REG - Nexus Infrastructure - Statement re: ilke Homes

Nexus InfrastructureAnnouncement

21/06/2023 15:45

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RNS Number : 4896D  Nexus Infrastructure PLC  21 June 2023

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF THE
MARKET ABUSE REGULATION

21 June 2023

Nexus Infrastructure plc

("Nexus" or the "Group")

Statement re: ilke Homes

The Board of Nexus notes the media coverage regarding ilke Homes filing a
notice of intention to appoint an administrator. ilke Homes is a customer of
Nexus' Tamdown division with two developments, which have both been paused by
ilke Homes.

Tamdown has been in discussions with ilke Homes regarding the situation and
the outstanding invoices due in relation to these two sites. As at the date of
this announcement, the total amount overdue from ilke Homes to Tamdown is
approximately £835k. In addition, a further amount of approximately £962k
will become due shortly in relation to work delivered up to 31 May 2023 and
there is further work in progress in the region of £250k relating to the
period in June prior to work on the sites being paused by ilke Homes.

Tamdown had also been anticipating additional turnover amounting to
approximately £4m over the remainder of the current financial year FY23.

Given today's developments regarding a potential administration of ilke Homes,
there is a risk that Tamdown will be unable to collect these amounts, which
would have a significant impact on Group profit during the current financial
year FY23. Tamdown will continue to work with ilke Homes with a view to
recovering the amounts due, and Nexus will update the market in due course
when the situation is more certain.

The Group continues to maintain a robust balance sheet with cash and cash
equivalents at the half-year ended 31 March 2023 of £15.9m. Whilst the
situation is uncertain, there is the potential for a cash impact of just over
£2m.

Tamdown continues to have strong relationships across a broad range of
customers and a reputation for high-quality work.

 

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.

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