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VANL Van Elle Holdings Plc

36.50
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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% 36.50 36.00 37.00 36.50 36.50 36.50 66,847 08:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Engineering Services 148.73M 4.68M 0.0438 8.33 38.96M

Van Elle Holdings PLC Trading Update (1667X)

22/11/2017 7:01am

UK Regulatory


Van Elle (LSE:VANL)
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TIDMVANL

RNS Number : 1667X

Van Elle Holdings PLC

22 November 2017

22 November 2017

Van Elle Holdings plc

("Van Elle" or the "Group")

Half-year trading update

Van Elle, the geotechnical engineering contractor 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 ahead of announcing its interim results for the six months ended 31 October 2017 on 25 January 2018.

Overall trading in the first half of the financial year has been positive and the Board expects to report turnover of approximately GBP53m (H1 2016: GBP43.1m) with underlying profit before taxation increasing by approximately 15% (H1 2016: GBP4.7m).

The General Piling division has performed strongly in the period, benefitting from an enlarged range of rigs and techniques. Divisional revenues have increased against the comparative period last year, with further operational efficiencies in delivery resulting in good profit growth.

In Ground Engineering Products, the Group's proprietary Smartfoot(R) foundation system continues to gain share in the market and operating performance in the period reflects the benefits of the expanded manufacturing capacity.

Ground Engineering Services' revenues have also been encouraging. The division has seen strong growth from the recently established Scottish business, which has enabled the Group to increase its activity in this region significantly, albeit overall margins have been impacted by remedial works carried out in the Ground Stabilisation operating unit.

Performance in the Specialist Piling division has been more mixed, with market and operating conditions in the Group's rail business remaining challenging in the first quarter, as indicated in the trading update on 12 September 2017. Whilst rail turnover growth has been reasonable, the commercial parameters in two specific electrification contracts have resulted in a dilution to gross margin, with a result that divisional profit will be below that in the comparative period. Pleasingly, margin performance has improved consistently during the second quarter and expectations for the second half are for a return to satisfactory levels.

Cash performance in the half has been good, with the strong operating cash flow generated. The Group has also continued to invest, acquiring nine new rigs which will enhance its service offering.

The Group has a seasonal weighting towards a stronger second half and the Board expects this will be the case again in the current year. As the Group enters H2, enquiry levels are encouraging and the current order book as at November remains strong. The Board continues to monitor market conditions closely and whilst mindful that the Group is subject to clients' decisions regarding contract call-off timing, its expectations for the full year remain unchanged.

Enquiries:

 
   Instinctif Partners (Financial 
    Public Relations)                  020 7457 2020 
   Mark Garraway 
   James Gray 
   Rosie Driscoll 
 
   Peel Hunt LLP (Nominated Adviser 
    and corporate broker)              020 7418 8900 
   Charles Batten 
   Mike Bell 
   Justin Jones 
 

Market Abuse Regulation

The information contained within this announcement is deemed by Van Elle to constitute inside information as stipulated under the Market Abuse Regulation. Upon the publication of this announcement via a regulatory information service, this inside information is now considered to be in the public domain.

This information is provided by RNS

The company news service from the London Stock Exchange

END

TSTLFFIVLTLLFID

(END) Dow Jones Newswires

November 22, 2017 02:01 ET (07:01 GMT)

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