaudited Audited
six months to six months to Year ended
31 March 31 March 30 September
2023 2022 2022
£'000 £'000 £'000
Amounts recognised as distributions to equity holders:
Interim dividend for the year ended 30 September 2022 of 1p per share 456
Final dividend for the year ended 30 September 2021 of 1.4p per share 635 635
635 1,091
Nexus Infrastructure plc
Notes to the condensed consolidated financial statements (Continued)
For the six months to 31 March 2023
7. Earnings per share
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.
Unaudited Unaudited Audited
The calculation of the basic and diluted earnings per share is based on the six months to six months to Year ended
following data:
31 March 31 March 30 September
2023 2022 2022
£'000 £'000 £'000
Weighted average number of shares in issue for the year 40,422,745 45,435,093 45,482,193
Effect of dilutive potential ordinary shares:
Share options (number) 0 1,024,980 578,508
Weighted average number of shares for the purpose of diluted earnings per 40,422,745 46,460,073 46,060,701
share
Profit for the year attributable to equity shareholders 72,535 574 2,711
Basic earnings (p per share) 179.44 1.26 5.96
Diluted earnings (p per share) 179.44 1.24 5.89
Continuing operations
Profit/Loss for the year from continuing operations 72,788 (573) (1,018)
Basic losses (p per share) 180.07 -1.26 -2.24
Diluted losses (p per share) 180.07 -1.26 -2.24
Discontinued operations
Profit for the year from discontinued operations (252) 1,147 3,729
Basic earnings (p per share) -0.62 2.53 8.20
-0.62 2.47 8.10
Diluted earnings (p per share)
8. Related party transactions
Following the sale of TriConnex Ltd and eSmart Networks Ltd, these companies
are no longer considered to be related parties in connection with Nexus
Infrastructure PLC.
Transactions between the Company and its subsidiaries, which are related
parties, have been eliminated in full on consolidation.
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 statements has been prepared in
accordance with the rules of the London Stock Exchange for companies trading
securities on AIM.
Signed on 18 May 2023 on behalf of the Board
Dawn Hillman
Charles Sweeney
Chief Executive Officer Chief Financial Officer
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