LONDON (ShareCast) - (Sharecast News) - Utilities and smart energy infrastructure provider Nexus Infrastructure said it performed in line with its expectations in its first half on Wednesday, with all three divisions active on-site and winning new business.
The AIM-traded firm said it expected to deliver group revenues of £63.9m for the six months ended 31 March, down from £84.2m year-on-year but in line with the stronger of the two scenarios set out at the time of its placing in June.

It said its total order book stood at £301.6m at period-end, which was £2.1m ahead of the prior year position and an increase of 6.9% since 30 September.

The company's utilities business TriConnex had performed "well" in the period, the board said, delivering both revenue and profit growth against a strong prior-year period.

It said the division was continuing to grow, with the order book increasing during the six-month period by £5.5m to £190.9m, and up 4.6% year-on-year.

First half revenue for TriConnex was up 5.8% year-on-year, delivering a gross margin of about 30%.

Its smart energy business eSmart Networks gained "strong traction" during the first half, with revenue increasing by more than 150% year-on-year.

The unit's order book also increased, by £8.4m to £12.2m, making for growth of 450% over the same period last year.

Nexus said eSmart was establishing an "impressive" client base in the electric vehicle charging, industrial electrification and renewable infrastructure sectors.

Finally, its civil engineering business Tamdown saw a "significant" reduction in turnover after a difficult 2020 financial year, and was in line with its resized overhead.

However, during the first half, Tamdown was successful in securing new business that would start in the second half, which led to the order book increasing to £98.5m from its year-end position of £92.5m.

The company said its balance sheet remained "strong", with cash and cash equivalents of £25.6m, up from £19.7m a year earlier, and net cash, adjusting for borrowings, of £10.7m rising from £8.7m.

"I am delighted to see that Nexus Infrastructure services are as in demand as ever, not least our deep knowledge and expertise in electrification," said chief executive officer Mike Morris.

"TriConnex and eSmart Networks trading has been particularly pleasing whilst Tamdown will rebuild over the medium term.

"We look forward to seeing strong momentum in the order book in the second half of the year, adding new blue-chip customers across the essential services offered by our three businesses."

At 1036 BST, shares in Nexus Infrastructure were up 1.39% at 178.45p.

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