Trading Update
22 Novembro 2010 - 5:00AM
UK Regulatory
TIDMNXS
22 November 2010
Nexus Management plc
("Nexus" or "the Group")
Pre-close Trading Update
Nexus Management Plc, the AIM quoted provider of specialist IT Managed
Services, is pleased to announce a pre-close trading update in advance of its
final results for the year ended 30 September 2010 which are expected to be
released in January 2011.
September 2010 financial year update
The Group has made steady progress in the year to September 2010 with revenues
increasing from GBP5.5 million to just over GBP6 million. It is also expected that
the Group will report a considerably reduced operating loss compared with the
previous year. This increase in revenues and reduction of losses demonstrates
the significant progress the Group has made, and although it was hoped that the
Group would achieve a greater improvement, the Board is pleased with the
progress to date and continues to build on this.
The Board views the disposal of the Nerd Force Franchise Company ("Nerd
Force"), which was completed earlier in the year, as a positive development.
Nerd Force was a loss making subsidiary that required a significant amount of
management's time. The Board is now focused on driving growth in the Group's
remaining divisions and it is anticipated that this disposal will enhance the
operating performance of the Group in the current financial year.
The Group is pleased to report that it expects the provisions for bad debt,
which were considerable in the 2009 fiscal year, to be substantially lower in
the year to 30 September 2010, particularly within the Resilience Technology
Corp ("Resilience") division. This clearly demonstrates that the processes and
procedures that were put in place at the beginning of the financial year are
now bearing fruit.
The operating profit derived from Resilience would have been enhanced had it
not been for the delays experienced with certain larger orders. However, the
Group is hopeful that these contract delays will be remedied in the current
financial year.
The Group has now owned Resilience for a full 12 months, and although, due to a
number of factors, it has taken longer than envisaged to turn around the Board
is positive about its future growth prospects. While steady growth is
anticipated at Resilience, this division remains dependent on selling larger
value orders to big companies, and as previously seen, delays can be
commonplace.
While it has been another challenging year for the Group, the Board would like
to point to the progress made in the last quarter of the year as it continues
to work towards delivering operating profitability across all of its
subsidiaries. In addition, the Company has generated cash from its trading
operations in the last six months and the Board is hopeful that this trend will
continue in the current financial year.
Current trading
It is too early to comment in detail on the current levels of trading as the
Group is only two months into its current financial year. However, the Board
continues to look at ways to grow the business without significantly increasing
the Group's overhead base. The Board is also targeting certain areas in which
to reduce costs whilst maintaining a high quality service to the Group's
customers.
A full update on current trading will be made when the final results are
announced in January 2011.
Commenting on the update Roger Richardson, Chief Executive Officer of Nexus
Management, said:
"The Group has made some significant steps forward in the financial year to
September 2010 and, by reducing losses and increasing revenues, we are edging
closer to achieving our goal of delivering operating profitability across the
subsidiaries. The Board has refocused the Group through the disposal of Nerd
Force and it is hoped that this will enhance the operating performance of the
Group in the current financial year.
"We look forward to updating shareholders in more detail with the release of
the full year results in January 2011."
-END-
Enquiries:
Nexus Management Plc
Roger Richardson, Chief Executive Tel: 01862 812 107
Merchant Securities Plc (Nominated Adviser)
Simon Clements/David Worlidge Tel: 020 7628 2200
Daniel Stewart (Broker)
Christopher Theis Tel: 020 7776 6550
Bishopsgate Communications Ltd
Gemma O'Hara/Siobhra Murphy Tel: 020 7562 3350
nexus@bishopsgatecommunications.com
Notes to Editors:
About Nexus Management Plc
Nexus Management is a growing specialist IT Managed Services Provider. Nexus
has two key markets: the UK and the US, where it can offer its customers 24
hour support. Nexus specialises in Remote Server Management, Disaster Recovery,
Data Storage, Help-Desk, Desktop Support and Wide Area Network Management and
Monitoring - providing Enterprise calibre technical support.
The Group has been at the heart of cloud computing for over 8 years. More
recently it has developed private cloud computing, for its clients, which
delivers all of the benefits of the cloud model without the inherent risks of a
very large scale shared service.
Due to Nexus' experience in network security and owning its own data centre, it
is able to offer a true end-to-end secured service of an enterprise quality to
our SME clients.
Nexus is quoted on AIM, a market of the London Stock Exchange. For further
information on the Company, please visit www.nexusmgmt.com
About Resilience Technology Corp
Since 1995, Resilience (www.resilience.com) has delivered network security
appliances with the most advanced operating system. RES/OS boasts such features
as open systems flexibility and life cycle management innovations for
mission-critical applications. Resilience's high performance solutions are
designed for network environments where availability is essential and security
must not be compromised.
END
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