10th Dec 2021 11:11
(Alliance News) - Nexus Infrastructure PLC on Friday said it swung to profit in its recent financial year, following a "strong recovery" from the Covid-19 pandemic across its three businesses.
For the year that ended September 30, the Essex-based gas, electricity, water, fibre network and electric vehicle charging infrastructure company reported a pretax profit of GBP3.8 million, improved from a loss of GBP2.8 million the previous year.
Revenue for the company was up 9.0%, rising to GBP137.0 million from GBP125.7 million in financial 2020.
Nexus said TriConnex, its multi-utility network, recorded record revenue of GBP50.7 million, up 30% from GBP39.1 million the previous year. The company's eSmart Networks, which focuses on electric vehicle charging infrastructure, multiplied its revenue to GBP9.0 million from GBP2.2 million the previous year.
Tamdown, Nexus's civil engineering, infrastructure and high-rise construction services provider, saw revenue decrease by 9.1% to GBP78.0 million from GBP85.8 million, following low levels of contract awards and a strong first-half comparator in financial 2020.
Nexus swung to an operating profit of GBP4.2 million from a loss of GBP2.5 the year prior. The company said this was due to strong performances across its three business with TriConnex achieving a record profit following an increase in revenues, its eSmart Networks swinging to an operating profit and an improved trading result for Tamdown.
The company's order book rose to GBP287.8 million from GBP282.0 million. The eSmart Networks business saw the largest increase in its order book, more than tripling to GBP13.5 million from GBP3.8 million. The increased order book has been driven by the growing demand for electric vehicle charging, industrial electrification and renewable energy infrastructure, Nexus said.
TriConnex's order book also grew, rising 1.9% to GBP189.0 million from GBP185.4 million. Nexus said this strong performance by TriConnex had been driven by securing utility network connections on development sites.
Chief Executive Mike Morris said: "We have achieved a strong recovery from Covid-19, delivering profitable growth, reinstating the dividend whilst making excellent progress on strategy.
"TriConnex has had a significant year on revenue and profit in 2021, passing GBP50 million in revenue for the first time. We believe 2022 will be a breakthrough year for TriConnex in residential energy transition."
Morris added: "eSmart Networks is at the cutting edge of EV charging for cars, fleets and buses and has delivered exceptional growth, profitability for the first time and a burgeoning order book.Given the compelling growth fundamentals of its markets, eSmart Networks is presented with some exciting strategic opportunities. Both as a catalyst to growth and to crystallise shareholder value, it is the Board's intention to explore strategic options available to eSmart Networks.
"Our civil engineering division, Tamdown, has seen improved performance in the year and whilst inflationary pressures persist, these are being managed through selective tendering and tightened operational controls."
Nexus declared a final dividend of 1.4 pence per share. Last year the company did not pay a dividend.
Shares in Nexus were up 0.2% at 232.50 pence on Friday in London.
By Heather Rydings; [email protected]
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