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RNS Number : 6047J Nexus Infrastructure PLC 28 April 2022
Thursday 28 April 2022
Nexus Infrastructure plc
("Nexus" or the "Group")
Trading Update and Notice of Results
Nexus Infrastructure plc (AIM:NEXS), a leading enabler of energy transition by
delivering sustainable infrastructure, is pleased to provide an update on
trading for the six months ended 31 March 2022. The Company's interim results
will be announced on Wednesday 8 June 2022.
Nexus is currently trading in line with the Board's expectations, with demand
strong in all our end markets. Nexus expects to deliver Group revenues of
£80.0m for the six months ended 31 March 2022 (H1 2021: £63.9m).
The Group's total order book stood at £306.8m on 31 March 2022, being growth
of 1.7% against the prior year position (H1 2021: £301.6m) and growth of 6.6%
since 30 September 2021 (£287.8m).
TriConnex, our multi-utilities business, has performed well in the period.
Revenue has continued to grow with a 2.5% increase year-on-year. The business
continues to see strong demand, with the order book increasing during the
six-month period by £8.4m to £197.4m, up 3.4% year-on-year (H1 2021:
eSmart Networks, our energy transition business, is scaling up with revenue
increasing by over 200% year-on-year. There has been continued overhead
investment in the business during the period reflecting the highly attractive
growth opportunity ahead. This will result in profitability being weighted to
the second half of the year and an operating loss for H1. The order book has
increased substantially during the six-month period, increasing 55% to
£21.0m, which is a 72% year-on-year increase (H1 2021: £12.2m). The business
is establishing an impressive client base in electric vehicle charging,
industrial electrification and renewable infrastructure.
Tamdown, our civil engineering business, has seen H1 turnover improve by 26%
compared to the prior period, with an acceleration of activity on the existing
order book. Tamdown has been successful in securing new business throughout
the period, and even with the speeding up of delivery on site, the order book
increased by 3.6% since the year end to £88.4m (H1 2021: £98.5m).
The operating environment continues to be characterised by significant levels
of input cost inflation, primarily in materials, energy and labour. The Group
remains committed to taking the actions necessary to protect and maintain
margins going forwards.
The Group's balance sheet remains strong with cash and cash equivalents of
£23.1m (31 March 2021: £25.6m) and net cash, adjusting for borrowings, of
£12.3m (31 March 2021: £13.7m). As previously announced, since the period
end, the Group has completed the sale and leaseback of its head office
building, Nexus Park. This transaction has increased the Group's cash and cash
equivalents balance by £2.7m and eliminated the Group's borrowings,
increasing net cash by £13.5m.
Mike Morris, Chief Executive of Nexus, commented:
"I am delighted with the progress made pursuing our exciting strategy whilst
supporting established and new customers with their Net Zero plans. TriConnex
continues its strong performance, eSmart Networks is recording high levels of
growth and Tamdown is on track with its medium-term plan. The Group has a
strong balance sheet and we will protect it by remaining vigilant on
inflationary pressures. I am proud that we are at the heart of the energy
transition and excited about where that can take us."
Nexus Infrastructure plc Tel: 01376 559550
Michael Morris, Chief Executive Officer
Alan Martin, Chief Financial Officer
Numis Securities Limited Tel: 0207 260 1200
(Nominated Adviser & Broker)
Oliver Hardy (Nomad)
Financial Public Relations Tel: 0203 757 4992
Notes to Editors:
Nexus is enabling the energy transition by delivering sustainable
infrastructure. The Group's capabilities are:
Multi-Utilities - TriConnex, our multi-utilities business, designs,
installs and connects energy, water, fibre networks and electric vehicle
charging infrastructure on new residential developments. The business offers
end‑to‑end solutions with the goal of being recognised as the UK's leading
independent provider of utility connections to new developments.
Energy Transition - eSmart Networks, the energy transition specialists,
provides public electric vehicle charging, industrial electrification and
renewable energy connections. The business was created to respond to the UK's
need for charging infrastructure as the transition to electric vehicles
gathers pace and has since broadened its services to provide grid connection
solutions and renewable energy infrastructure.
Civil Engineering - Tamdown, our civil engineering business, provides a
range of civil engineering and infrastructure services to the UK housebuilding
and commercial sectors. Services include earthworks, highways, substructures
and basements and installing sustainable drainage systems. It has an
established market-leading position having been in operation for over 40
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