REG - Nexus Infrastructure - Interim Results
16/05/2024 07:00
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RNS Number : 6282O Nexus Infrastructure PLC 16 May 2024
16 May 2024
Nexus Infrastructure plc
("Nexus" or the "Group")
Interim results for the six months ended 31 March 2024
Nexus Infrastructure plc (AIM:NEXS), a leading provider of essential
infrastructure solutions, announces its unaudited interim results for the six
months ended 31 March 2024 (HY24).
Commenting on the period in review, Charles Sweeney, Chief Executive of Nexus,
said: "The Group made good progress against its strategy in the first half,
securing significant contracts for both new sites and on further elements of
existing multi-phase developments. We have maintained our focus on operating
discipline and the management of costs, ensuring that the business has the
optimum resources in place to benefit from future improvements in the
residential housebuilding market. We continue to review opportunities in other
key national infrastructure sectors such as water, transport, and energy.
"Whilst customers remain cautious on awarding new contracts, we have entered
the second half with good momentum, reflecting the strength of Nexus'
offering, and providing the Board with confidence in delivering in H2 and
beyond."
Financial summary
· Group revenue of £25.8m (H1 2023: £51.0m), in line with management
expectations and reflects the continued challenging wider economic
environment.
· Group gross profit of £3.5m (H1 2023: £5.7m), aligning with revenue for the
period, whilst gross profit margin for Tamdown improved to 13.5% (H1 2023:
11.3%).
· Group operating loss was £(1.3m) (H1 2023: £0.05m operating profit).
· Robust balance sheet with cash of £9.3m (H1 2023: £15.9m) which was
marginally lower than management expectations. New project awards have
resulted in an increase in working capital requirements.
· Order book at £72m (H1 2023: £85.3m, FY23: £46.0m).
· An interim dividend of 1 pence per share will be paid to shareholders on the
register on 24 May 2024.
Operational summary
· Tamdown's performance in Health & Safety was once again recognised by the
Royal Society for the Prevention of Accidents, receiving a Gold Award for the
15th consecutive year.
· Tamdown secured eight new awards in the period, including contracts with
Taylor Wimpey, Vistry, Persimmon, Bellway, and Dandara, reflecting Tamdown's
strong relationships and reputation for quality delivery.
· Operational discipline has been maintained, together with the management of
costs. New processes have been introduced to enhance productivity. Contract
margins have improved as a result.
· As part of its strategy, the Group has instigated a review of civil
engineering opportunities in other key national infrastructure sectors
including water, transportation, and energy.
Board update
· Michael Morris, Non-Executive Director, will step down from the Board on 15
August 2024. He remains a committed and significant shareholder of the Group
and is standing down to enable him to focus his full attention on his
Executive role outside of the Group.
Outlook
· The Group is encouraged by initial improvements in the market and is
strategically positioned for the opportunities ahead, whilst remaining focused
on operating discipline, improving margins, and managing costs.
· Market sentiment remains consistent that there will be a recovery in the
housebuilding market over the next 18 months.
· Nexus entered the second half with good visibility of new contracts with the
Group's longstanding customers on significant multi-phase developments.
For more information, please contact:
Nexus Infrastructure plc via Alma
Charles Sweeney, Chief Executive Officer nexus@almastrategic.com (mailto:nexus@almastrategic.com)
Dawn Hillman, Chief Financial Officer
Deutsche Numis (London) Tel: 0207 260 1200
(Nominated Adviser & Broker)
Oliver Hardy (Nomad)
Heraclis Economides
Hannah Boros
Alma Strategic Communications Tel: 0203 405 0205
Justine James nexus@almastrategic.com (mailto:nexus@almastrategic.com)
Hannah Campbell
Will Merison
Notes to Editors
Nexus is a market-leading provider of essential infrastructure solutions.
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.
www.nexus-infrastructure.com
(https://protect.checkpoint.com/v2/___http:/www.nexus-infrastructure.com___.YzJlOm5leHVzaW5mcmFzdHJ1Y3R1cmVwbGM6YzpvOmUzODFiMDAzMjhhNmE5NDlhNzU0OTllMDA1NmUxNWEwOjY6N2I4NTozOGVhNDdkMTYwMjZkOTQwZmY4YzVjOGE1YmVlZjY4OTgwNTc2YTM1ZTMxMGJhN2FkZWU2MjBlMWFiMTE2YzNkOnA6VA)
Executive Review
The Group made good progress in the first half with early signs of improvement
in the sector allowing for cautious optimism. We have continued to focus on
delivering high levels of infrastructure services to our clients in the
short-term as well as our strategy for long-term growth, positioning us well
for the market upturn in the years ahead.
Whilst customers remain cautious on awarding new contracts, we have entered
the second half with an orderbook at £72m which has been growing steadily
over the last six months, from a FY23 year-end position of £46.0m.
Revenues for the period were £26m, which is in line with the Board's
expectations.
The progress made reflects the strength of Nexus' offering and the value
Tamdown delivers to its customer base.
There are early signs of market improvements, and while we believe there is
some way to go before we see more confidence in the housebuilding sector, we
are making steady progress and have secured significant contracts in the
period, for both new phases of existing projects and on new developments.
Whilst we are encouraged by the initial improvements in the market and are
investing in strategically positioning the Group for the opportunities ahead,
we have and will continue to maintain our focus on operating discipline,
improving margins, and managing costs.
Nexus has maintained a robust balance sheet with cash and cash equivalents of
£9.3m at the HY24 period end (H1 2023: £15.9m), which whilst slightly behind
management's initial expectations, new project awards have resulted in an
increase in working capital requirements. We expect the momentum in new
contract starts to continue through the second half of the year.
Operational update: Nexus Infrastructure
We remain focused on our mission to be recognised as a leading provider of
essential infrastructure solutions, by delivering outstanding performance
through a focus on delivery, customer service and diversification.
We remain focused on delivering against our strategic objectives to: grow with
our customers; expand our market; and focus on financial delivery.
Tamdown has a significant role in the construction of large, complex housing
developments on behalf of its customers, which include the UK's premier
housing developers. Many of these developments are completed in phases, over
several years. As a trusted provider of infrastructure solutions, Tamdown is
able to grow alongside its customers as they invest in such multi-phase
developments.
Expanding our market through diversification is a key pillar of our strategy.
We have identified future growth opportunities outside of our current core
sector of residential housebuilding. Sectors of potential interest are those
which are critical to the UK's national infrastructure, driven by matters such
as trends in demographics, environmental needs, and energy security. These
sectors have multi-decade horizons and are less prone to short-term economic
pressures.
We have continued to maintain our control of operational discipline, together
with the management of costs. New processes have been introduced to enhance
productivity. With this focus on financial delivery, the Group is ideally
placed to benefit from the upturn in the market.
Operational update: Tamdown
Tamdown provides a range of essential civil engineering and infrastructure
solutions to the housebuilding sector. These services include earthworks,
building highways, substructures and basements, and installing sustainable
drainage systems. It has an established market-leading position having been in
operation for over 45 years. It is particularly recognised for its experience
and capabilities in the safe delivery of large, complex, multi-phase
developments. It has a strong brand and a loyal customer base.
Tamdown's order book was £72m (H1 2023: £85.3m) at HY24, having grown
steadily over the previous six months from £46m at the end of FY23. In the
period, Tamdown secured eight new contracts, leveraging its strong
relationships and reputation for quality delivery.
With good visibility of new contracts with our longstanding customers on
significant multi-phase developments, we are encouraged by Tamdown's
performance in H1. The Group continued to maintain strict cost control and
operational excellence.
Health & Safety remains our highest priority and we are very pleased that
Tamdown received the prestigious Royal Society for the Prevention of Accidents
(RoSPA) Order of Distinction (15 Consecutive Golds) Award in recognition of
its performance and its commitment to Health & Safety.
Financial Review
Revenue and profits
Revenue for the Group of £25.8m (H1 2023: £51.0m), which is in line with
management expectations and reflects the challenging market conditions Tamdown
is currently operating in.
Gross profit for the Group of £3.5m (H1 2023: £5.7m), aligning with revenue
for the period.
Administrative expenses for the Group (for continuing operations) reduced by
over £0.9m to £4.8m before exceptional items (H1 2023: £5.7m), as a result
of the decisive action to manage costs and the subsequent restructuring within
Tamdown.
The Group's operating loss, for the period was £(1.3m) (H1 2023: £0.05m
operating profit). The net finance charge for the half year totalled £0.2m
(H1 2023: £0.0m).
The Group recorded a tax charge for the period of £0m (H1 2023: £0.4m)
representing an effective tax rate of 25% (H1 2023: 21.5%). The income tax
expense relates to continuing operations.
Robust balance sheet and cash position
The cash and cash equivalents balance at 31 March 2024 was £9.3m (H1 2023:
£15.9m) which was lower than management expectations as a result of the
larger than anticipated investment in working capital to initiate new
projects. Operating cash inflows before working capital movements were
£0.0m (H1 2023: £1.8m). Working capital outflows in the period were £4.6m
(H1 2023: £5.9m outflow).
Cash outflow from investing activities included £0.1m on the purchase of
property, plant, and equipment (H1 2023: £0m).
Treasury risk management
The Group's cash balances are centrally pooled and invested, ensuring the best
available returns are achieved, consistent with retaining liquidity for the
Group's operations. The Group deposits funds only with financial institutions
which have a minimum short-term credit rating of A. As the Group operates
wholly within the UK, there is no requirement for currency risk management.
Market Update
The fundamental market growth drivers for the Group continue to remain
positive. Whilst the structural undersupply of new housing provides us with
confidence that our housebuilding customers will continue to demand our
quality services when conditions normalise, we are starting to see recent
signs of improvement, with some stabilisation, albeit at a gradual pace.
Market sentiment remains consistent that there will be a recovery in the
housebuilding market over the next 18 months, coupled with a view that the
interest rate cycle has peaked highlighted by an increase in mortgage
applications. Tamdown's services, capabilities and expertise form the
principal element of activities at the start of any new development and will
therefore feature early in the cycle when the market upturn takes place.
Board Change
The Board announces that Michael Morris, Non-Executive Director, has tendered
his resignation from the Board with effect from 15 August 2024. Mike led the
Group through a period of significant growth, since the management buyout with
3i in 1999 through to negotiating the disposals of TriConnex and eSmart
Networks last year. Having been a great support in his latest role as
Non-Executive Director over the past 16 months, he remains a committed and
significant shareholder of the Group, standing down to enable him to focus his
full attention on his Executive role outside of the Group.
Summary and Outlook
Nexus entered the second half with cautious optimism and good visibility of
new contracts with our longstanding customers on significant multi-phase
developments.
As a Group, we are rightsized and well positioned for the market upturn and
whilst we are encouraged by the initial improvements in the market, we are
cognisant of the continuing near-term market uncertainties and any impact of
the upcoming general election. Notwithstanding this, the UK's housing market
has been in a long-term position of structural undersupply for many years and
the number of new houses being built has failed to keep pace with the rate of
household formation. The long-term fundamentals of the housebuilding sector
remain strong.
We are committed to maintaining our focus on delivering outstanding service
for our customers and optimistic about future opportunities, including those
in other sectors.
Charles Sweeney
Chief Executive Officer
Dawn Hillman
Chief Financial Officer
15 May 2024
Condensed consolidated statement of comprehensive income for the six months to
31 March 2024
Unaudited Unaudited Audited
Six months to Six months to Year ended
31 March 2024 31 March 2023 30 September 2022
Note £'000 £'000 £'000
Continuing operations
Revenue 2 25,838 51,023 88,691
Cost of sales (22,338) (45,262) (82,719)
Gross profit 3,499 5,761 5,972
Administrative expenses (4,760) (5,692) (10,779)
Impairment loss - - (2,935)
Operating profit/(loss) before exceptional items (1,260) 68 (7,742)
Exceptional items 4 - - (645)
Operating (Loss)/profit (1,260) 68 (8,387)
Finance income 98 251 447
Finance expense (314) (270) (599)
(Loss)/profit before tax (1,476) 50 (8,540)
Taxation 5 37 - 46
(Loss)/profit from continuing operations (1,439) 50 (8,494)
Discontinued operations
Profit from discontinued operations (after tax) - 67,292 67,292
(Loss)/Profit and total comprehensive income for the year attributable to (1,439) 67,342 58,799
equity holders of the parent
Earnings/(losses) per share (p per share)
Basic (p per share) - total operations 7 (15.93) 167.26 238.96
Diluted (p per share) - total operations (15.93) 167.26 238.96
Basic (p per share) - continuing operations (15.93) 0.12 (34.52)
Diluted (p per share) - continuing operations (15.93) 0.12 (34.52)
Basic (p per share) - discontinued operations - 167.13 273.48
Diluted (p per share) - discontinued operations - 167.13 273.48
Condensed consolidated statement of financial position at 31 March 2024
Unaudited Unaudited Audited
six months to Six months to Year ended
31 March 2024 31 March 2023 30 September 2023
Note £'000 £'000 £'000
Non-current assets
Property, plant and equipment 5,767 5,523 5,377
Right of use assets 9,954 12,107 11,435
Goodwill 2,361 2,361 2,361
Deferred tax Asset 4 - -
Total non-current assets 18,085 19,991 19,173
Current assets
Inventories 44 50 44
Trade and other receivables 24,602 31,913 24,135
Contract assets 3,987 8,448 2,784
Corporation tax asset 78 35 -
Cash and cash equivalents 9,232 15,953 14,626
Total current assets 37,943 56,400 41,589
Total assets 56,028 76,391 60,763
Current liabilities
Trade and other payables 12,804 21,371 15,540
Contract liabilities 469 1,165 552
Lease liabilities 1,790 1,980 1,826
Corporation tax liability - - 18
Total current liabilities 15,063 24,516 17,936
Non-current liabilities
Lease liabilities 9,390 10,132 9,818
Deferred tax liabilities 2 96
Total non-current liabilities 9,392 10,229 9,818
Total liabilities 24,455 34,745 27,754
Net assets 31,571 41,646 33,010
Equity attributable to equity holders of the Company
Share capital 181 181 181
Share premium account 9,419 9,419 9,419
Retained earnings 21,971 32,046 23,410
Total equity 31,571 41,646 33,010
Condensed consolidated statement of changes in equity for the six months to 31
March 2024
Share capital Share premium account Retained earnings Total
£'000 £'000 £'000 £'000
Equity as at 1 October 2022 (audited) 911 9,419 23,810 34,140
Profit for the period 58,799 58,799
Total comprehensive income for the period 58,799 58,799
Transactions with owners
Dividend paid (90) (90)
Share buyback (743) (59,808) (60,551)
Share-based payments 700 700
Issue of share capital 13
(730) (59,198) (59,929)
Equity as at 30 September 2023 (audited) 181 9,419 23,410 33,010
Profit for the period (1,439) (1,439)
Total comprehensive income for the period (1,439) (1,439)
Transactions with owners
Dividend paid - -
Equity as at 31 March 2024 (unaudited) 181 9,419 21,971 31,571
Condensed consolidated statement of cash flows for the six months to 31 March
2024
Unaudited Unaudited Audited
six months to Six months to Year ended
31 March 2024 31 March 2023 30 September 2023
£'000 £'000 £'000
Cash flow from operating activities
Profit before tax continuing operations (1,439) 67,342 58,753
Adjusted by:
Gain on sale of subsidiaries (67,292) (67,292)
Profit on disposal of property, plant and equipment - owned (146) (220) (573)
Share-based payments - 700 700
Finance expenses (net) 215 16 152
Depreciation of property, plant and equipment - owned 937 391 726
Depreciation of property, plant and equipment - right of use 439 902 1618
Operating profit/(Loss) before working capital changes 6 1,839 (5,917)
Working capital adjustments:
Decrease/(Increase) in trade receivables (579) (4,771) 6,949
Decrease/(Increase) in contract assets (1,203) (328) (91)
(Increase) in inventory - 8 (744)
(Decrease)/Increase in trade and other payables (2,671) (327) (7,398)
(Decrease)/Increase in contracts liabilities (140) (2,378) (59)
Cash (used in)/generated from operating activities (4,586) (5,956) (7,260)
Interest paid (28) (270) (599)
Taxation paid - (407) 242
Net cash (used in) generated from operating activities (4,614) (6,633) (7,617)
Cash flow from investing activities:
Purchase of property plant and equipment - owned (217) (595) (759)
Purchase of property, plant and equipment - right of use (366) - (1,088)
Proceeds from disposal of property, plant and equipment -owned 480 570 1,408
Sale of available for sale investments -
Sale of discontinued operations 60,168 60,168
Interest received 98 275 447
Net cash generated from/(used) in investing activities (4) 60,418 60,176
Cash flow from financing activities
Dividend payment - (90) (90)
Draw down of HP facility - -
Sharebuy back - (60,551) (60,551)
Repayment of term loan - - -
Principal elements of lease repayments (775) (1,372) (1,472)
Net proceeds from the issue of share capital - 13 13
Net cash (used in) generated from financing activities (775) (62,000) (62,100)
Net change in cash and cash equivalents (5,394) (8,215) (9,542)
Cash and cash equivalents at the beginning of the year 14,626 24,168 24,168
Cash and cash equivalents at the end of the period 9,232 15,953 14,626
Notes to the condensed consolidated financial statements
For the six months to 31 March 2024
1. Basis of preparation and accounting policies
The interim report of the Group for the six months ended 31 March 2024 has
been prepared in accordance with UK-adopted IAS 34 "Interim Financial
Reporting" and the AIM Rules for Companies.
The inter 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 2023, 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
(https://protect.checkpoint.com/v2/___http:/www.nexus-infrastructure.com___.YzJlOm5leHVzaW5mcmFzdHJ1Y3R1cmVwbGM6YzpvOjIxNzMyNzU0ZTdlMjg3YzJkYWMxMTYxN2MzMzliYTc4OjY6MGJhZjpjNzA0OTU5NTc0ZjcyNjAwMmJkMGJmOTA5OGYyZTY4Zjg2YjVhZWE4MmM2YTk3YmMwNjliMGM0MGFhYTQ2M2NkOnA6VA)
.
The comparative information for the financial year ended 30 September 2023
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 2023.
In preparing this interim report, the significant estimates and judgments 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 2023.
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 contracts. Revenue is recognized over time in the
following operating divisions:
Unaudited 31 March 2024
Continuing Operations £'000 Discontinued Operations £'000 Total £'000
Segment revenue 25,838 - 25,838
Revenue from external customers 25,838 - 25,838
Timing of revenue recognition
Over time 25,838 - 25,838
Customer type
Residential 25,838 - 25,838
Non-residential - - -
Unaudited 31 March 2023
Continuing Operations £'000 Discontinued Operations £'000 Total £'000
Segment revenue 51,018 23,483 74,502
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
Audited 30 September 2023
Continuing Operations £'000 Discontinued Operations £'000 Total
£'000
Segment revenue 88,691 23,484 112,175
Revenue from external customers 88,691 23,484 112,175
Timing of revenue recognition
Over time 88,691 23,484 112,175
Customer type
Residential 87,839 17,992 105,831
Non-residential 852 5,492 6,344
Nexus Infrastructure plc
3. Segment analysis
The Group has one operating division under the control of the Executive Board,
which is identified as the Chief Operating Decision Marker as defined under
IFRS 8: Operating Segments:
Ø Tamdown
Ø 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 2024 31 March 2023 30 September 2022
£'000 £'000 £'000
Revenue from continuing operations
Tamdown 25,838 50,784 87,839
Nexus - 234 852
Total revenue from continuing operations 25,838 51,018 88,691
Revenue from discontinued operations
TriConnex - 17,992 17,992
eSmart Networks - 5,492 5,492
Total revenue from discontinued operations - 23,483 23,484
Total revenue 25,838 74,502 112,175
Gross profit from continuing operations
Tamdown 3,499 5,522 5,120
Nexus - 234 852
Total gross profit from continuing operations 3,499 5,756 5,972
Gross profit from discontinued operations
TriConnex - 4,649 4,649
eSmart Networks - 1,256 1,256
Total gross profit from discontinued operations - 5,905 5,905
Total gross profit 3,499 11,661 11,036
Operating profit from continuing operations after exceptions items
Tamdown (256) 1,308 (6,031)
Group administrative expenses (1,004) (3,653) (2,356)
Total operation profit from continuing operations after exceptional items (1,260) (2,346) (8,387)
Operating profit from discontinued operations after exceptional items
TriConnex - 850 850
eSmart Networks - (1,102) (1,102)
Total operating profit from discontinued operations after exceptional items - (252) (252)
Total operating profit after exceptional items (1,260) (2,598) (8,639)
4. Exceptional items
Unaudited Unaudited Audited
Six months to Six months to Year ended
31 March 2024 31 March 2023 30 September 2023
£'000 £'000 £'000
Continuing operations
Redundancy costs - - 645
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 2024 is 25%.
6. Dividends
Unaudited Unaudited Audited
Six months to Six months to Year ended
31 March 2024 31 March 2023 30 September 2023
£'000 £'000 £'000
Amounts recognised as distributions to equity holders:
Interim dividend for the year ended 30 September 2023 of 1p per share - - 90
Final dividend for the year ended 30 September 2022 of £nil per share - -
- - 90
A final dividend for the year ended 30 September 2023 of 2.0p per share was
approved by shareholders at a general meeting on 16 April 2024 and was paid to
shareholders on 7 May 2024. This has not been included as a liability in
these financial statements. The total final dividend paid was £180k.
The Board is declaring an interim dividend of 1 pence per share. The interim
dividend will be paid on 28 June 2024 to shareholders on the register at close
of business on 24 May 2024. The shares will go ex-dividend on 23 May 2024.
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.
The calculation of the basic and diluted earnings per share is based on the
following data:
Unaudited Unaudited Audited
Six months to Six months to Year ended
31 March 2024 31 March 2023 30 September 2023
£'000 £'000 £'000
Weighted average number of shares in issue for the year 9,034 40,263 24,606
Effect of dilutive potential ordinary shares:
Share options (number) - - -
Weighted average number of shares for the purpose of diluted earnings per 9,034 40,263 24,606
share
Profit for the year attributable to equity shareholders (1,439) 67,342 58,799
Basic (losses)/earnings (p per share) -15.93 167.26 238.96
Diluted (losses)/earnings (p per share) -15.93 167.26 238.96
Continuing operations
(Loss)/Profit for the year from continuing operations (1,439) 50 (8,494)
Basic (losses)/profit (p per share) (15.93) 0.12 (34.52)
Diluted (losses)/profit (p per share) (15.93) 0.12 (34.52)
Discontinued operations
Profit for the year from discontinued operations - 67,292 67,292
Basic earnings (p per share) - 167.13 273.48
Diluted earnings (p per share) - 167.13 273.48
Nexus Infrastructure plc
Notes to the condensed consolidated financial statements (continued)
For the six months to 31 March 2024
8. Related Party Transactions
There have been no significant changes in the nature and amount of related
party transactions since the last Report and Accounts as at and for the year
ended 30 September 2023.
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.
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. END IR VELFFZELZBBVRecent news on Nexus Infrastructure
See all newsRCS - Nexus Infrastructure - Notice of Investor Presentation
AnnouncementREG - Nexus Infrastructure - Half Year Trading Update and Notice of Results
AnnouncementREG - Nexus Infrastructure - Result of AGM
AnnouncementREG - Nexus Infrastructure - Director Dealing
AnnouncementREG - Stock Exch Notice Nexus Infrastructure - N01/25 - Nexus Infrastructure plc (TIDM: NEXS)
Announcement