TIDMNEXS
RNS Number : 6021P
Nexus Infrastructure PLC
30 May 2018
Date: 30 May 2018
Nexus Infrastructure plc ("Nexus")
Interim results for the six months ended 31 March 2018
Strong fundamentals
Nexus, a leading provider of essential infrastructure services
to the UK housebuilding and commercial sectors, today announces its
interim results for the six months ended 31 March 2018.
Highlights:
-- Group Revenue up 3.8% to GBP62.9m (H1 2017: GBP60.6m)
-- Operating profit up 14.6% to GBP3.5m (H1 2017: GBP3.1m)
-- Profit before tax up 15.3% to GBP3.4m (H1 2017 GBP3.0m)
-- Group Order book increased by 30% to GBP234.1m (H1 2017:
GBP180.7m)
o Tamdown: Order book up 18% to GBP118.4m (H1 2017:
GBP100.5m)
o TriConnex Order book up 44% to GBP115.7m (H1 2017:
GBP80.2m)
Divisional performances:
-- Tamdown: Revenues up 2.4% to GBP47.9m (H1 2017: GBP46.8m)
o The gross margin for the period at 16.3% (H1 2017: 15.9%) is
in line with margins recorded in the preceding financial years.
o Operating margin increased 110 bps to 5.2% (H1 2017: 4.1%),
and operating profit increased by 30.4% to GBP2.5m (H1 2017:
GBP1.9m)
-- TriConnex: Revenues up 8.4% to GBP15.0m (H1 2017 GBP13.9m)
o The gross margin for the period improved by 20 bps to 34.1%
(H1 2017: 33.9%)
o Operating margin improved by 20bps to 12.9% (H1 2017:
12.7%)
Strong balance Sheet:
-- 38.5% growth in net assets of GBP18.3m at 31 March 2018 (2017: GBP13.2m)
-- Net cash of GBP7.4m (2017: GBP10.3m)
-- A 4.8% increase in interim dividend declared of 2.2p per share (H1 2017: 2.1p per share)
eSmart Networks launch:
-- Launch of quality end to end solution to design, install and
connect rapid electric vehicle charging points for a variety of
customers such as charge point network operators, local
authorities, vehicle OEMs, direct B2B and direct B2C.
-- Wholly owned division of Nexus with investment to date of GBP0.2m
-- Secured GBP0.5m of contracts for installation of rapid
charging units in both the South East and the Midlands
Mike Morris, Chief Executive of Nexus, commented:
"We are reporting revenues and profits ahead of H1 last year and
a current order book of GBP234.1m, which positions the Group well
for future growth. Our recent trading statement identified some
industry-driven timing issues from within the TriConnex business,
which we are addressing.
The underlying demand factors in UK housebuilding are still
strong and Nexus commands an established market position, from
which we will continue to pursue our growth strategy. Against this
background, the Board is optimistic on the outlook for the
business."
Enquiries:
Nexus Infrastructure plc Tel: 01376 320856
Michael Morris, Chief Executive
Officer
Alan Martin, Chief Financial
Officer
Numis Securities Limited Tel: 0207 260 1200
(Nominated Adviser & Broker)
Oliver Hardy (Nomad)
Heraclis Economides
Ben Stoop
Financial Public Relations Tel: 0203 757 4992
Camarco
Ginny Pulbrook
Tom Huddart
Notes to Editors:
Nexus is a leading provider of essential infrastructure services
to the UK housebuilding and commercial sectors. The Group is
comprised of: Tamdown, a provider of specialised infrastructure
services; TriConnex which designs, installs and connects utility
networks to properties on new residential and commercial
developments; and eSmart Networks which focuses on EV and smart
grid infrastructure.
Tamdown has a well-established market position having been in
operation for over 40 years and currently counts amongst its
customers nine of the top ten largest UK housebuilders. TriConnex
was established in 2011 to take advantage of deregulation in the
utilities market with the goal of being recognised as the UK's
leading independent provider of utility connections to new
developments.
eSmart Networks was set up in 2018 to focus on the opportunities
within the electric vehicle charging market, along with battery
storage and specialised distribution network works to enable smart
grid solutions.
Business and Financial Review
I am pleased to announce the interim results for the six months
ended 31 March 2018. The Group has recorded revenue and
profitability ahead of the performance in H1 2017 and has continued
to successfully secure work, with the order book increasing to
GBP234.1m, an increase of 30% year on year, all of which support
the Company's ability to maintain its growth journey and
progressive dividend policy. During the period Nexus has invested
in an electric vehicle charging start-up, eSmart Networks, which
designs and installs rapid ev charging points.
Group revenue increased 3.8% to GBP62.9m (H1 2017: GBP60.6m),
with group operating profits increasing by 14.6% to GBP3.5m (H1
2017: GBP3.1m), driven by improved profitability within
Tamdown.
The Group's balance sheet remains strong with net assets
standing at GBP18.3m at 31 March 2018 compared to GBP13.2m at 31
March 2017. Included within the net assets balance is Cash and Cash
Equivalents of GBP14.8m (H1 2017: GBP19.7m) and net cash was
GBP7.4m (H1 2017: GBP10.3m).
Tamdown
Tamdown provides a range of specialised infrastructure and
engineering services to the UK housebuilding sectors, with
operations focused on the South East of England and London.
Revenue for Tamdown increased by 2.4% to GBP47.9m (H1 2017:
GBP46.8m). Growth was limited as, in common with the rest of our
industry, we experienced disruption from the poor weather in March,
which impacted the phasing of some of our work. Despite this short
term disruption, the Board expects the outturn for Tamdown's
operating profit for 2018 to be in line with its expectations and
ahead of 2017.
The gross margin for the period at 16.3% (H1 2017: 15.9%) is in
line with the overall margins recorded in the preceding financial
years.
Operating margin increased 110 bps to 5.2% (H1 2017: 4.1%), and
operating profit increased by 30.4% to GBP2.5m (H1 2017:
GBP1.9m).
The market for Tamdown continues to be active and competitive,
with the Company continuing to build on its strong market position
with the order book increasing 17.8% year on year to GBP118.4m (H1
2017: GBP100.5m) and a 9.3% increase in the first half of the
financial year.
Tamdown has an established market position, providing quality
services to a broad range of UK housebuilders. The structural
undersupply of the housing market continues, which provides
confidence that our customers will continue to demand our
services.
TriConnex
TriConnex designs, installs and connects gas, electricity, water
and fibre networks on new residential and commercial developments,
with operations in the South East, South Midlands and South West of
England.
Revenue for TriConnex increased by 8.4% to GBP15.0m (H1 2017:
GBP13.9m). The gross margin for the period improved by 20 bps to
34.1% (H1 2017: 33.9%).
Operating profit increased by 9.8% to GBP1.9m (H1 2017: GBP1.8m)
with the operating margin improving by 20 bps to 12.9%.
TriConnex has continued to be successful in securing orders,
with the order book increasing by 44% year on year to GBP115.7m (H1
2017: GBP80.2m) and a 22.6% increase in the first half of the
financial year.
As stated in the trading update in April 2018, despite the
significant increase in the order book it is expected that the
revenues and operating profit for 2018 will be in line with 2017,
due to the conversion of orders into revenue taking longer than in
previous years. TriConnex is engaged at the very early stage of
developments with its customers, and often secures contracts prior
to land acquisition. These contracts generally contribute to
revenue over four to five years. The increase in the order book
illustrates that customers continue to be active, however schemes
are taking longer to get to start on site, primarily due to the
increase in pre-commencement conditions set by the local
authorities slowing the preparation of sites prior to construction.
The increased order book provides good long term visibility, but
the delays in getting on site have created a lag in the conversion
of the order book into revenue and profits.
eSmart Networks
eSmart Networks, a wholly owned division of Nexus, has been
created to take advantage of the significant expected growth in
electric vehicles and thus the need for charging points to power
them. eSmart Networks will provide a quality end to end solution of
design, installation and connection of rapid electric vehicle
charging points for a variety of customers such as charge point
network operators, local authorities, vehicles OEMs, direct B2B and
direct B2C. We consider that this market has considerable growth
opportunity and is supported by Government with GBP400m to fund a
national charging network and subsidise vehicle purchases.
The investment to date, consisting of administrative expenses,
all of which have been expensed, totals GBP0.2m. The Board expects
the revenue contribution in H2 2018 to approach approximately
GBP1.0m and the net start up investment to be GBP0.6m in the
current financial year.
eSmart Networks has been successful in securing GBP0.5m of
contracts for installation of rapid charging units in both the
South East and the Midlands.
Dividend and Dividend timetable
In the light of these results and our confidence in the future,
the Board is declaring an interim dividend of 2.2 pence per share,
an increase of 4.8% over the prior year (H1 2017: 2.1 pence per
share).
The interim dividend will be paid on 13 July 2018 to
shareholders on the register at close of business on 15 June 2018.
The shares will go ex-dividend on 14 June 2018.
The Board aims to maintain a progressive dividend policy.
Financial Overview
Income statement
Group revenue increased 3.8% to GBP62.9m (H1 2017: GBP60.6m),
with revenue growth in both Tamdown and TriConnex.
Group gross profit increased 6.5% to GBP12.9m (H1 2017:
GBP12.1m), with the gross margin increasing 60 bps to 20.6% (H1
2017: 20.0%).
The Group's operating profit, even with the inclusion of the
costs of eSmart Networks, increased 14.6% to GBP3.5m (H1 2017:
GBP3.1m). Net finance costs totalled GBP0.1m (H1 2017: GBP0.1m)
resulting in profit before tax increase of 15.3% to GBP3.4m (H1
2017: GBP3.0m).
The tax charge for the period was GBP0.7m (H1 2017: GBP0.6m)
reflecting an effective rate of 19.6% (H1 2017: 20%). The profit
after tax increased by GBP0.4m to GBP2.8m (H1 2017: GBP2.4m).
Balance Sheet and Cash Flow
The Group's balance sheet remains strong with net assets
standing at GBP18.3m at 31 March 2018 compared to GBP13.2m at 31
March 2017. Working capital grew by GBP5.2m since 31 March 2017,
with inventories increasing GBP1.0m, receivables increasing GBP1.6m
and payables decreasing GBP2.6m. Included within the net assets
balance is Cash and Cash Equivalents of GBP14.8m (H1 2017:
GBP19.7m), with net cash totalling GBP7.4m (2017: GBP10.3m).
In line with the prior year, operating cash flow utilised
GBP8.5m (H1 2017: GBP8.9m) of cash in the period. The Board expects
that working capital will reduce in H2 2018, as occurred in H2
2017, resulting in operating cash flows in H2 2018 being cash
generative. Dividends and other financing activities consumed
GBP2.9m in the first half (H1 2017: GBP4.0m).
Risks and Uncertainties
The Group is subject to a number of risks and uncertainties as
part of its activities. The Board regularly considers these and
seeks to ensure that appropriate processes are in place to
identify, control and monitor these risks. The Directors consider
that the principal risks and uncertainties facing the Group are
those outlined on pages 22 to 24 of the Report and Accounts for the
year ended 30 September 2017.
Summary and Outlook
The Group is in a strong position to deliver growth. The
fundamental market drivers for our businesses are positive in both
the short and medium term. The order book has continued to grow to
record levels in all businesses. Against this background, the Board
is optimistic on the outlook for the business and is confident the
Group will deliver on its growth strategy.
Mike Morris
Chief Executive Officer
Condensed consolidated statement of total comprehensive
income
For the six months to 31 March 2018
Unaudited Unaudited Audited
Six months Six months Year ended
to to 30 September
31 March 31 March 2017
Note 2018 2017 GBP'000
GBP'000 GBP'000
------------------------------------- ------- ------------ ------------ --------------
Revenue 62,920 60,644 135,034
Cost of sales (49,985) (48,498) (107,793)
Gross profit 12,935 12,146 27,241
------------ ------------ --------------
Administrative expenses (9,413) (9,073) (17,910)
Operating profit before exceptional
items 3,522 3,073 9,331
Exceptional items - - (1,714)
------------------------------------- ------- ------------ ------------ --------------
Operating profit 3,522 3,073 7,617
------------ ------------ --------------
Finance income 17 50 70
Finance expense (125) (163) (304)
Profit before tax 3,414 2,960 7,383
Taxation 3 (670) (592) (1,554)
Profit for the period 2,744 2,368 5,829
Earnings per share (pence per
share)
Basic 5 7.20 6.27 15.40
Diluted 5 6.86 6.16 15.01
Condensed consolidated statement of financial position
at 31 March 2018
Unaudited Unaudited Audited
Six months Six months Year ended
to to 30 September
31 March 31 March 2017
Note 2018 2017 GBP'000
GBP'000 GBP'000
--------------------------------- ------- ------------ ------------ --------------
Non-current assets
Property, plant and equipment 7,263 4,823 7,795
Goodwill 2,361 2,361 2,361
Other investments 55 60 55
------------ ------------ --------------
Total non-current assets 9,679 7,244 10,211
Current assets
Inventories 2,501 1,519 924
Trade and other receivables 39,046 37,419 37,841
Cash and cash equivalents 14,818 19,663 27,066
------------ ------------ --------------
Total current assets 56,365 58,601 65,831
------------ ------------ --------------
Total assets 66,044 65,845 76,042
------------ ------------ --------------
Current liabilities
Borrowings 6 2,000 2,000 2,000
Trade and other payables 39,753 42,297 49,909
Corporation tax 181 247 39
------------ ------------ --------------
Total current liabilities 41,934 44,544 51,948
Non-current liabilities
Borrowings 6 5,400 7,400 6,400
Net obligations under finance
lease/hire purchase agreements 358 597 619
Deferred tax liabilities 62 102 62
------------ ------------ --------------
Total non-current liabilities 5,820 8,099 7,081
------------ ------------ --------------
Total liabilities 47,754 52,643 59,029
------------ ------------ --------------
Net assets 18,290 13,202 17,013
------------ ------------ --------------
Equity attributable to equity
holders of the Company
Share capital 762 755 762
Retained earnings 17,528 12,447 16,251
Total equity 18,290 13,202 17,013
------------ ------------ --------------
Condensed consolidated statement of changes in equity
For the six months to 31 March 2018
Share Retained Total
capital earnings
GBP'000 GBP'000 GBP'000
--------------------------------------- --------- ---------- ---------
Equity at 1 October 2016 (Audited) 755 12,621 13,376
--------- ---------- ---------
Transactions with owners
Dividend paid - (2,677) (2,677)
Share-based payment charge 135 135
--------- ---------- ---------
- (2,542) (2,542)
Total comprehensive income
Profit for the period - 2,368 2,368
- 2,368 2,368
Equity at 31 March 2017 (Unaudited) 755 12,447 13,202
--------- ---------- ---------
Transaction with owners
Dividend paid - (799) (799)
Share-based payment charge - 1,142 1,142
Issue of share capital 7 - 7
--------- ---------- ---------
7 343 350
Total comprehensive income
Profit for the period - 3,461 3,461
--------- ---------- ---------
- 3,461 3,461
Equity at 30 September 2017 (Audited) 762 16,251 17,013
--------- ---------- ---------
Transaction with owners
Dividend paid - (1,600) (1,600)
Share-based payment charge - 133 133
--------- ---------- ---------
- (1,467) (1,467)
Total comprehensive income
Profit for the period - 2,744 2,744
- 2,744 2,744
Equity at 31 March 2018 (Unaudited) 762 17,528 18,290
--------- ---------- ---------
Condensed consolidated statement of cash flows
For the six months to 31 March 2018
Unaudited Unaudited Audited
Six months Six months Year ended
to to 30 September
31 March 31 March 2017
2018 2017 GBP'000
GBP'000 GBP'000
------------------------------------------- ------------ ------------ --------------
Cash flow from operating activities
Profit before tax 3,414 2,960 7,383
Adjusted by:
(Profit)/loss on disposal of plant
and equipment (2) (19) 20
Share-based payment charge 133 135 1,277
Loss on disposal of investment - - 5
Finance expense (net) 108 113 234
Depreciation of property, plant and
equipment 672 652 1,400
------------ ------------ --------------
Operating profit before working capital
charges 4,325 3,841 10,319
Working capital adjustments:
Increase in trade and other receivables (1,205) (4,007) (4,428)
Increase in inventories (1,577) (1,092) (497)
Decrease in trade and other payables (10,090) (7,610) (63)
------------ ------------ --------------
Cash (utilised)/generated from operating
activities (8,547) (8,868) 5,331
Interest paid (125) (166) (304)
Taxation paid (527) (1,152) (2,363)
Net cash flows from operating activities (9,199) (10,186) 2,664
------------ ------------ --------------
Investing activities
Purchase of property, plant and equipment (245) (536) (4,061)
Proceeds from disposal of plant and
equipment 107 360 629
Interest received 17 50 70
------------ ------------ --------------
Net cash used in investing activities (121) (126) (3,362)
------------ ------------ --------------
Cash flow from financing activities
Dividend payment (1,600) (2,677) (3,476)
Repayment of loans (1,000) (1,000) (2,000)
Repayment of finance leases/hire
purchase agreements (328) (340) (759)
Issue of share capital - - 7
Net cash used in financing activities (2,928) (4,017) (6,228)
Net change in cash and cash equivalents (12,248) (14,329) (6,926)
------------ ------------ --------------
Cash and cash equivalents at the
beginning of the period 27,066 33,992 33,992
------------ ------------ --------------
Cash and cash equivalents at the
end of the period 14,818 19,663 27,066
------------ ------------ --------------
Notes to the condensed consolidated financial statements
For the six months to 31 March 2018
1. Basis of preparation and accounting policies
The interim report of the Group for the six months ended 31
March 2018 has been prepared in accordance with IAS 34 "Interim
Financial Reporting" and International Financial Reporting
Standards ("IFRS") as adopted for use in the European Union ("EU")
and in accordance with the Disclosure and Transparency Rules of the
Financial Conduct Authority.
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 2017, which is
available on request from the Group's registered office, 1 Tamdown
Way, Braintree, Essex, CM7 2QL, or can be downloaded from the
website www.nexus-infrastructure.com.
The comparative information for the financial year ended 30
September 2017 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 2017. There have been no standard,
amendments or interpretations issued which are relevant or
effective in this interim report.
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 Company and the Group have adequate resources
to continue in operational existence for the foreseeable future.
Accordingly, they continue to adopt the going concern basis in
preparing the interim report.
Notes to the condensed consolidated financial statements
(continued)
For the six months to 31 March 2018
2. Segmental analysis
The Group is organised into the following three operating
divisions under the control of the Executive Board, which is
identified as the Chief Operating Decision Maker as defined under
IFRS 8: Operating Segments:
-- Tamdown
-- TriConnex
-- eSmart Networks
All of the Groups operations are carried out entirely within the
United Kingdom.
Segment information about the Group's operations is presented
below:
Unaudited Unaudited Audited
Six months Six months Year ended
to to 30 September
31 March 31 March 2017
2018 2017 GBP'000
GBP'000 GBP'000
------------------------------------- ------------ ------------ --------------
Revenue
Tamdown 47,880 46,771 105,565
TriConnex 15,040 13,873 29,469
eSmart Networks - - -
------------ ------------ --------------
Total revenue 62,920 60,644 135,034
Gross profit
Tamdown 7,809 7,442 17,282
TriConnex 5,126 4,704 9,959
eSmart Networks - - -
------------ ------------ --------------
Total profit 12,935 12,146 27,241
Operating profit
Tamdown 2,505 1,921 7,210
TriConnex 1,942 1,768 3,490
eSmart Networks (211) - -
Group administrative expenses (714) (616) (1,369)
------------------------------------- ------------ ------------ --------------
Operating profit before exceptional
items 3,522 3,073 9,331
Exceptional items - - (1,714)
------------------------------------- ------------ ------------ --------------
Total operating profit 3,522 3,073 7,617
Net finance cost (108) (113) (234)
------------ ------------ --------------
Profit before tax 3,414 2,960 7,383
Taxation (670) (592) (1,554)
------------ ------------ --------------
Total comprehensive income for the
period 2,744 2,368 5,829
------------ ------------ --------------
Notes to the condensed consolidated financial statements
(continued)
For the six months to 31 March 2018
2. Segmental analysis (continued)
Balance sheet analysis of business segments:
Unaudited 31 March 2018
Assets Liabilities Net Assets
GBP,000 GBP'000 GBP'000
----------- --------- ------------ -----------
Tamdown 30,631 21,912 8,719
TriConnex 15,014 18,124 (3,110)
Group 5,581 7,718 (2,137)
Net Cash 14,818 - 14,818
66,044 47,754 18,290
Unaudited 31 March 2017
Assets Liabilities Net Assets
GBP,000 GBP'000 GBP'000
----------- --------- ------------ -----------
Tamdown 29,454 25,306 4,148
TriConnex 14,193 17,828 (3,635)
Group 2,535 9,509 (6,974)
Net Cash 19,663 - 19,663
65,845 52,643 13,202
Audited 30 September
2017
Assets Liabilities Net Assets
GBP,000 GBP'000 GBP'000
----------- --------- ------------ -----------
Tamdown 28,255 29,817 (1,562)
TriConnex 15,125 20,193 (5,068)
Group 5,596 9,019 (3,423)
Net Cash 27,066 - 27,066
76,042 59,029 17,013
3. Taxation
Taxation has been calculated for the six months ended 31 March
2018 at the estimated effective tax rate of 20%.
4. Dividends
On the 9 March 2018 the Company paid a final dividend for the
year ended 30 September 2017 of GBP1.6m
Unaudited Unaudited Audited
Six months Six months Year ended
to to 30 September
31 March 31 March 2017
2018 2017 GBP'000
GBP'000 GBP'000
--------------------------------------- ------------ ------------ --------------
Amounts recognised as distributions
to equity holders:
Final dividend for the year ended
30 September 2016 of 3.5 pence per
share - 2,677 2,677
Interim dividend for the year ended
30 September 2017 of 2.1 pence per
share - - 799
Final dividend for the year ended 1,600 - -
30 September 2017 of 4.2 pence per
share
------------ ------------ --------------
1,600 2,677 3,476
------------ ------------ --------------
Notes to the condensed consolidated financial statements
(continued)
For the six months to 31 March 2018
5. Earnings per share
The calculation of the basic and diluted earnings per share is
based on the following date:
Unaudited Unaudited Audited
Six months Six months Year ended
to to 30 September
31 March 31 March 2017
2018 2017 GBP'000
GBP'000 GBP'000
--------------------------------------- ------------ ------------ --------------
Profit for the period attributable
to equity shareholders 2,744 2,368 5,829
------------ ------------ --------------
Weighted average number of shares
in issue for the year 38,117,850 37,757,850 37,844,645
Effect of dilutive potential ordinary
shares:
Share options 1,898,036 694,750 999,124
Weighted average number of shares
for the purpose of diluted earnings
per share 40,015,886 38,452,600 38,843,769
Basic earnings per share (pence per
share) 7.20 6.27 15.40
Diluted earnings per share (pence
per share) 6.86 6.16 15.01
------------ ------------ --------------
6. Borrowings
Unaudited Unaudited Audited
Six months Six months Year ended
to to 30 September
31 March 31 March 2017
2018 2017 GBP'000
GBP'000 GBP'000
------------- ------------ ------------ --------------
Current 2,000 2,000 2,000
Non-current 5,400 7,400 6,400
------------ ------------ --------------
The Company entered into a GBP12.0m five-year facility with
Allied Irish Bank in December 2015. The loan is secured over the
whole of the Company's undertaking and assets and by way of cross
guarantee from other Group undertakings. The loan carries interest
at LIBOR plus between 2.25%.
7. 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 2017.
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 IAS 34 "Interim Financial Reporting" as adopted
by the European Union; and
-- the interim management report includes a fair review of the
information required by DTR 4.2.7R of the Disclosure and
Transparency Rules, being an indication of important events that
have occurred during the first six months of the financial year and
their impact on the condensed set of financial statements; and a
description of the principal risks and uncertainties for the
remaining six months of the year; and
-- the interim management report includes a fair review of the
information required by DTR 4.2.8R of the Disclosure and
Transparency Rules, being related party transactions that have
taken place in the first six months of the financial year and that
have materially affected the financial position or performance of
the entity during that period; and any changes in the related party
transactions described in the last annual Report and Accounts that
could do so.
Signed on 29 May 2018 on behalf of the Board
Mike Morris Alan Martin
Chief Executive Officer Chief Financial Officer
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END
IR ALMBTMBMTTTP
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