Tamdown housing civils arm orders up despite housing recovery delay
Civils and utilities specialist Nexus Infrastructure said revenue was up 17% to £30m for the six months to March.
Cash held steady at £9.6m, up slightly on last year, as the group continues to broaden its workload mix.
Tamdown, its main housing groundwork arm, secured fresh work on several multi-phase housing schemes. The order book grew 11% to £80m, even as the long-awaited housebuilding recovery faces further delays.
In a half-year trading update for the AIM-listed group, Nexus said the housing bounce-back was now expected “some months” later than first forecast.
Coleman Construction & Utilities, acquired last October, had integrated well and was already delivering efficiencies.
The business has been focused on closing out AMP7 water sector jobs and gearing up for AMP8 — the next five-year investment round under Ofwat’s regulatory cycle.
Chief executive Charles Sweeney said: “The first half has gone well, despite tough market conditions. Tamdown is leaner and better placed for growth, and Coleman is already delivering operational benefits.
“AMP8 presents a big opportunity as we expand into new sectors like rail and reduce our reliance on housing.”
Nexus will post full half-year results on 15 May.
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