Nexus Infrastructure PLC on Tuesday gave a sombre outlook, citing challenging market conditions amid slowed housebuilding activity.

The Braintree, England-based civil engineering infrastructure services provider said amid subdued market activity, it is navigating high inflation and increased interest rates.

On an underlying basis, Nexus expects revenue in the year that ended on September 30 to be about £85 million, down 14% from £98.4 million in financial 2022, and operating loss to be between £6 million and £7 million, widened from £1.0 million a year prior.

Nexus Infrastructure Chief Executive Officer Charles Sweeney said: ‘Whilst we face challenging market conditions, we have taken decisive action to respond and rightsize the business. The strength and quality of our offering and strong financial footing mean we are well-placed to return to a growth trajectory when the housebuilding market improves.’

Nexus Infrastructure shares fell 5.5% to 104.00 pence each on Tuesday afternoon in London.

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