Van Elle Holdings PLC Trading Update, Notice of Results & Investor Pres

RNS Number : 7391P

Van Elle Holdings PLC

12 December 2024

 

12 December 2024

 

Van Elle Holdings plc

('Van Elle', the 'Company' or the 'Group')

 

First Half Trading Update

Notice of Results

Analyst Briefing & Investor Presentation

 

Van Elle Holdings plc (AIM: VANL), the UK's largest ground engineering contractor, today provides a trading update for the six months ended 31 October 2024 (the 'Period').

 

Trading update

The Group expects to report revenue for the Period of approximately £65m (HY2024: £68m), representing a decrease of 5% on the prior year.

 

Market conditions have continued to be challenging across all sectors. Workload has been subdued in Rail, as the sector transitions from CP6 into CP7, and Highways continues to experience project delays. The impact of the Building Safety Act has caused delays to start dates of taller residential schemes however encouragingly the new build housing sector has continued to recover, with a strong pipeline of work planned for delivery throughout the second half of the financial year.

 

The Group has made further progress in developing a strong position in the water and energy sectors and the recent acquisition of Albion Drilling ('Albion') provides additional momentum in Scotland, where new contracts in the energy sector have been awarded for commencement in Q4 FY2025. Albion's trading in the period post completion is in line with pre-acquisition expectations.

 

Further to the two contract awards announced on 25 October 2024, growth continues in Canada with the award of a new three-year framework agreement in November for the delivery of Metrolinx renewals projects worth approximately CAD$9m to the Group, commencing in Q4 FY2025.

 

The order book as at 31 October 2024 increased to £41.6m (30 April 2024: £35.1m), including £1.4m from the acquisition of Albion. The order book excludes framework agreements and preferred bidder positions.

 

The Board continues to expect results for the full year in line with market consensus¹, and as previously communicated, anticipates profitability being second half weighted.

 

Notice of results

The Company expects to announce its half-year results for the six months ended 31 October 2024 on Wednesday, 29 January 2025.

 

Analyst Briefing: 10.00am, Wednesday 29 January 2025

A briefing for Analysts will be held at 10.00am on the morning of the results. Analysts interested in attending should contact Walbrook PR on [e-mail] or 020 7933 8780.

 

Investor Presentation: 3.30pm, Wednesday 29 January 2025

Mark Cutler, Chief Executive Officer, and Graeme Campbell, Chief Financial Officer, will hold a presentation to review the results and outlook at 3.30pm on 29 January 2025. The presentation will be hosted through the digital platform Investor Meet Company.

 

Investors can sign up to Investor Meet Company for free and add to meet Van Elle Holdings plc via the following link https://www.investormeetcompany.com/van-elle-holdings-plc/register-investor.

 

Investors who have already registered and added to meet the Company will automatically be invited. Questions can be submitted pre-event to [e-mail], or in real time during the presentation via the "Ask a Question" function.

 

 

¹ Company compiled analyst consensus for FY2025 underlying profit before tax is £6.0m.

 

 

For further information, please contact:

Van Elle Holdings plc Mark Cutler, Chief Executive Officer Graeme Campbell, Chief Financial Officer	Via Walbrook
Peel Hunt LLP (Nominated Adviser and corporate broker) Ed Allsopp Charlotte Sutcliffe Tom Graham	Tel: [phone]
Walbrook PR Limited	Tel: [phone] or [e-mail]
Tom Cooper Nick Rome	07971 221 972 07748 325 236

 

 

About Van Elle Holdings plc:

 

Van Elle Holdings is the UK's largest specialist geotechnical engineering contractor. Formed in 1984 and listed on AIM in 2016, the Company provides a wide range of ground engineering techniques and services including ground investigation, general and specialist piling, rail geotechnical engineering, modular foundations, and ground improvement and stabilisation services.

 

Van Elle operates through three divisions: General Piling, Specialist Piling and Rail, and Ground Engineering Services; and is focused on diverse end markets including residential and housing, infrastructure and regional construction - across which the Group has completed more than 20,000 projects over the last 35 years.

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