25 May 2012

Cautious optimism at Nexus   

10/05/2010 Robert Tyerman

Specialist IT services provider Nexus Management says it is 'well positioned' after lifting interim revenues 26.5 per cent to £3.1 million.

The London-based company, which lost a hefty £4.6 million after asset impairments and bad debt provisions on £4.5 million turnover in the year to September 2009, lost £192,000 in the six months to March, against a modest £81,000 pre-tax profit in the first half of 2008-09. AIM-quoted Nexus, which paid $1.9 million (£1.2 million) a year ago for US firewall appliance maker Resilience Technology, says sentiment and orders are picking up in the USA, which now provides 75 per cent of turnover.

Chief executive officer Roger Richardson explains Resilience supplies major corporations such as space agency NASA and large telcos, while Nexus's UK business caters for smaller companies needing IT help. He says the company has beefed up Resilience since taking it over and argues that, though the UK market remains sluggish, improvements across the Pond augur well for an improved second half year and further gains thereafter.

Bulls even suggest the company could make £200,000 pre-tax in the year to September, for earnings of 0.02p a share, with £600,000 pre-tax and 0.05p-a-share earnings for 2010-11. That would put the shares, at 0.36p a fraction of 2001's 2p float price, on a prospective p/e ratio of 7.2.

Tags: AIM, Growth Stocks, Mergers & acquisitions

Sector: Software & Computer Services

Companies: Nexus Management

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