REG - Nexus Infrastructure - Interim Results
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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 nexus@almastrategic.com
Dawn Hillman, Chief Financial Officer
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 nexus@almastrategic.com
Hannah Campbell
Will Merison
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 50(th) 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
(https://protect.checkpoint.com/v2/r02/___http:/www.nexus-infrastructure.com/___.YzJlOm5leHVzaW5mcmFzdHJ1Y3R1cmVwbGM6YzpvOmEzMTdiMWUwN2I4NTBmYjY4ZmY3MTA3ZDBmNGJhYWI4Ojc6NDlkZToyMjRmMWJmNWE2ODEwNzZjODkxYzg3ZTA0NDQzNWQzZGI2MGE3MTM4YjhlYmJhMWZmYzQxODQ5ZWQwMDBlM2RlOnA6RjpU)
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).
o Nexus administrative expenses excluding exceptionals £779k (H1 2025: £833k).
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 (1,072) (1,865) (2,380)
equity holders of the parent
(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 8,517 9,596 10,942
position
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
(http://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 9,034 9,034 9,034
share
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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