Well, it actually reached its ‘nexus’ in November last year when privately-held IT managed services firm, Enables IT (formerly Network Cabling Installations Limited), reversed into AIM-listed peer, NexusManagement (previously PC Medics Group). The company, renamed Enables IT, was re-admitted to AIM and has just announced its (pre-acquisition) FY results (to 30th September 2012).
In theory at least, the reverse-in should about double Nexus’ £4.3m revenues (Enables IT turned over £2m in the half-year to 30th June 2012) and may just push the enhanced business into pre-tax profit (Nexus lost £265k pre-tax, but Enables earned £190k PBT for the half-year).
The deal hasn’t done much for Nexus/Enable’s share price, though, which has lost 75% of its value over the past 12 months, valuing the stock at about £2.3m.
The UK market is awash with tiny IT managed services firms. Very few – if any – belong as public companies.