Nexus Infrastructure PLC
- Market Cap (£m) 9.3
- Listing AIM
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Company Descriptions
Nexus Infrastructure, via its principal trading business Tamdown, is a leading provider of civil engineering services, principally to major housebuilders. The group is also aiming to expand its activities to critical infrastructure. Activities comprise a wide range of civil engineering services, including earthworks, roads, drainage, waste management, mainly used early in the opening of new housebuilding sites, and providing foundations for individual new homes. Clients include the UK's top five listed housebuilders - Barratt Developments, Vistry Group, Taylor Wimpey, Persimmon and Bellway - as well as leading private groups including Bloor Homes, partnership specialist Keepmoat and housing associations. The group operates mainly in London and the South East. The group has been operating for over 45 years. In February 2023, it completed the disposal of TriConnex and eSmart Networks to private investment group FitzWalter Capital for a cash consideration of £78m; c. £61m was subsequently returned.
Investment Summary
Nexus Infrastructure should be an early beneficiary of the new government’s plans to build 1.5 million homes over the life of the parliament, as the group has refocused the business on ‘front end’ civil engineering activities for the UK’s largest housebuilders. After aligning the cost base in the face of sector and economic headwinds over the past year, our initial estimates indicate the group should return to modest profit by FY25E. Thereafter, operational gearing could offer substantial earnings growth under a range of scenarios. We believe housebuilding and broader infrastructure activities could offer multi-year opportunities. Over the medium term, the group is considering diversifying into vital infrastructure. Of this, water supply and sewage, flood protection and energy are urgent national priorities. Longer term, a major opportunity could be Labour’s plans for ‘new towns’, given Tamdown’s experience in large, complex sites.
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Company Management Team
Charles Sweeney
Chief Executive
Charles is a Chartered Director and a Chartered Engineer with more than 40 years’ experience in the civil infrastructure and energy sectors, both in the UK and overseas. His career has included several C-suite, Managing Director and Director positions, including nine years on the Executive Board of Costain Group plc and Managing Director of its Energy & Process Division.
He joined Nexus in September 2016 as Chief Operating Officer and subsequently took on the additional interim role of Tamdown Managing Director through to September 2018. As COO, he led various significant business development and performance improvement projects and worked closely with the Board on Group strategy. He was appointed as Chief Executive Officer in February 2023.
Charles originally graduated with a BSc (Hons) in Chemical Engineering from the University of Leeds and later was awarded an MBA from Webster University, Leiden, The Netherlands. He is a Fellow of the Institute of Directors and a Fellow of the Institution of Chemical Engineers.
His core strengths and experience are extensive Board-level experience in listed companies involved in the energy, civil infrastructure and residential construction sectors, strategy development and implementation, business transformation, performance improvement and commercial and operational risk management.
Dawn Hillman
Finance Director
Dawn is a Chartered Management Accountant and Chartered Secretary with experience within the infrastructure, construction, and engineering sectors. She joined the Board in 2023. She has worked within or closely alongside the Tamdown business for over 35 years and is an experienced Executive Board Director and Company Secretary. Dawn was instrumental in taking the business through IPO to AIM market listing in 2017. She is Trustee of Nexus Community trust, independent charity
She has previously held Finance Director roles for Tamdown and other construction businesses. Her core strengths and experience are accounting and finance, corporate governance, process improvement, risk, IT, strategic development, commercial businesses. She has over 35 years’ experience in the construction industry, and has experience in privately owned, equity backed and plc businesses.
