Nexus Infrastructure expects to report a 16% increase in revenue for FY25E, with, as previously signalled, a reduced loss before tax and better-than-expected net cash, despite ‘challenges’ facing housebuilding customers. The order book has climbed by 62%, according to today’s trading statement. We maintain our FY25E and FY26E earnings and cash flow estimates for the civil engineering specialist, which we believe should benefit from operational gearing as housing and water infrastructure work recovers.