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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Van Elle Holdings Plc | LSE:VANL | London | Ordinary Share | GB00BYX4TP46 | ORD 2P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 33.50 | 33.00 | 34.00 | 33.50 | 33.50 | 33.50 | 394 | 08:00:13 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Engineering Services | 148.73M | 4.68M | 0.0438 | 7.65 | 35.76M |
TIDMVANL
RNS Number : 2119X
Van Elle Holdings PLC
26 April 2019
26 April 2019
Van Elle Holdings plc
("Van Elle" or the "Group")
Full year trading update
Van Elle, the leading geotechnical engineering company offering a wide range of ground engineering techniques and services to customers in a variety of UK construction end markets, is issuing the following trading update for the year ending 30 April 2019.
The business continues to make good progress on its transition plan, announced in January 2019, in terms of improved operational efficiency and a more effective commercial approach.
In terms of current year performance, the Group has experienced a level of uncertainty in its markets, particularly in the infrastructure sector, in the latter part of the year. This has meant that, despite encouraging progress in winning work, some contract award and start dates have been delayed by customers. As a result, whilst volumes in the fourth quarter have been the strongest of the year to date, sales for the full year are expected to fall short of levels previously expected by circa 3%. This reduction in forecast sales for the current year is expected to result in the Group delivering full year adjusted PBT slightly below the lower end of the range of market expectations.
The previously highlighted operational weaknesses in the Piling Division are being addressed, with the margins improving in Q4, as expected. A new, experienced director of the Piling Division will join in early June 2019. Further streamlining and business simplification across the Group has resulted in annualised cost savings ahead of targets previously announced.
In addition, cash management has been good and will result in net debt at year-end improved against previous forecasts and below the GBP5.6m reported at the end of H1.
Looking ahead, the fourth quarter run-rate is expected to remain solid into the forthcoming year, as recently secured contracts mobilise and with ongoing enquiry levels remaining strong. Reflecting the improved commercial approach, which is focussed on longer term partnerships, the Group has a record current order book of GBP35m (April 2018: GBP25m) and is preferred bidder on a further GBP25m of contracts. This includes approximately GBP10m of Smart Motorway schemes, secured in the fourth quarter, and a record order book of GBP12m in the housing sector for the Group's integrated piling and foundation solutions for national housebuilders.
Despite the uncertain market conditions, the Board is very encouraged that the improvement actions being taken are generating tangible operational and commercial benefits. The momentum entering the new year underpins the Board's confidence in the prospects for the Group
For further information please contact:
Instinctif Partners (Financial Public Tel: 020 7457 2020 Relations) Mark Garraway James Gray Rosie Driscoll Peel Hunt LLP (Nominated Adviser and Tel: 020 7418 8900 corporate broker) Charles Batten Mike Bell Justin Jones
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation. Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
TSTLIFLESVIRFIA
(END) Dow Jones Newswires
April 26, 2019 02:01 ET (06:01 GMT)
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