News blog
Nexus Management
- BY: Andrew Hore |
- POSTED: 21/02/2012 |
IT managed services provider Nexus Management has reported a lower loss in the year to September 2011.
Revenues were flat at £5.9m, while the loss declined from £686,000 to £114,000. If exceptional afre excluded a loss of £243,000 in 2009-10 became a profit of £156,000 in 2010-11. Most of the exceptionals in each of the years were impairment charges for intangible assets. There have been a number of board departures since the end of the financial year and cost cutting is planned so there could be more exceptional costs this year.
The core US operations did better than expected. The US and UK moved into profit. IT security services provider Resilience did not perform as well as expected and Nexus has already said that it wants to sell that business.
A strategic review is continuing. Nexus wants to reduce its dependence on a couple of key relationships. The largest client is due to renew its contract this year.
Net debt was £449,000 at the end of September 2011.
There was no further news of the potential general meeting requisition by director and former employee Graham Stoddart-Stones.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFFebruary2012_29.pdf
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