Interim Results

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

Charles Sweeney, Chief Executive Officer

Dawn Hillman, Chief Financial Officer

 

Tel: 01376 559 550

Numis Securities Limited

(Nominated Adviser & Broker)

Oliver Hardy (Nomad)                  

Heraclis Economides     

Hannah Boros

 

Tel: 0207 260 1200

Camarco

(Financial Public Relations)

Ginny Pulbrook

Rosie Driscoll

 

 

 

Tel: 0203 757 4992

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 3rd 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 to equity holders of the parent

 

72,535

574

2,711

 

 





 

(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 following data:

six months to

six months to

Year ended

 

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 share

40,422,745

46,460,073

46,060,701





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






 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings (p per share)

-0.62

2.47

8.10










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






 

 

 

 

Charles Sweeney





Dawn Hillman




Chief Executive Officer




Chief Financial Officer



 

 

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