|Delayed - 01/19 03:00:00 am|
Nexus Infrastructure : Response to COVID-19
|03/27/2020 | 02:18am|
27 March 2020
Nexus Infrastructure plc
('Nexus' or the 'Group')
Response to COVID-19
Nexus Infrastructure, a leading provider of essential infrastructure services, utilities connections and electric vehicle infrastructure, provides an update on the impact of COVID-19 along with the Group's response to the evolving situation.
The Board has continued to monitor the situation closely in relation to COVID-19. We have already introduced work from home for roles where feasible and have taken the decision to close down our site based activities where it is not possible to operate safely within Government guidelines. This response is in-line with many of our customers who are closing development sites in an orderly way.
The health and safety of our employees and stakeholders is our highest priority and we are fully focused on protecting the wellbeing of staff and the communities we operate within. Given the unprecedented levels of uncertainty in the immediate term we are managing the business to protect cash flow and profitability. We have identified and are implementing specific measures to save costs including a freeze on recruitment and capital expenditure, and the utilisation of Government support where appropriate.
Nexus has always been run with a very strong balance sheet and net cash position. We will continue to endeavour to do so through this period of uncertainty, whilst utilising the mitigating actions available to us. The Group has fully drawn its £5m revolving credit facility to maximise its liquidity position.
Given the unprecedented levels of uncertainty at this time and the lack of clarity on the duration of the situation, all previous guidance on the Group's future performance is being withdrawn. However, the Board believes that the Group has sufficient funding capacity to meet its commitments for the foreseeable future.
An update will be provided once there is greater certainty on the trading environment and the impact of COVID-19 on the Group. The Board remains confident in the long-term strong business fundamentals of the Group.
Nexus Infrastructure plc
Michael Morris, Chief Executive Officer
Alan Martin, Chief Financial Officer
Tel: 01376 320856
Numis Securities Limited
(Nominated Adviser & Broker)
Oliver Hardy (Nomad)
Tel: 0207 260 1200
Financial Public Relations
Ginny Pulbrook/Oliver Head
Tel: 0203 757 4992
Notes to Editors:
Nexus is a leading provider of essential infrastructure services to the UK housebuilding and commercial sectors. The Group comprises: Tamdown, a provider of specialised civil engineering, infrastructure and concrete frame services; TriConnex which designs, installs and connects utility networks to properties on new residential and commercial developments; and eSmart Networks which focuses on electric vehicle charging and smart grid infrastructure.
Tamdown has a well-established market position having been in operation for over 40 years and currently counts amongst its customers the majority of the top ten largest UK housebuilders. TriConnex was established in 2011 to take advantage of deregulation in the utilities market with the goal of being recognised as the UK's leading independent provider of utility connections to new developments. eSmart Networks was set up in 2017 to respond to the UK's need for charging infrastructure as the transition from internal combustion engine vehicles to electric vehicles gathers pace.
Nexus Infrastructure plc published this content on 27 March 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 March 2020 07:17:06 UTC