Nexus Infrastructure PLC Statement re: ilke Homes (4896D)
21 Giugno 2023 - 4:32PM
UK Regulatory
TIDMNEXS
RNS Number : 4896D
Nexus Infrastructure PLC
21 June 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN
ARTICLE 7 OF THE MARKET ABUSE REGULATION
21 June 2023
Nexus Infrastructure plc
("Nexus" or the "Group")
Statement re: ilke Homes
The Board of Nexus notes the media coverage regarding ilke Homes
filing a notice of intention to appoint an administrator. ilke
Homes is a customer of Nexus' Tamdown division with two
developments, which have both been paused by ilke Homes.
Tamdown has been in discussions with ilke Homes regarding the
situation and the outstanding invoices due in relation to these two
sites. As at the date of this announcement, the total amount
overdue from ilke Homes to Tamdown is approximately GBP835k. In
addition, a further amount of approximately GBP962k will become due
shortly in relation to work delivered up to 31 May 2023 and there
is further work in progress in the region of GBP250k relating to
the period in June prior to work on the sites being paused by ilke
Homes.
Tamdown had also been anticipating additional turnover amounting
to approximately GBP4m over the remainder of the current financial
year FY23.
Given today's developments regarding a potential administration
of ilke Homes, there is a risk that Tamdown will be unable to
collect these amounts, which would have a significant impact on
Group profit during the current financial year FY23. Tamdown will
continue to work with ilke Homes with a view to recovering the
amounts due, and Nexus will update the market in due course when
the situation is more certain.
The Group continues to maintain a robust balance sheet with cash
and cash equivalents at the half-year ended 31 March 2023 of
GBP15.9m. Whilst the situation is uncertain, there is the potential
for a cash impact of just over GBP2m.
Tamdown continues to have strong relationships across a broad
range of customers and a reputation for high-quality work.
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.
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END
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