TIDMVANL
RNS Number : 5627B
Van Elle Holdings PLC
11 June 2021
Van Elle Holdings plc
("Van Elle", the "Company" or the "Group")
Trading Update
Notice of Results
& Investor Presentation
Van Elle Holdings plc (AIM: VANL), the UK's largest ground
engineering contractor, today provides a trading update for the
year ended 30 April 2021 (the "Period") ahead of announcing its
final results, which are expected to be released on Tuesday 17
August 2021.
Trading during the final quarter of the Period continued to
improve alongside the easing of Covid restrictions, with strong
performances in March and April, and exit rate revenues at the end
of the financial year returned to pre-pandemic levels. The Board is
encouraged that this increased level of activity has continued into
the new financial year, albeit remaining mindful of industry-wide
supply chain pressures which are, in some instances, impacting
material costs and availability.
Most divisions have seen a strong recovery in activity levels
and were operating at near capacity in the last two months of the
Period. Strata, the Group's earliest cycle business, and a positive
leading indicator for the other divisions, has seen strong
tendering and activity levels through the Period end. Revenues
stabilised in General Piling during the fourth quarter, following a
relatively volatile winter period, while Housing and Specialist
Piling both saw a continuation of the high workloads that have been
experienced throughout H2. Activity in the Rail division has been
the slowest to recover and continues to lag pre-pandemic levels,
due to delays on key projects, but is now experiencing increased
tendering activity from CP6 regional work banks and importantly,
the first of the next generation of electrification programmes.
ScrewFast is integrating well into the Group and has made a
positive start since the acquisition on 1 April 2021, particularly
in the Highways sector where they have secured further Smart
Motorway opportunities.
Revenue for the Period, subject to completion of the audit
review, is now expected to be c.GBP85m (2020: GBP84.4m) and the
Board expects the adjusted loss before tax to be slightly ahead of
consensus forecasts.
The Group's cash position as at 30 April 2021 was GBP8.5m (31
October 2020: GBP9.8m), after taking account of the initial payment
for the acquisition of ScrewFast Foundations Limited of GBP1.8m,
and the purchase of six new rigs at a cost of GBP2.2m to invest in
additional capacity and a continual updating of the fleet. The
Group also continues to invest in retaining and attracting key
resources to prepare for growth as our core markets recover from
the pandemic.
Net funds, excluding IFRS 16 property and vehicle leases, was
GBP3.8m as at 30 April 2021 (31 October 2020: GBP4.5m).
The order book at 1 June 2021 was GBP26.4m (7 January 2021:
GBP23.6m).
Notice of Results and Analyst Briefing:
Van Elle expects to announce its final results on Tuesday 17
August 2021. A briefing for Analysts will be held at 9.30am on the
morning of the results. Analysts interested in attending should
contact Walbrook PR on vanelle@walbrookpr.com or 020 7933 8780.
Investor Presentation: 3.30pm on Thursday 19 August
Mark Cutler, Chief Executive Officer, and Graeme Campbell, Chief
Financial Officer, will hold a presentation to review the results
and prospects following their release at 3.30pm on Thursday 19
August 2021, 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 vanelle@walbrookpr.com, or in real time during the
presentation via the "Ask a Question" function.
Enquiries:
Van Elle Holdings plc Via Walbrook
Mark Cutler, Chief Executive Officer
Graeme Campbell, Chief Financial Officer
Peel Hunt LLP (Nominated Adviser and Tel: 020 7418 8900
corporate broker)
Mike Bell/Ed Allsopp
Walbrook PR Limited Tel: 020 7933 8780 or vanelle
@walbrookpr.com
Tom Cooper/Nick Rome/Nicholas Johnson 07971 221 972 or 07748 325 236
or 07884 664 686
About Van Elle Holdings plc:
Van Elle Holdings is the UK's largest specialist geotechnical
engineering contractor. The Company provides a 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 ground engineering; and is focused on three
end markets; residential and housing, infrastructure and regional
construction - across which the Group has completed more than
20,000 projects over the last 35 years.
General piling provides a range of larger piling and ground
engineering solutions for open-site construction projects.
Specialist piling provides a range of geotechnical solutions in
operationally constrained environments including on-track rail
applications. Ground engineering services offers a range of ground
investigation and geotechnical services and modular foundation
solutions such as Smartfoot(R). Van Elle has a market-leading
reputation and the UK's largest modern rig fleet of 118 rigs.
Having floated on AIM in 2016 it now has a strong national
presence, diversified offering and market-leading brand name.
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