TIDMNEXS
RNS Number : 8607Z
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
GBP77.7m in proceeds, with GBP60.5m distributed to shareholders via
a tender offer
-- Strong balance sheet with cash and cash equivalents of GBP15.9m
-- Interim dividend of 1.0 pence per share (H1 2022: 1.0 pence per share)
Tamdown Financial highlights:
-- Revenue increase to GBP50.8m (H1 2022: GBP46.7m)
-- Operating profit increase to GBP1.3m (H1 2022: GBP1.1m)
-- Operating margin improvement to 2.6% from 2.4%
-- Order book remains strong at GBP85.3m (H1 2022: GBP88.4m)
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 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.
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 GBP85.3m
despite a difficult economic backdrop.
The Group's balance sheet remains strong with net assets of
GBP42.1m as at 31 March 2023 (2022: GBP32.7m). Included within the
net assets balance is cash and cash equivalents of GBP15.9m (31
March 2022: GBP1.3m). 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 GBP50.8m (H1 2022: GBP46.7m). 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 GBP5.5m (H1 2022: GBP5.2m) and Tamdown
operating profit for the period totalled GBP1.3m (H1 2022:
GBP1.1m).
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 GBP85.3m (H1
2021: GBP88.4m).
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 GBP77.7m,
returning GBP60.5m to shareholders. We are now focused on executing
our strategy and the development of Tamdown.
Group revenue increased 9% to GBP51.0m (H1 2022: GBP46.7m), with
revenue growth from Tamdown increasing due to high levels of
activity on site. Group gross profit was GBP5.7m (H1 2022:
GBP5.2m), with an overall gross margin of 11.3% (H1 2022:
11.0%).
Nexus Group costs are on track to achieve the targeted GBP1.7m
run rate in Q4 of this financial year. Exceptional costs relating
to the disposal of TriConnex and eSmart Networks were GBP2.3m and
we are implementing the transitional services agreement with full
separation expected within the year.
The Group's operating profit totalled GBP72.4m reflecting the
profit from the sale of the former subsidiaries. Net finance costs
totalled GBP0.02m (H1 2022: GBP0.2m) resulting in profit before tax
of GBP72.3m.
The tax charge for the period was GBP0.4m (H1 2022 charge:
GBP0.2m) 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 GBP42.1m as at 31 March 2023 compared to GBP32.6m at 31
March 2022. Included within the net assets balance is cash and cash
equivalents of GBP15.9m 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 GBP10.0m (H1 2022:
GBP4.0m). Investing activities consumed GBP0.5m including
investment in operational plant (H1 2022: GBP0.4m), financing
activities included the sale of the former subsidiaries for
GBP77.7m, and the distribution of capital to shareholders of
GBP60.5m, and loan and lease liability repayments of GBP0.6m. Cash
balances of GBP13.1m 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 3(rd) February 2023, with the sale of
TriConnex Ltd and eSmart Networks Ltd to FWCP Spark (UK) Holdco
Limited for a consideration of GBP77.7m. This was followed by a
tender offer which delivered a GBP60.5m 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 six months
to to Year ended
31 March 31 March 30 September
2023 2022 2022
Note GBP'000 GBP'000 GBP'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 six months
to to Year ended
31 March 31 March 30 September
2023 2022 2022
Note GBP'000 GBP'000 GBP'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
GBP'000 GBP'000 GBP'000 GBP'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 six months
to to Year ended
31 March 31 March 30 September
2023 2022 2022
GBP'000 GBP'000 GBP'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
GBP'000 GBP'000 GBP'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
GBP'000 GBP'000 GBP'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
GBP'000 GBP'000 GBP'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
GBP'000 GBP'000 GBP'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 six months
to 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 GBP77.7m for the sale of TriConnex and eSmart
Networks. The gain is calculated after the deduction of the GBP3m
investment in eSmart Networks and the exceptional administrative
costs of GBP2.3m.
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 six months
to to Year ended
31 March 31 March 30 September
2023 2022 2022
GBP'000 GBP'000 GBP'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 six months six months
the following data: to to Year ended
31 March 31 March 30 September
2023 2022 2022
GBP'000 GBP'000 GBP'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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END
IR EVLBFXELZBBL
(END) Dow Jones Newswires
May 18, 2023 02:00 ET (06:00 GMT)
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