Nexus Infrastructure CEO waives salary as co pulls guidance

Infrastructure services firm Nexus said its chief executive would take no salary and staff furloughed as a result of the Covid-19 pandemic.

The AIM-listed group said chief executive Michael Morris had taken a "100% reduction in salary" to help conserve cash during the outbreak, while non-executive directors and its chief financial officer took a 50% pay cut.

The company also pulled guidance and furloughed 713 employees after closing down site-based activities

Nexus said on Tuesday that while revenues in the six months ended 31 March had risen 18% year-on-year to £84.2m, trading in March itself was disrupted by the pandemic.

Nexus said it had a "strong" balance sheet, with £19.6m in cash on hand at the end of the half but cautioned it was unable to provide accurate market guidance for the second half of the year.

"Looking further ahead, our experienced management team, sustainable business model and strong cash flow characteristics means we are well-positioned to prosper in the long-term," said Nexus.

As of 0855 BST, Nexus shares had slumped 12.50% to 154p.