Nexus Infrastructure plc
Nexus Infrastructure plc is a UK AIM-listed (ticker: NEXS) civil engineering group operating through two subsidiaries: Tamdown Group Limited, which has delivered civil engineering and groundworks solutions to the UK residential housebuilding sector for around 49 years, and Coleman Construction & Utilities Limited, acquired on 29 October 2024, which delivers civil engineering and building projects in the water, rail, highways, and rivers & marine sectors. All Group operations are carried out in the UK, predominantly the South East of England.
10 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (10)
FY2026Next report expected 12 Feb 2027
- Open the reportJSONComing soonSixty seconds on the FY2025 report
Nexus Infrastructure, a UK civil engineering group working mainly for housebuilders, grew revenue to £65.9m from £56.7m. It still made a loss, though a smaller one: £2.4m after tax, against £2.8m the year before. Its housebuilding business, Tamdown, earned better margins on its work, and Coleman, a water and rail engineer bought in October 2024, added higher-margin revenue. Central costs also fell. One-off costs, mainly linked to buying Coleman plus some redundancy payments, deepened the loss, and housebuilding activity across the sector stayed low. Nexus ended the year with £9.9m of cash, down from £12.8m, partly because of spending on the acquisition, and it has no bank borrowings. The dividend was held at 3p a share. Management says it enters the new year with confidence, pointing to an order book (work already won but not yet done) of £83.4m and an expected recovery in housebuilding. The auditor gave a clean opinion, but the report warns the business depends heavily on the UK housing market and wider economy.
From the reportevery line sits on the page it namesWhat drove revenueHousebuilding sector activity and new contract awards with major housebuilders (Bloor, Bellway, Vistry, Taylor Wimpey)
Tamdown new awards totalled £88.8m in FY25 (FY24: £55.5m); revenue from residential housebuilding was £60.0m
page 8AndDiversification into the water sector via Coleman and the AMP8 investment cycle
Coleman delivered £5.9m revenue in its first 11 months in the Group; Ofwat's AMP8 (2025-2030) final determination outlined £104bn of expenditure, a 70% increase on AMP7
page 7What moved the margintailwindTamdown operational discipline and cost control
Gross margin strengthened to 14.0% in FY25 from 13.5% in FY24 and 5.8% in FY23
page 8AndtailwindColeman's higher-margin mix improving Group blend
Coleman delivered average gross margins of 31% in FY25, versus Group gross margin of 15.6%
page 9What management saidNexus enters FY26 with confidence; the recovery in the housing sector, together with increased diversification and clear strategic priorities, provides a strong platform for sustained performance improvement and long-term value creation.
page 6After the year endDr Christian Wurst, a shareholder of Nexus with experience in supply chain management, operational improvement, finance and commercial functions, was appointed as a Non-Executive Director on 14 January 2026
page 6The dividendInterim dividend of 1.0p per share paid 17 April 2025; Board recommends a final dividend of 2.0p per share, subject to shareholder approval, giving a total FY25 dividend of 3.0p (flat vs FY24 and FY23); proposed final dividend to be paid 24 April 2026 to shareholders on the register at close of business 23 March 2026. Board intends to maintain dividend levels to continue returning value to shareholders
page 16Going concern and the auditDirectors adopted the going concern basis after sensitising two-year budgets (to September 2027) to a severe but plausible downside scenario (c.20% reduction in work won, c.10% reduction in revenue from order book, c.2pp reduction in gross profit margins), concluding the Group has adequate resources for at least 12 months from approval. Auditor MHA (MHA Audit Services LLP, previously trading as Macintyre Hudson LLP; Senior Statutory Auditor Ryan Swann BA FCA) issued an unmodified/unqualified opinion with no material uncertainty regarding going concern. Key Audit Matters: revenue recognition and long-term contract accounting for infrastructure contracts (Group), and valuation of the investment in subsidiary undertakings (Parent)
page 52The risks it names first- Economic downturn - dependence on the UK housing market and broader economic climate, affecting revenue, margins and mortgage availabilityp.29
- Failure to procure new contracts - success depends on winning work through competitive tender submissions at satisfactory marginsp.29
- Availability of materials and subcontractors - adverse pricing, delays or quality issues from suppliers/subcontractorsp.29
- Failure to retain or recruit skilled people (status: Increased) - dependence on recruiting/retaining high-quality senior management and personnel amid sparse availability and intense competitionp.30
Read from C000908-AR-2025-ch.
- FY2022Year to 30 Sept 2022 Opens with a free accountThe report, its reading and its figures
- FY2021Year to 30 Sept 2021 Opens with a free accountThe report, its reading and its figures
- FY2020Year to 30 Sept 2020 Opens with a free accountThe report, its reading and its figures
- FY2019Year to 30 Sept 2019 Opens with a free accountThe report, its reading and its figures
- FY2018Year to 30 Sept 2018 Opens with a free accountThe report, its reading and its figures
- FY2017Year to 30 Sept 2017 Opens with a free accountThe report, its reading and its figures
- FY2016Year to 30 Sept 2016 Opens with a free accountThe report, its reading and its figures