IN BRIEF: Nexus says full recovery of housebuilding sector delayed
Nexus Infrastructure PLC - Braintree, England-based provider of civil engineering and infrastructure services to the UK housebuilding sector - Expects to report revenue in line with management expectations of £30.2 million for the six months to March 31, up 17% from £25.8 million a year ago. It notes that while the UK economy has continued to struggle due to domestic and global factors, there was a slight improvement in the housebuilding sector. The firm however cautions that ‘the much-anticipated start to a full recovery is now predicted to be delayed by some months’. Nexus adds that the integration of Coleman Construction & Utilities Coleman, which it bought in October, is progressing well with efficiencies already being delivered. Nexus Chief Executive Officer Charles Sweeney says: ‘The group has made good progress on its strategy in the first half of FY25, with positive momentum notwithstanding the continued headwinds faced by the ongoing macro-economic uncertainties which have delayed the anticipated recovery of the housebuilding sector.’
Current stock price: 150.50 pence each, down 5.1% on Tuesday afternoon in London
12-month change: doubled from 75.00p on April 8, 2024
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