16th Feb 2021 11:32
(Alliance News) - Nexus Infrastructure PLC on Tuesday said that while trading conditions within its TriConnex and eSmart continue to be positive, the pandemic and resulting market uncertainty has continued to present challenges for Tamdown.
TriConnex designs, installs and connects gas, electricity, water and fibre networks on new residential and commercial developments.
eSmart Networks deals with the design, installation and connection of electric vehicle charging infrastructure, battery storage, renewable energy connections and smart grid infrastructure.
Tamdown provides infrastructure and engineering services to the UK housebuilding sectors, with operations focused on the South East of England and London.
The infrastructure services, utilities connections and smart energy infrastructure company reported positive momentum for TriConnex and eSmart, highlighting that both businesses have performed ahead its expectations, with significant growth in new business.
However, Nexus said despite on-site activity and new business wins picking up since the end of 2020, trading within its Tamdown business is more in-line with the downside scenario set out in June last year.
In mid-June, the company said of Tamdown: "Since the start of May, housebuilders have begun to reopen sites.We currently anticipate that all of Tamdown's sites will be active again during June, though activity levels are expected to be far lower than pre-Covid-19 levels. Whilst in the short-term Tamdown is likely to see a significant reduction in activity levels and revenues, we remain confident in the longer-term prospects of the sector and the business."
On Tuesday, looking ahead, Nexus said: "With a strong balance sheet and order book of GBP279 million, Nexus remains on-track to implement its recovery and growth strategy with a return to pre-Covid levels of activity in financial 2022."
Shares in Nexus Infrastructure were trading 7.9% lower at 150.10 pence each on Tuesday morning in London.
By Ife Taiwo; [email protected]
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