30th May 2018 11:27
LONDON (Alliance News) - Nexus Infrastructure PLC on Wednesday reported an increase in profit and revenue in the first half of its financial 2018, boosted by strong order book growth across all divisions.
The infrastructure services provider reported pretax profit of GBP3.4 million for the six months ended March, up 15% from GBP3.0 million reported for the same period a year earlier. Revenue also rose 4% to GBP62.9 million from GBP60.6 million.
Order book grew 30% year-on-year to GBP234.1 million compared to GBP180.7 million the year before.
On a divisional basis, Tamdown unit grew order book by 18% to GBP118.4 million from GBP100.5 million while utility contractor TriConnex increased order book by 44% to GBP115.7 million form GBP80.2 million.
As a result, revenue in Tamdown rose by 2%, despite the weather disruptions experienced in March. TriConnex's revenue was 8% higher year-on-year, thanks to the active customers.
Nexus declared an interim dividend of 2.2 pence, up from 2.1p paid the prior year.
Looking ahead, the company said it is in strong position to deliver full-year growth as the order book has continued to grow to record levels in all units.
"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," said Chief Executive Mike Morris.
"Against this background, the board is optimistic on the outlook for the business," Morris added.
Shares in Nexus were trading 4.1% higher on Wednesday at 213.49p each.
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