Van Elle Holdings PLC Trading Update & Notice of Results (8993S)
November 19 2021 - 1:00AM
UK Regulatory
TIDMVANL
RNS Number : 8993S
Van Elle Holdings PLC
19 November 2021
Van Elle Holdings plc
('Van Elle', the 'Company' or the 'Group')
Trading Update
& Notice of Results
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 2021 (the 'Period') ahead of announcing its
half-year results, which are expected to be released on Monday 31
January 2022.
Strong activity levels have continued in most divisions, leading
to significantly increased revenues of approximately GBP60m in the
Period. This represents a 56% increase over the prior year
comparative period (HY21: GBP38.3m) as well as a return to growth
over pre-Covid comparative revenues, with run rates exiting the
Period showing good capacity usage across all divisions. As
expected, recovery in Rail volumes continued to lag the other
segments, with residential construction showing the highest
activity levels. Encouragingly, the Rail business has seen an
improvement in enquiries and contract activity towards the end of
the Period, which is expected to continue in the second half.
The Group has continued to experience the effects of
industry-wide supply chain challenges, salary inflation and
short-term employee availability. These challenges continue to be
mitigated at an operational level. Management is focused on
improving its margin mix and remains confident that the strong
market recovery and divisional performance will underpin an
improved outlook.
Good progress continues to be made in the delivery of strategic
actions including work winning activity in the infrastructure and
housing sectors which underpin the medium-term financial targets
outlined in previous updates.
Cash as at 31 October 2021 was GBP6.3m (30 April 2021: GBP8.5m).
The decrease in cash reflects an increase in working capital due to
higher activity levels and rig purchases which have been financed
from cash reserves. The Group has also further reduced its hire
purchase debt during the Period.
The Group's order book at 31 October 2021 was GBP34.5m (9 August
2021: GBP34.7m).
The Board is pleased with the progress delivered in the first
half of the year and continues to be confident that FY22 full year
performance will be in line with market expectations.
Notice of Results:
Van Elle expects to announce its half-year results on Monday 31
January 2022. 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.
For further information, please contact:
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 rig fleet of 115 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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