Van Elle reviews dip in first half income, maintains full-year outlook

LONDON – Van Elle Holdings plc (AIM: VANL), the UK’s main floor engineering contractor, has reported a slight decline in income for the primary half of the monetary 12 months ending October 31, 2024. The corporate introduced revenues of roughly £65 million, down 5% from the earlier 12 months’s £68 million throughout the identical interval.

The agency attributes the downturn to difficult market situations throughout all sectors, with particular setbacks in Rail and Highways attributable to transitional phases and undertaking delays, respectively. Moreover, the Constructing Security Act has led to delays within the graduation of taller residential schemes. Regardless of these challenges, the brand new construct housing sector reveals indicators of restoration, with a robust work pipeline anticipated to contribute to the second half of the monetary 12 months.

Van Elle has seen progress within the water and vitality sectors, bolstered by the current acquisition of Albion Drilling, which has carried out according to expectations post-acquisition. Notably, new vitality contracts in Scotland are set to begin within the fourth quarter of FY2025.

Development continues internationally, with the corporate securing a three-year framework settlement in November for Metrolinx renewals tasks in Canada, estimated at CAD$9 million, beginning within the fourth quarter of FY2025.

The order e book as of October 31, 2024, stands at £41.6 million, up from £35.1 million on April 30, 2024. This determine contains £1.4 million from the Albion acquisition however excludes framework agreements and most well-liked bidder positions.

The Board anticipates full-year outcomes to align with market consensus, which forecasts an underlying revenue earlier than tax of £6.0 million for FY2025, anticipating profitability to be weighted in direction of the latter half of the 12 months.

Van Elle plans to announce its half-year outcomes on January 29, 2025, with an analyst briefing scheduled for 10:00 am and an investor presentation at 3:30 pm on the identical day. These occasions will present additional insights into the corporate’s outcomes and outlook.

Buyers and analysts can entry the presentation by way of Investor Meet Firm’s digital platform and have the chance to submit questions prematurely or in actual time in the course of the occasion. This buying and selling replace is predicated on a press launch assertion issued by Van Elle Holdings plc.

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