Nexus Infrastructure flags strong growth in year just ended

26th Oct 2022 14:21

(Sharecast News) - Energy specialist Nexus Infrastructure said in a trading update on Wednesday that it expected to deliver group revenues of £173m for the year just ended, up from £138m year-on-year.

The AIM-traded firm said revenue growth was achieved in all divisions, with TriConnex improving 10%, eSmart Networks by 86% and Tamdown by 26%.

Group operating profit for the 12 months ended 30 September was set to be in the range stated in the trading update on 9 August, of between £3.8m and £4.2m.

The group said its order book was up 10%, with work winning continuing across all three divisions, and currently standing at £316m, compared to £286m a year earlier.

Nexus said its net cash, pre-IFRS 16, at period end totalled £24.2m, up from £18.1m.

"I am pleased with the progress made in the year," said chief executive officer Mike Morris.

"TriConnex continues to perform, eSmart Networks is delivering strong revenue growth and Tamdown continues to optimise its service offering.

"Nexus has a strong balance sheet plus a growing order book, with the group continuing to see high levels of demand for its services from customers that value its expertise."

At 1130 BST, shares in Nexus Infrastructure were flat at 135p.

Reporting by Josh White for Sharecast.com.