Nexus Infrastructure raises £10m via placing

Infrastructure services provider Nexus revealed on Friday that it has raised gross proceeds of £10m via a placing of 7.14m new ordinary shares.

Nexus' new shares were issued at 140.0p each, representing a 15% discount to their closing price on Thursday, with the proceeds set to be used to strengthen the group's balance sheet and allow it to "emerge from the Covid-19 crisis significantly stronger" after capitalising on opportunities.

Elsewhere, the AIM-listed firm said pre-tax profits for the six months ended 31 March were up 21.4% to £3.4m, mostly driven by a 19% increase in revenues to £84.2m.

While housebuilding customers were now returning to work, Nexus did caution that its order book hod dropped 3.54% year-on-year to £300m.

Chief executive Mike Morris said: "We are encouraged by the recent return to work and, with Nexus's renewed strength and its market leading position, the board remains confident in the long-term prospects of the group."

As of 0950 BST, Nexus shares had dipped 1.88% to 161.90p.