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EV business drives Nexus growth

electric car recharging cropped

Launching an electric vehicle (EV) charging business has driven growth for Essex-based infrastructure service provider Nexus.

eSmart Networks has secured £500,000 of contracts for installation of rapid charging units in south east England and the Midlands for the business, the company announced in its interim results to the end of March this year.

The EV infrastructure business was set up last year to respond to the UK’s need for charging infrastructure as it transitions from petrol and diesel vehicles towards electric. 

Announcing the results chief executive Mike Morris wrote: “The Group has recorded revenue and profitability ahead of the performance in H1 2017 and has continued to successfully secure work, with the order book increasing to £234.1m, an increase of 30% year on year, all of which support the Company’s ability to maintain its growth journey and progressive dividend policy.

“During the period Nexus has invested in an electric vehicle charging start-up, eSmart Networks, which designs and installs rapid EV charging points.

Group revenue was up 3.8% to £62.9M from £60.6M and operating profit was up 14.6% to £3.5M from £3.1M 

Morris said: “We are reporting revenues and profits ahead of H1 last year, and a current order book of £234.1M, which positions the group well for future growth.”

As well as EV charging the group specialises in residential infrastructure services and the design, installation and connection of utility networks to properties on new residential and commercial properties. 

 

 

 

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