Van Elle Holdings PLC Statement re: Carillion plc (9463B)
January 16 2018 - 1:00AM
UK Regulatory
TIDMVANL
RNS Number : 9463B
Van Elle Holdings PLC
16 January 2018
16 January 2018
Van Elle Holdings plc
("Van Elle" or the "Group")
Statement regarding Carillion plc
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, notes
yesterday's announcement relating to Carillion plc ("Carillion")
and comments as follows:
Van Elle carries out regular work for Carillion as a specialist
lead sub-contractor, principally in respect of rail improvement and
maintenance work where Network Rail is the end customer.
The Group successfully undertook several contracts for Carillion
during December in respect of which, payment has been applied for
but not yet been received, and work has continued on some of these
contracts into January 2018. As a result, Van Elle's outstanding
debt and work-in-progress exposure with Carillion is approximately
GBP1.6m. The Group will engage with Carillion and its advisers
(including the Official Receiver) to determine the status of
outstanding payments, but shareholders should note that, in the
event that Van Elle is unable to recover any monies owed, there
would be an adverse financial impact on the Group.
The Group's order book includes further expected work with
Carillion for the remainder of the current financial year and
beyond. In total, this represents approximately GBP2.5m of
anticipated revenue for the second half of the current year. It is
too early to say whether there will be any effect on the
commencement or completion dates of contracted work with Carillion,
or what impact these developments will have on future work
programmes, either in the rail sector or elsewhere, but the Group
will monitor the situation closely and make further announcements
as necessary.
Jon Fenton commented "While it is disappointing to note the
Carillion announcement we continue to develop further our strong
relationship with Network Rail and its principal contractors, and
remain committed to developing high quality solutions in the rail
division both for upgrade and maintenance work".
Enquiries:
Van Elle Holdings plc 017 7358 0580
Jon Fenton, Chief Executive
Officer
Paul Pearson, Chief Financial
Officer
Instinctif Partners (Financial
Public Relations) 020 7457 2020
Mark Garraway
Rosie Driscoll
Peel Hunt LLP (Nominated Adviser
and corporate broker) 020 7418 8900
Charles Batten
Mike Bell
Justin Jones
Certain 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 company news service from the London Stock Exchange
END
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