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Infrastructure services provider Nexus Infrastructure booked a 17% rise in first-half profit and said it had raised £10m from a share placing amid a subsequent 'severe' impact from the Covid-19 crisis.
New shares in the company were issued at 140p each, representing a 15% discount to their closing price on Thursday.
Nexus Infrastructure said the funds would strengthen its balance sheet and allow it to 'emerge from the Covid-19 crisis significantly stronger' and 'capitalise on opportunities'.
Pre-tax profit for the six months through March increased to £3.4m, up from £2.8m on-year.
Revenue rose 19% to £84.2m, which the company said was in line with its expectations.
Nexus Infrastructure said it had furloughed 87% of its workforce in line with the UK government's job retention scheme.
It said its order book was worth £300m at the end of March, down from £311m on-year.
Housebuilding customers were now returning to work, which the company said was positive, though adding that general caution remained.
Return to work mobilisation challenges were expected in the short-term, it added, as site activity started to increase.
Chief executive Mike Morris said the Covid-19 crisis had severely impacted activity levels across its business.
'As previously announced, the Board has taken numerous and immediate actions to conserve cash and maintain profitability, in order to mitigate against the impact of Covid-19,' he said.