By Michael Susin
Nexus Infrastructure said Wednesday that its fiscal 2023 profit could take a hit of more than 2 million pounds following media reports that one of its clients has filed a notice of its intention to appoint an administrator.
The U.K. infrastructure group said that the client Ilke Homes is a customer of its Tamdown division with two developments, both of which have been paused. Ilke Homes has a total amount overdue to Tamdown of around GBP835,000 with another GBP1.2 million to become due shortly.
“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 FY 2023,” the company said.
However, Nexus said its balance sheet remains robust with cash and cash equivalents at the half-year ended March 31 of GBP15.9 million.
Shares at 1450 GMT were down 12 pence, or 7.4%, at 151 pence.
Write to Michael Susin at [email protected]
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