25 May 2012

Nexus slashes loss

24/01/2011 Robert Tyerman

IT managed services dog Nexus Management (NXS) anticipates 'an improved trading performance' after cutting annual losses 88 per cent to £685,551. The AIM-quoted company, which increased turnover 15 per cent to £5.8 million in the year to September, benefited from a fall in exceptional costs from £3.3 million to £442,167.

Chief executive Roger Richardson says London-based Nexus's Resilience Technology arm put in a strong performance and is now certified to run on the latest version of the Checkpoint R70 system, which allows it to target sales from larger clients than before. Last month, Resiience won a $1million ($660,000) three-year contract from an unnamed 'blue-chip' organisation.

According to Richardson, Nexus has started the current financial year well and is confident about improving its trading performance, while remaining focused on delivering 'increased profitability'. Some analysts see a turnaound to pre-tax profits of £840,000 in the current year, with £1.4 million pre-tax on the cards for 2011-12.

So far, investors are unimpressed, with the shares languishing at 0.34p, a fraction of their 2p float price 10 years ago. The appeal is decidedly speculative.

Tags: AIM market, IT services, Profit

Sector: Software & Computer Services

Companies: Nexus Management

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