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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Nexus Infrastructure Plc | LSE:NEXS | London | Ordinary Share | GB00BZ77SW60 | ORD GBP0.02 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
2.50 | 3.57% | 72.50 | 65.00 | 80.00 | 72.50 | 72.50 | 72.50 | 118 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Management Services | 88.69M | 58.8M | 1.4546 | 0.50 | 29.31M |
TIDMNEXS
RNS Number : 8607Z
Nexus Infrastructure PLC
18 May 2023
18 May 2023
Nexus Infrastructure plc ("Nexus" or the "Group")
Interim results for the six months ended 31 March 2023
Nexus, a market-leading provider of civil engineering infrastructure services to the UK housebuilding sector through its operational business, Tamdown, today announces its unaudited interim results for the six months ended 31 March 2023.
Charles Sweeney, Chief Executive of Nexus, commented:
"I am delighted with the Group's performance during H1 including the sale of two subsidiaries. Tamdown continues to see improvements in its operational and commercial performance, supported by initiatives ranging from health and safety to cost control.
The business has delivered an increase in revenues and operating margins, the order book has been resilient in spite of challenging market conditions and the balance sheet is healthy.
Our successes would not be possible without the outstanding work of our teams who go above and beyond for our customers, and I would like to thank our colleagues on behalf of the Board."
Group highlights:
-- Sale of TriConnex and eSmart Networks in the period generated GBP77.7m in proceeds, with GBP60.5m distributed to shareholders via a tender offer
-- Strong balance sheet with cash and cash equivalents of GBP15.9m -- Interim dividend of 1.0 pence per share (H1 2022: 1.0 pence per share)
Tamdown Financial highlights:
-- Revenue increase to GBP50.8m (H1 2022: GBP46.7m) -- Operating profit increase to GBP1.3m (H1 2022: GBP1.1m) -- Operating margin improvement to 2.6% from 2.4% -- Order book remains strong at GBP85.3m (H1 2022: GBP88.4m)
Outlook
-- In recent weeks, we have noted early indications of improvements in market conditions. A number of housebuilders have commented on an increase in enquiries and sales conversions.
Whilst this is encouraging, it is likely to take some months to be fully reflected within Tamdown.
-- The UK continues to suffer from a chronic undersupply of good quality, affordable and sustainable housing and Tamdown is well-positioned to respond as the market recovers.
-- Despite ongoing cost inflation across the industry, the Group is committed to taking the necessary mitigating actions to protect and improve margins going forward, including; contract selection, flexibility in our plant and labour cost base, and discipline in pricing of works.
Enquiries:
Nexus Infrastructure plc Tel: 01376 559 550 Charles Sweeney, Chief Executive Officer Dawn Hillman, Chief Financial Officer Numis Securities Limited Tel: 0207 260 1200 (Nominated Adviser & Broker) Oliver Hardy (Nomad) Heraclis Economides Hannah Boros Camarco Tel: 0203 757 4992 (Financial Public Relations) Ginny Pulbrook Rosie Driscoll
Notes to Editors:
Nexus is a market-leading provider of civil engineering infrastructure services to the UK housebuilding sector through its operational business, Tamdown .
Tamdown provides a range of civil engineering and infrastructure services to the UK housebuilding sectors, with operations focused on the South-East of England and London. It has an established market-leading position having been in operation for over 45 years.
Business and Financial Review
Following the sale of TriConnex and eSmart Networks, Tamdown is now the main trading business of Nexus. Tamdown has successfully grown its revenues in the period and profits have improved due to increased revenues and successful delivery on-site, with the operating margin improving to 2.6% from 2.4%. Tamdown has secured work during the period maintaining a good order book of GBP85.3m despite a difficult economic backdrop.
The Group's balance sheet remains strong with net assets of GBP42.1m as at 31 March 2023 (2022: GBP32.7m). Included within the net assets balance is cash and cash equivalents of GBP15.9m (31 March 2022: GBP1.3m). The Group has no borrowings.
Tamdown
Tamdown provides a range of civil engineering and infrastructure services to the UK housebuilding sectors, with operations focused on the South-East of England and London. Tamdown has an established market-leading position, with a reputation for providing quality services to a broad range of the top UK housebuilders.
The fundamental market growth drivers for Tamdown are positive since the UK's housing market has been in a long-term position of structural undersupply as the number of new houses built has failed to keep pace with the rate of household formation. This structural undersupply provides us with confidence that our housebuilding customers will continue to demand our quality services.
Revenue for Tamdown in the period grew year-on-year by 8.8% to a total of GBP50.8m (H1 2022: GBP46.7m). The strong growth is attributed to an acceleration of activity on the existing order book.
Tamdown's gross margin for the period was 10.9% (H1 2022: 11.0%). This is an increase from the full FY22 gross margin position of 10.1%. The gross margin will continue to show improvement as older contracts complete. Tamdown gross profit for the period totalled GBP5.5m (H1 2022: GBP5.2m) and Tamdown operating profit for the period totalled GBP1.3m (H1 2022: GBP1.1m).
Tamdown has continued to be active and competitive in the market, winning work from its extensive customer base, leveraging our continued strong relationships and reputation for quality delivery. Given the weaker housing market backdrop in the period, housebuilders have reduced volumes and have been slow to place new orders. Reflecting this and the acceleration of delivery on site, the order book has decreased since the year-end to GBP85.3m (H1 2021: GBP88.4m).
The operating environment continues to be characterised by input cost inflation, primarily in materials, energy, and labour. The business is committed to taking the necessary actions to protect and improve its margins, including utilising the flexibility in our plant and labour cost base . The backdrop of Government policy to counter the housing supply deficit, alongside order book wins, provides us with confidence that existing and new customers will continue to demand our services, with improvements to profitability over the medium term.
Dividend and Dividend timetable
Considering these results and our confidence in the expected results for the financial year, the Board is declaring an interim dividend of 1.0 pence per share, maintaining the prior year position (H2 2022: 1.0 pence per share), representing a dividend cover of 3x. The Group's dividend policy remains unchanged and the Board expects Tamdown to continue delivering profits in H2.
The interim dividend will be paid on 30 June 2023 to shareholders on the register at close of business on 2 June 2023. The shares will go ex-dividend on 1 June 2023.
Financial Overview
The interim report has been prepared on the basis of the accounting policies as set out in the Report and Accounts for the year ended 30 September 2022.
Income statement
During the first half of our financial year, Nexus successfully completed the sale of two of our subsidiaries for GBP77.7m, returning GBP60.5m to shareholders. We are now focused on executing our strategy and the development of Tamdown.
Group revenue increased 9% to GBP51.0m (H1 2022: GBP46.7m), with revenue growth from Tamdown increasing due to high levels of activity on site. Group gross profit was GBP5.7m (H1 2022: GBP5.2m), with an overall gross margin of 11.3% (H1 2022: 11.0%).
Nexus Group costs are on track to achieve the targeted GBP1.7m run rate in Q4 of this financial year. Exceptional costs relating to the disposal of TriConnex and eSmart Networks were GBP2.3m and we are implementing the transitional services agreement with full separation expected within the year.
The Group's operating profit totalled GBP72.4m reflecting the profit from the sale of the former subsidiaries. Net finance costs totalled GBP0.02m (H1 2022: GBP0.2m) resulting in profit before tax of GBP72.3m.
The tax charge for the period was GBP0.4m (H1 2022 charge: GBP0.2m) reflecting an effective tax rate of 21.5% (H1 2022: 23.8%).
Balance Sheet and Cash Flow
The Group's balance sheet remains strong with net assets standing at GBP42.1m as at 31 March 2023 compared to GBP32.6m at 31 March 2022. Included within the net assets balance is cash and cash equivalents of GBP15.9m with the Group in a zero borrowings position.
In line with prior years, cash was utilised in the first half of the year, with operating activities utilising GBP10.0m (H1 2022: GBP4.0m). Investing activities consumed GBP0.5m including investment in operational plant (H1 2022: GBP0.4m), financing activities included the sale of the former subsidiaries for GBP77.7m, and the distribution of capital to shareholders of GBP60.5m, and loan and lease liability repayments of GBP0.6m. Cash balances of GBP13.1m were transferred from the Group upon completion of the sale of subsidiaries.
A selection of banks have been approached to provide the Group's banking arrangement with interest from several of the major high street banks. The transition to a new bank is expected to complete before the end of the financial year.
Risks and Uncertainties
The Group is subject to a number of risks and uncertainties as part of its activities. The Board regularly reviews and considers these and seeks to ensure that appropriate processes are in place to identify, monitor and control these risks. The Directors consider that the principal risks and uncertainties facing the Group include a potential market downturn and inflation.
Strategic review
In December 2021, we announced that we would explore strategic options to crystalise shareholder value in eSmart Networks. This process concluded on 3(rd) February 2023, with the sale of TriConnex Ltd and eSmart Networks Ltd to FWCP Spark (UK) Holdco Limited for a consideration of GBP77.7m. This was followed by a tender offer which delivered a GBP60.5m return to shareholders.
Summary and Outlook
During the first half of the financial year the Group's performance reflected positive underlying trading in Tamdown despite difficult market conditions. Looking ahead, although input cost inflation remains across the industry and housebuilding volumes across the market are expected to be significantly lower, the Group is committed to taking the necessary mitigating actions to protect and improve margins.
Nexus continues to be well-positioned to support established and new customers. Tamdown is on track to enhance profitability over the medium term.
The order book has been resilient and is combined with a strong balance sheet which will support the Group in the second half of the year. In spite of recent difficult market conditions, Tamdown has continued to win work at fair prices, a positive reflection of Tamdown's value to its customer base.
Charles Sweeney
Chief Executive Officer
Nexus Infrastructure plc Condensed consolidated statement of comprehensive income For the six months to 31 March 2023 Unaudited Unaudited Audited six months six months to to Year ended 31 March 31 March 30 September 2023 2022 2022 Note GBP'000 GBP'000 GBP'000 -------------------------------------- ------ ------------- ------------------- -------------- Revenue 2 51,023 46,662 98,392 Cost of sales (45,262) (41,504) (88,482) Gross profit 5,761 5,158 9,910 ============= =================== ============== Administrative expenses (5,784) (5,349) (10,225) Operating profit/(loss) before exceptional items (23) (191) (315) Exceptional items 4 72,382 -------------------------------------- ------ ------------- ------------------- -------------- Operating profit/(loss) 72,359 (191) (315) ============= =================== ============== Finance income 251 3 13 Finance expense (270) (189) (607) Profit/(loss) before taxation 72,340 (378) (909) Taxation 5 448 (195) (109) Profit/(Loss) from Continuing Operations 72,788 (573) (1,018) Discontinued Operations (Loss)/Profit from discontinued operations (after tax) (252) 1,147 3,729 Profit and total comprehensive income/(expenses) for the period attributable to equity holders of the parent 72,535 574 2,711 (Losses)/earnings per share (p per share) Basic 7 -0.62 2.53 8.20 Diluted 7 -0.62 2.47 8.10 Nexus Infrastructure plc Condensed consolidated statement of financial position at 31 March 2023 Unaudited Unaudited Audited six months six months to to Year ended 31 March 31 March 30 September 2023 2022 2022 Note GBP'000 GBP'000 GBP'000 -------------------------------------- ------ ------------- ------------------- ---------------- Non-current assets Property, plant and equipment 5,523 18,885 5,459 Right of use assets 12,107 1,680 12,620 Goodwill 2,361 2,361 2,361 Other investments - - - ------------- ------------------- ---------------- Total non-current assets 19,991 22,926 20,440 Current assets Inventories 50 - 43 Trade and other receivables 31,913 30,795 30,388 Contract assets 8,448 9,702 8,120 Corporation tax asset 535 263 27 Cash and cash equivalents 15,953 1,278 4,597 Assets Classified as held for sale - 55,157 57,411 Total current assets 56,899 97,195 100,586 Total assets 76,890 120,121 121,026 ============= =================== ================ Current liabilities Borrowings - 1,715 - Trade and other payables 21,371 21,589 21,698 Contract liabilities 1,165 4,775 3,543 Lease liabilities 1,980 815 1,663 Liabilities associated with assets classified as held for sale - 48,322 49,094 ------------- ------------------- ---------------- Total current liabilities 24,516 77,216 75,998 Non-current liabilities Borrowings - 8,875 - Lease liabilities 10,132 978 10,793 Deferred tax liabilities 96 369 95 ------------- ------------------- ---------------- Total non-current liabilities 10,229 10,222 10,888 Total liabilities 34,745 87,438 86,886 ============= =================== ================ Net assets 42,145 32,683 34,140 ============= =================== ================ Equity attributable to equity holders of the Company Share capital 181 910 911 Share premium account 9,419 9,419 9,419 Retained earnings 32,546 22,354 23,810 Total equity 42,145 32,683 34,140 ============= =================== ================ Nexus Infrastructure plc Condensed consolidated statement of changes in equity For the six months to 31 March 2023 Share Share Retained capital premium account earnings Total GBP'000 GBP'000 GBP'000 GBP'000 ------------------------ -------- ---------------- --------- --------- Equity at 1 October 2021 (Audited) 908 9,419 21,805 32,132 -------- ---------------- --------- --------- Transactions with owners Issue of share capital 3 - - 3 Dividends Paid - - (637) (637) Share-based payments - - 462 462 -------- ---------------- --------- --------- 3 - (175) (172) Total comprehensive income Profit and total comprehensive income for the period 724 724
-------- ---------------- --------- --------- 724 724 Equity at 31 March 2022 (Unaudited) 911 9,419 22,354 32,684 ======== ================ ========= ========= Transactions with owners Issue of share capital - - - - Share-based payments - - (77) (77) Dividends paid - - (454) (454) -------- ---------------- --------- --------- - - (531) (531) Total comprehensive income Profit and total comprehensive income for the period 1,987 1,987 -------- ---------------- --------- --------- 1,987 1,987 Equity at 30 September 2022 (Audited) 911 9,419 23,810 34,140 ======== ================ ========= ========= Transactions with owners Issue of share capital Redemption of shares (730) - - (730) Capital distribution - - (59,807) (59,807) Retained reserves adjustment for sale of assets - - (4,692) (4,692) Dividends paid - - - - Share-based payments - - 700 700 -------- ---------------- --------- --------- (730) (63,799) (64,530) Total comprehensive income Profit and total comprehensive income for the period 72,535 72,535 -------- ---------------- --------- --------- 72,535 72,535 Equity at 31 March 2023 (Unaudited) 181 9,419 32,546 42,145 ======== ================ ========= ========= Nexus Infrastructure plc Condensed consolidated statement of cash flows For the six months to 31 March 2023 Unaudited Unaudited Audited six months six months to to Year ended 31 March 31 March 30 September 2023 2022 2022 GBP'000 GBP'000 GBP'000 ------------------------------------- ----------- ----------- ------------- Cash flow from operating activities Profit/(loss) before tax (including discontinued operations) 72,088 952 3,454 Adjusted by: (Profit)/loss on disposal of property, plant and equipment - owned (220) (3) Share-based payments 700 462 385 Sale of available for sale investments 3,000 Finance expense (net) 16 196 588 Loss on disposal of assets measured at FVOCI - - - Depreciation of property, plant and equipment - owned 391 396 833 Depreciation of property, plant and equipment - right of use 902 466 1,215 ----------- ----------- ------------- Operating profit/(loss) before working capital charges 76,876 2,469 6,475 Working capital adjustments: (Increase)/decrease in trade and other receivables (5,404) (4,792) (7,384) Increase in contract assets - (5,682) (6,818) Increase in inventories (781) (585) (430) Increase/(decrease) in trade and other payables (4,225) 175 4,155 Increase in contract liabilities - 4,898 1,565 ----------- ----------- ------------- Cash (used in)/generated from operating activities 66,466 (3,517) (2,437) Interest paid (90) (158) (244) Taxation paid 117 (407) (550) Net cash flows used in operating activities 66,492 (4,082) (3,231) =========== =========== ============= Cash flow from investing activities Purchase of property, plant and equipment - owned (1,293) (411) (795) Proceeds from disposal of property, plant and equipment - owned 570 40 13,555 Proceeds from the disposal of assets measured at FVOCI - - - Interest received 275 4 39 Net cash used in investing activities (448) (367) 12,799 =========== =========== ============= Cash flow from financing activities Dividend payment - (637) (1,091) Capital distribution (59,808) - - Payment for cancellation of shares (730) - - Cash transferred with sale of assets (13,123) - - Draw down of term loan 77 - - Drawdown of HP agreement - - 587 Repayment of term loan - (851) (11,663) Principal elements of lease repayments (674) (484) (2,753) Net proceeds from the issue of share capital - 2 3 ----------- ----------- ------------- Net cash generated from financing activities (74,259) (1,970) (14,917) Net change in cash and cash equivalents (8,215) (6,419) (5,349) ----------- ----------- ------------- Cash and cash equivalents at the beginning of the period 24,168 29,517 29,517 Cash and cash equivalents at the end of the period 15,953 23,098 24,168 =========== =========== ============= Reconciliation of cash and cash equivalents at the end of the year Held by continuing operations 15,953 1,278 4,597 Held by discontinued operations 21,820 19,571 Cash and cash equivalents at the end of the year 15,953 23,098 24,168 Notes to the condensed consolidated financial statements For the six months to 31 March 2022 1. Basis of preparation and accounting policies The interim report of the Group for the six months ended 31 March 2023 has been prepared in accordance with UK-adopted IAS 34 "Interim Financial Reporting" and the AIM Rules for Companies. The interim report does not constitute financial statements as defined in Section 434 of the Companies Act 2006 and is neither audited nor reviewed. It should be read in conjunction with the Report and Accounts for the year ended 30 September 2022, which is available on request from the Group's registered office, Nexus Park, Avenue East, Skyline 120, Great Notley, Braintree, Essex, CM77 7AL, or can be downloaded from the website www.nexus-infrastructure.com. The comparative information for the financial year ended 30 September 2022 does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. A copy of the statutory accounts for that year has been reported on by the Company's auditor and delivered to the Registrar of Companies. The report of the auditor was (i) unqualified, (ii) did not include a reference to any matters which the auditor drew attention by the way of emphasis without qualifying their report and (iii) did not contain statements under section 498 (2) or (3) of the Companies Act 2006. The interim report has been prepared on the basis of the accounting policies as set out in the Report and Accounts for the year ended 30 September 2022. In preparing this interim report, the significant estimates and judgements made by the Directors in applying the Group's accounting policies and financial risk management objectives were the same as those set out in the Report and Accounts for the year ended 30 September 2022. Going concern In determining the appropriate basis of preparation of the interim report, the Directors are required to consider whether the Group can continue in operational existence for the foreseeable future. After making enquiries, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for at least 12 months from the date of this report. Accordingly, they continue to adopt the going concern basis in preparing the interim report. Nexus Infrastructure plc
Notes to the condensed consolidated financial statements (continued) For the six months to 31 March 2023 2. Revenue Revenues from external customers are generated from the supply of services relating to construction contracts. Revenue is recognised over time in the following operating divisions: Unaudited 31 March 2023 Continuing Discontinued Total Operations Operations GBP'000 GBP'000 GBP'000 --------------------------------- ----------- ------------- -------- Segment revenue 51,018 23,483 74,502 Inter-segment revenue - - - ----------- ------------- -------- Revenue from external customers 51,018 23,483 74,502 ----------- ------------- -------- Timing of revenue recognition Over time 51,018 23,483 74,502 ----------- ------------- -------- Customer type Residential 51,018 17,992 69,010 Non-residential - 5,492 5,492 ----------- ------------- -------- 51,018 23,483 74,502 ----------- ------------- -------- Unaudited 31 March 2022 Continued Discontinued Total GBP'000 GBP'000 GBP'000 --------------------------------- ----------- ------------- -------- Segment revenue 46,662 33,604 80,266 Inter-segment revenue - - - ----------- ------------- -------- Revenue from external customers 46,662 33,604 80,266 ----------- ------------- -------- Timing of revenue recognition Over time 46,662 33,604 80,266 ----------- ------------- -------- Customer type Residential 46,662 24,988 71,650 Non-residential - 8,616 8,616 ----------- ------------- -------- 46,662 33,604 80,266 ----------- ------------- -------- Audited 30 September 2022 Continued Discontinued Total GBP'000 GBP'000 GBP'000 --------------------------------- ----------- ------------- -------- - - - ----------- ------------- -------- 98,392 75,011 173,403 ----------- ------------- -------- Timing of revenue recognition Over time 98,392 75,011 173,403 ----------- ------------- -------- Customer type Residential 98,392 55,670 154,062 Non-residential - 19,341 19,341 ----------- ------------- -------- 98,392 75,011 173,403 ----------- ------------- -------- Nexus Infrastructure plc Notes to the condensed consolidated financial statements (Continued) For the six months to 31 March 2023 3. Segmental analysis The Group has one operating division under the control of the Executive Board, which is identified as the Chief Operating Decision Maker as defined under IFRS 8: Operating Segments: - Tamdown - Nexus Park All of the Group's operations are carried out entirely within the United Kingdom. The results for TriConnex and eSmart Networks have been presented as discontinued under IFRS 5, with the Tamdown and Group administration expenses comprising the continuing operations below. The related assets and liabilities of these operations have been similarly presented. Segment information about the Group's operations is presented below: Unaudited Unaudited Audited six months to six months to Year ended 31 March 31 March 30 September 2023 2022 2022 GBP'000 GBP'000 GBP'000 ------------- ------------- ------------ Revenue from continuing operations Tamdown 50,784 46,662 98,392 Nexus 234 - - Inter-company trading - - - ------------- ------------- ------------ Total revenue from continuing operations 51,018 46,662 98,392 Revenue from discontinued operations TriConnex 17,992 24,988 55,670 eSmart Networks 5,492 8,616 19,341 Inter-company trading - - - ------------- ------------- ------------ Total revenue from discontinued operations 23,483 33,604 75,011 Total revenue 74,502 80,266 173,403 ============= ============= ============ Gross profit from continuing operations Tamdown 5,522 5,158 9,910 Nexus 234 - - ------------- ------------- ------------ Total gross profit from continuing operations 5,756 5,158 9,910 Gross profit from discontinued operations TriConnex 4,649 7,511 16,319 eSmart Networks 1,256 1,371 4,024 ------------- ------------- ------------ Total gross profit from discontinued operations 5,906 8,881 20,343 Total gross profit 11,661 14,039 30,253 ============= ============= ============ Operating profit from continuing operations after exceptional items Tamdown 1,308 1,066 2,272 Group administrative expenses (3,653) (5,349) (2,587) ------------- ------------- ------------ Total operating profit from continuing operations after exceptional items (2,346) (4,284) (315) Operating profit from discontinued operations after exceptional items TriConnex 1,044 2,422 5,568 eSmart Networks (1,358) (1,083) (1,212) ------------- ------------- ------------ Total operating profit from discontinued operations after exceptional items (314) 1,339 4,356 Total operating profit after exceptional items (2,660) (2,944) 4,041 ============= ============= ============ Nexus Infrastructure plc Notes to the condensed consolidated financial statements (Continued) For the six months to 31 March 2023 4. Exceptional items Unaudited Unaudited Audited six months six months to to Year ended 31 March 31 March 30 September 2023 2022 2022 Continuing operations Gain on the disposal of asset 72,382 - - 72,382 - - =========== =========== =============
Nexus received GBP77.7m for the sale of TriConnex and eSmart Networks. The gain is calculated after the deduction of the GBP3m investment in eSmart Networks and the exceptional administrative costs of GBP2.3m.
5. Taxation
Taxation is recognised based on management's estimate of the weighted average effective annual tax rate expected for the full financial year. The estimated effective annual tax rate applied to the pre-tax income for the six months ended 31 March 2023 is 21.5%.
Nexus Infrastructure plc Notes to the condensed consolidated financial statements (Continued) For the six months to 31 March 2023 6. Dividends Unaudited Unaudited Audited six months six months to to Year ended 31 March 31 March 30 September 2023 2022 2022 GBP'000 GBP'000 GBP'000 ----------- ----------- ------------- Amounts recognised as distributions to equity holders: Interim dividend for the year ended 30 September 2022 of 1p per share 456 Final dividend for the year ended 30 September 2021 of 1.4p per share 635 635 635 1,091 =========== =========== ============= Nexus Infrastructure plc Notes to the condensed consolidated financial statements (Continued) For the six months to 31 March 2023 7. Earnings per share Diluted earnings per share is calculated by adjusting the weighted average number of shares in issue for the year to assume conversion of all dilutive potential shares. Unaudited Unaudited Audited The calculation of the basic and diluted earnings per share is based on six months six months the following data: to to Year ended 31 March 31 March 30 September 2023 2022 2022 GBP'000 GBP'000 GBP'000 ------------------------------------- ----------- ------------ -------------- Weighted average number of shares in issue for the year 40,422,745 45,435,093 45,482,193 Effect of dilutive potential ordinary shares: Share options (number) 0 1,024,980 578,508 ----------- ------------ -------------- Weighted average number of shares for the purpose of diluted earnings per share 40,422,745 46,460,073 46,060,701 Profit for the year attributable to equity shareholders 72,535 574 2,711 ----------- ------------ -------------- Basic earnings (p per share) 179.44 1.26 5.96 Diluted earnings (p per share) 179.44 1.24 5.89 Continuing operations Profit/Loss for the year from continuing operations 72,788 (573) (1,018) ----------- ------------ -------------- Basic losses (p per share) 180.07 -1.26 -2.24 Diluted losses (p per share) 180.07 -1.26 -2.24 Discontinued operations Profit for the year from discontinued operations (252) 1,147 3,729 ----------- ------------ -------------- Basic earnings (p per share) -0.62 2.53 8.20 Diluted earnings (p per share) -0.62 2.47 8.10
8. Related party transactions
Following the sale of TriConnex Ltd and eSmart Networks Ltd, these companies are no longer considered to be related parties in connection with Nexus Infrastructure PLC.
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated in full on consolidation.
Statement of Directors' responsibilities The Directors confirm that, to the best of our knowledge: * the condensed set of financial statements has been prepared in accordance with UK-adopted IAS 34 " Interim Financial Reporting"; and * the condensed set of financial statements has been prepared in accordance with the rules of the London Stock Exchange for companies trading securities on AIM. Signed on 18 May 2023 on behalf of the Board Charles Sweeney Dawn Hillman Chief Executive Officer Chief Financial Officer
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