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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
6 June 2012
Nexus Management Plc
("Nexus" or "the Company")
Unaudited half-yearly results for the six months ended 31 March 2012
Nexus Management Plc, the AIM quoted provider of specialist IT Managed
Services, is pleased to announce its half-yearly results for the six months
ended 31 March 2012.
Highlights:
* Gross profit in line with 2011 at GBP1.6 million (2011: GBP1.6 million)
* Operating profit of GBP187,000 (2011: GBP137,000)
* Cash at bank at the period end was in excess of GBP400,000
Commenting on the results, M Barney Battles, Executive Chairman of Nexus
Management plc said "We are pleased to have grown operating profits in the
first half of this year. During this period the Group has seen many changes
which have resulted in cost reductions at a group and subsidiary level. We have
completed our strategic review and look forward to building on the positive
start to 2012"
Enquiries:
Nexus Management Plc
M Barney Battles Tel: +44 (0)778 976 6242
Merchant Securities Ltd (Nomad)
Simon Clements/David Worlidge Tel: +44 (0)20 7628 2200
Bishopsgate Communications Ltd
Nick Rome/Lynne Goulding Tel: +44 (0)20 7562 3350
nexus@bishopsgatecommunications.com
Executive Chairman's Statement:
Overview
The Company has performed well during the first six months of this financial
year particularly given the uncertain economic conditions. Turnover in the
period under review was at GBP3.1 million (2011: GBP3.2 million). The small drop in
revenue year on year was predominantly due to lower sales in Resilience
Technology Corp. However, I am pleased to report that the Company has continued
to grow at the operating profit level.
The Company generated an operating profit of GBP187,000 (2011: GBP137,000) and a
loss before taxation (after exceptional and non-recurring items) of GBP90,000
(2011: GBP107,000).
Trading
The core managed services business continues to perform well in both the UK and
the US in this tough economic climate. We are seeing a number of clients take
advantage of our High Availability Virtual Enterprise Network (HAVEN) solution.
We are pleased that both Nexus Management EMEA and Nexus Management Inc
outperformed the corresponding period of last year and we are hopeful that this
trend will continue in the second half of the financial year.
The Company is at an advanced stage of discussions with its largest client
regarding its contract renewal and the Board hopes to conclude these
discussions prior to the Company's financial year end.
Resilience Technology Corp. generated lower revenues in this period compared to
the corresponding period last year, but by controlling costs the operational
profitability was enhanced.
Outlook
Nexus continues to invest in targeted marketing to identify new potential
clients that are a good fit for our services. These companies are typically
small multi-nationals or small multi-office organisations where their staff
travel extensively and their IT needs are more complex.
The Board and Management will continue to focus on growing shareholder value by
a combination of organic and acquisitive growth. The Board is constantly
looking for new operations that are the right mix to integrate into the group.
Barney Battles
Executive Chairman
Consolidated Income Statement
For the six months ended 31 March 2012
Sixmonths Sixmonths to Year to
to
31 March 30
31 March September
2011
2012 2011
(unaudited)
(unaudited) (audited)
GBP'000 GBP'000 GBP'000
Revenue - Continuing operations 3,093 3,191 5,903
Cost of sales (1,489) (1,578) (2,816)
Gross profit 1,604 1,613 3,087
Operating expenses (1,417) (1,476) (2,691)
Operating profit before exceptional items 187 137 396
Exceptional items
Restructuring costs (122) - -
Amortisation of intangible assets (38) (53) (272)
Foreign exchange adjustment (31) (32) 28
Share based payment expense (1) (12) (26)
Operating (loss)/profit (5) 40 126
Finance costs (85) (147) (240)
Loss before taxation (90) (107) (114)
Taxation - - -
Lossfor the period (90) (107) (114)
Earnings per share (pence)
Basic (0.0076)p (0.01)p (0.0102)p
Diluted (0.0076)p (0.01)p (0.0102)p
Consolidated Balance sheet
As at 31 March 2012
As at As at As at
31 March 31 March 30
September
2012 2011
2011
(unaudited) (unaudited)
(audited)
Assets GBP'000 GBP'000 GBP'000
Non-current assets
Tangible fixed assets 271 346 310
Intangible assets 589 837 634
Goodwill 661 652 669
1,521 1,835 1,613
Current assets
Trade and other receivables 697 470 413
Inventories 408 364 411
Cash and cash equivalents 412 324 409
1,517 1,158 1,233
Total Assets 3,038 2,993 2,846
Liabilities
Current liabilities
Trade and other payables 1,936 1,920 1,753
Bank overdrafts and loans 352 208 206
Obligations under finance leases - due 63 86 62
within one year
2,351 2,214 2,021
Non-current liabilities
Trade and other payables 27 30 69
Loans and other borrowings 379 635 530
Obligations under finance leases - due 32 60 60
after one year
438 725 659
Total liabilities 2,789 2,939 2,680
Total assets less liabilities 249 54 166
Equity
Share capital 2,950 2,749 2,856
Share premium 5,129 5,030 5,072
Other reserves 912 920 890
Retained earnings (8,742) (8,645) (8,652)
Total equity 249 54 166
Consolidated Cash Flow Statement
For the six months ended 31 March 2012
Sixmonths to Sixmonths to Year to
31 March 31 March 30
September
2012 2011
2011
(unaudited) (unaudited)
(audited)
GBP'000 GBP'000
GBP'000
Cash inflow from operating activities
Loss from operations (90) (107) (114)
Adjustments for:
Interest paid 85 147 240
Depreciation 49 57 111
Amortisation of customer list 38 53 272
Currency exchange adjustment 37 83 (31)
119 233 478
Share option costs 1 12 26
Decrease/(Increase) in inventories 5 12 (37)
(Increase)/Decrease in receivables (286) (20) 43
Decrease in provisions for liabilities - (64) (64)
and charges
Increase/(Decrease) in liabilities 142 49 (49)
Cash (used in)/generated from operations (19) 222 397
Interest paid (85) (147) (240)
Net cash (used in)/generated from (104) 75 157
operating activities
Cash flows from investing activities
Purchase of plant and equipment (12) (26) (37)
Net cash used in investing activities (12) (26) (37)
Cash flows from financing activities
Proceeds from issue of share capital 94 - 108
Premium on issue 56 - 42
Increase/(Decrease) in borrowings 1 (91) (172)
Finance lease principle payments (32) (15) (70)
Net generated from/(used in)cash used in 119 (106) (92)
financing activities
Netincrease/(decrease)in cash and cash 3 (57) 28
equivalents
Cash and cash equivalents at beginning 409 381 381
of period
Cash and cash equivalents at end of 412 324 409
period
Consolidated Statement of changes in equity
For the six months ended 31 March 2012
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
Six months ended 31
March 2011
As at 1 October 2010 2,748 5,030 (8,538) (99) 39 944 124
Profit 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
12 months ended 30
September 2011
As at 1 October 2010 2,748 5,030 (8,538) (99) 39 944 124
Loss for the period - - (114) - - - (114)
Movement in the year - - - (21) - - (21)
Convertible loan notes - - - - - - -
Shares issued 108 42 - - - - 150
Share based payment - - - - - 27 27
charge
As at 30 September 2011 2,856 5,072 (8,652) (120) 39 971 166
Six months ended 31
March 2012
As at 1 October 2011 2,856 5,072 (8,652) (120) 39 971 166
Profit for the period - - (90) - - - (90)
Movement in the period - - - 21 - - 21
Issue of shares 94 57 151
Share based payment - - - - - 1 1
charge
As at 31 March 2012 2,950 5,129 (8,742) (99) 39 972 249
Notes to the Half-Yearly Results
1. Basis of preparation
The Half-yearly Results for the six months ended 31 March 2012 have been
prepared in accordance with EU Endorsed International Financial Reporting
Standards (IFRS) and IFRIC Interpretations. The Half-Yearly 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 2011, 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
Sixmonths ended 31 March 2012
Segmental revenue - continuing 906 2,354 (167) 3,093
Segmental result (149) 144 - (5)
Sixmonths ended 31 March 2011
Segmental revenue - continuing 823 2,503 (136) 3,190
Segmental result 52 (12) - 40
Yearended 30 September 2011
Segmental revenue - continuing 1,725 4,459 (281) 5,903
Segmental result 107 19 - 126
3. Earnings per share
The basic earnings per share has been calculated by dividing the retained loss
for the period of GBP89,517 (2011: loss of GBP106,959) by the weighted average
number of ordinary shares of 1,179,032,093 (2011: 1,099,494,622) in issue
during the period.
4. Dividends
No dividend is proposed for the six months ended 31 March 2012.
5. Copies of Half-YearlyResults
Copies of the Half-Yearly Results will be available on the Nexus website,
Investor Section - www.nexusmgmt.com
END
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