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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Nexus Man | LSE:NXS | London | Ordinary Share | GB0030379423 | ORD 0.25P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.085 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMNXS
16th May 2011
Nexus Management Plc
("Nexus" or "the Company")
Unaudited interim results for the six months ended 31 March 2011
Nexus Management Plc, the AIM quoted provider of specialist IT Managed
Services, is pleased to announce its interim results for the six months ended
31 March 2011.
Highlights:
* Revenue up 6.7 per cent to GBP3.2 million (2010: GBP3.0 million)
* Gross profit increased by 5 per cent to GBP1.61 million (2010: 1.53 million)
* Operating profit before exceptional items of GBP136,797 (2010: loss (GBP85,630)
* Cash at bank at the period end was in excess of GBP320,000
* Net cash generated fromoperating activitiesof GBP75,475(2010: cash used (GBP49,836)
* Each subsidiary has traded profitably at an EBIT level in first six months
Commenting on the results, Roger Richardson, CEO of Nexus said:
"Our management team has achieved a key objective this year, which was to get
each of our subsidiaries trading profitably. A combination of increased revenue
and prudent cost control has enabled the Company to deliver a pleasing set of
interim results, particularly when compared to the previous year's result at
the half way stage.
"We are optimistic about the future prospects for the Company and it is our
intention to build on the solid start to the financial year as reported in
these interim figures."
Enquiries:
Nexus Management Plc
Roger Richardson, Chief Executive Tel: +44 (0)1862 812 107
Merchant Securities Ltd (Nomad)
Simon Clements/David Worlidge Tel: +44 (0)20 7628 2200
Rivington Street Stockbrokers Ltd (Broker)
Jon Levinson Tel: +44 (0)20 7562 3351
Bishopsgate Communications Ltd
Deepali Schneider/Natalie Quinn/Duncan McCormick Tel: +44 (0)20 7562 3350
nexus@bishopsgatecommunications.com
Chief Executive's Statement:
Overview
A key objective for our management team this year is to get each of our
subsidiaries trading profitably at an EBIT level and I am pleased to report
that this has been achieved in the results for the first half. A combination of
increased revenue and prudent cost control has delivered a pleasing set of
interim results.
Trading
Our managed services business in the UK and USA has performed very well,
growing both our core contracted revenue and project/consultancy work. We have
been able to attract new clients as well as to sell more services to existing
customers. During the period we have successfully installed our first two
copies of the Microsoft Lync product, formally OCS, and look forward to many
more implementations of this communications technology. We have re-vamped
several key services and should now be able to reach more clients with these
services whilst using the Company's resources more efficiently.
All of our managed services are paid for monthly, typically over a two year
period, and assist in greatly reducing the capital expenditure often associated
with IT spending which is becoming increasingly important for our customers in
these challenging economic times.
The Resilience division has also performed well in the first six months and has
produced a welcome profit at the EBIT level for the first time since it was
acquired in March 2009. During the period Resilience has signed up many more
new resellers and, although the effort in training these new resellers is
substantial, we expect it to lead to increased sales in the future. In December
2010, we reported that Resilience had won a substantial new contract. I can
report that this new client is progressing well and has since ordered further
product. As a result of the difficult economic climate, Resilience's larger
customers and government departments are tending not to place large single
orders, preferring instead to set up framework agreements with their resellers.
They, in turn, set up similar arrangements with Resilience and then purchase
products on a regular basis under those agreements.
Outlook
The market for our comprehensive range of products and services in the UK and
USA remains challenging, however the Board is optimistic about the future
prospects for the Company. It is our intention to build on the solid start to
the financial year, which is reported in these interim results, but remain
vigilant of fast changing market conditions.
Roger Richardson
Chief Executive
Consolidated Income Statement
For the six months ended 31 March 2011
6 months to 6 months to Year to
31 March 31 March 30
September
2011 2010 2010
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Revenue - Continuing operations 3,191 2,994 5,850
3,191 2,994 5,850
Cost of sales (1,578) (1,458) (2,747)
Gross profit 1,613 1,536 3,102
Operating expenses (1,476) (1,622) (3,238)
Operating profit/(loss) before exceptional 137 (86) (136)
items
Exceptional items
Impairment of goodwill - - (255)
Amortisation of intangible assets (53) (56) (109)
Foreign exchange adjustment (32) 103 (24)
Share based payment expense (12) (27) (54)
Operating profit/(loss) 40 (66) (578)
Finance costs (147) (112) (108)
Loss before taxation (107) (178) (686)
Taxation - - -
Loss for the period from continuing/ (107) (178) (686)
acquired operations
Discontinued operations
Loss on discontinued operations - (14) (314)
Loss for the period (107) (192) (1,000)
Earnings per share (pence)
Basic (0.0001)p (0.0002)p (0.0946)p
Diluted (0.0001)p (0.0002)p (0.0946)p
Consolidated Balance sheet
As at 31 March 2011
As at As at As at
31 March 31 March 30
September
2011 2010 2010
(unaudited) (unaudited) (audited)
Assets GBP'000 GBP'000 GBP'000
Non-current assets
Tangible fixed assets 346 364 381
Intangible assets 837 1,029 903
Goodwill 652 1,252 661
1,835 2,645 1,945
Current assets
Trade and other receivables 470 689 454
Inventories 364 490 376
Cash and cash equivalents 324 383 381
1,158 1,562 1,211
Total Assets 2,993 4,207 3,156
Liabilities
Current liabilities
Trade and other payables 1,920 2,201 1,797
Bank overdrafts and loans 208 500 298
Obligations under finance leases - due 86 62 64
within one year
2,214 2,763 2,159
Non current liabilities
Provisions for liabilities and charges - 158 64
Trade and other payables 30 49 73
Loans and other borrowings 635 432 637
Obligations under finance leases - due 60 65 98
after one year
725 704 872
Total liabilities 2,939 3,467 3,031
Total assets less liabilities 54 740 125
Equity
Share capital 2,749 2,713 2,749
Share premium 5,030 5,015 5,030
Other reserves 920 742 884
Retained earnings (8,645) (7,730) (8,538)
Total equity 54 740 125
Consolidated Cash Flow Statement
For the six months ended 31 March 2011
6 months to 6 months to Year to
31 March 31 March 30
September
2011 2010 2010
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Cash inflow from operating activities
Loss from operations (107) (192) (994)
Adjustments for:
Interest paid 147 111 89
Interest received - - -
Depreciation 57 63 135
Impairment - - 255
Amortisation of customer list 53 56 108
Loss on disposal of subsidiary - - 309
Currency exchange adjustment 83 (201) (24)
233 (163) (122)
Share option costs 12 27 54
Decrease in inventories 12 1 115
(Increase)/Decrease in receivables (20) (180) 13
Decrease in provisions for liabilities (64) (16) (109)
and charges
Increase in liabilities 49 392 44
Cash generated from/(used in) operations 222 61 (5)
Interest paid (147) (111) (89)
Net cash generated from/(used in) 75 (50) (94)
operating activities
Cash flows from investing activities
Acquisition of goodwill - (124) (96)
Acquisition of investments - - -
Proceeds from disposal of subsidiary - - 126
Legal costs on disposal of subsidiary - - (4)
Purchase of plant and equipment (26) (21) (33)
Net cash used in investing activities (26) (145) (7)
Cash flows from financing activities
(Decrease)/Increase in borrowings (91) 455 411
Finance lease principle payments (15) (41) (92)
Net cash (used in)/generated from (106) 414 319
financing activities
Net cash (used in)/generated from (57) 219 218
continuing operations
Net cash generated used in discontinued - - (1)
operations
Net(decrease)/increasein cash and cash (57) 219 217
equivalents
Cash and cash equivalents at beginning 381 164 164
of period
Cash and cash equivalents at end of 324 383 381
period
Consolidated Statement of changes in equity
For the six months ended 31 March 2011
Share Share Retained Foreign Other Share Total
capital premium earnings exchange reserve options
reserve reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
6 months ended 31
March 2010
As at 1 October 2009 2,450 4,803 (7,538) (87) - 890 518
Loss for the period - - (192) - - - (192)
Movement in the period - - - (88) - - (88)
Shares issued 263 212 - - - - 475
Share based payment - - - - - 27 27
charge
As at 31 March 2010 2,713 5,015 (7,730) (175) - 917 740
12 months ended 30
September 2010
As at 1 October 2009 2,450 4,803 (7,538) (87) - 890 518
Loss for the period - - (1,000) - - - (1,000)
Movement in the year - - - (12) - - (12)
Convertible loan notes - - - - 39 - 39
Shares issued 298 227 - - - - 526
Share based payment - - - - - 54 54
charge
As at 30 September 2,748 5,030 (8,538) (99) 39 944 124
2010
6 months ended 31
March 2011
As at 1 October 2010 2,748 5,030 (8,538) (99) 39 944 124
Loss for the period - - (107) - - - (107)
Movement in the period - - - 25 - - 25
Share based payment - - - - - 12 12
charge
As at 31 March 2011 2,748 5,030 (8,645) (74) 39 956 54
Notes to the Interim Results
1. Basis of preparation
The Interim Results for the six months ended 31 March 2011 have been prepared
in accordance with EU Endorsed International Financial Reporting Standards
(IFRS) and IFRIC Interpretations. The Interim Results are unaudited and do not
constitute statutory accounts in accordance with section 435 of the Companies
Act 2006.
Full accounts for the year ended 30 September 2010, on which the auditors gave
an unqualified report and contained no statement under Section 498 (2) or (3)
of the Companies Act 2006, have been delivered to the Registrar of Companies.
2. Segmental information
The services the group provides are in regard to one activity. Accordingly the
primary segmental disclosure is based on geographical location.
UK US Eliminations Total
GBP'000 GBP'000 GBP'000 GBP'000
6 months ended 31 March 2011
Segmental revenue - continuing 823 2,503 (136) 3,190
Segmental result 52 (12) - 40
6 months ended 31 March 2010
Segmental revenue - continuing 743 2,501 (136) 3,108
Segmental result (14) (66) - (80)
12 months ended 30 September
2010
Segmental revenue - continuing 1,598 4,522 (271) 5,849
Segmental result (352) (226) - (578)
3. Loss per share
The basic loss per share has been calculated by dividing the retained loss for
the period of GBP106,959 (2010: GBP106,764) by the weighted average number of
ordinary shares of 1,099,494,622 (2010: 1,019,544,992) in issue during the
period.
4. Dividends
No dividend is proposed for the six months ended 31 March 2011.
5. Copies of Interim Results
Copies of the Interim Results will be available on the Nexus website, Investor
Section - www.nexusmgmt.com
END
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