TIDMVANL
RNS Number : 3077V
Van Elle Holdings PLC
01 December 2023
Van Elle Holdings plc
('Van Elle', the 'Company' or the 'Group')
First Half Trading Update
Notice of Results
Analyst Briefing & Investor Presentation
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 2023 (the 'Period'), and an update on the
acquisition of Rock and Alluvium Ltd ('Rock and Alluvium' or the
'Acquisition').
Trading update
The Group's results for the Period are in line with the Board's
expectations. This reflects a resilient operational performance
despite challenging market conditions, continuing inflationary
pressures and delayed project starts.
The Group expects to report revenues for the Period of
approximately GBP68m, representing a decrease of 16% on the prior
year (HY2023: GBP80.8m), but expects to report operating profit
margins consistent with the prior year (FY2023: 3.9%).
The Group's balance sheet remains strong, with a net funds
position (excluding IFRS16 lease liabilities) of GBP8.9m at Period
end (30 April 2023: GBP7.5m) and flexibility afforded by the
Group's undrawn funding facility of up to GBP11m.
There continues to be uncertainty and subdued activity levels in
some of the Group's end markets, particularly the housebuilding
sector, which is expected to continue into the second half of the
financial year.
However, further progress has been made on several substantial
growth opportunities in the energy sector. The costs of
establishing the Group's new Canadian rail subsidiary have been
absorbed in the Period and initial projects commenced in the second
quarter.
The order book at 31 October 2023 increased to GBP32.7m (30
April 2023: GBP30.8m), which excludes framework agreements and
preferred bidder positions, providing a strong platform entering
the second half.
The Board continues to expect results in line with market
expectations(1) for the current financial year and is confident in
the Group's outlook over the medium term across all of its core
markets.
Acquisition update
On 26 October 2023, the Group announced that agreement had been
reached with Galliford Try Holdings plc to acquire Rock and
Alluvium Ltd and enter into a five-year trading agreement. The
Acquisition completed on 30 November 2023. There are early signs of
a recovery in commercial and residential opportunities in London
and the south east which Rock and Alluvium, as part of the Van Elle
Group, is well placed to benefit from. Accordingly, the Board
expects the Acquisition to be accretive to underlying earnings in
the first full year of ownership.
Notice of results
The Company expects to announce its half-year results for the
six months ended 31 October 2023 on Wednesday, 24 January 2024.
Analyst Briefing: 9.30am, Wednesday 24 January 2024
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, Wednesday 24 January 2024
Mark Cutler, Chief Executive Officer, and Graeme Campbell, Chief
Financial Officer, will hold a presentation to review the results
and outlook at 3.30pm on 24 January 2024. The presentation will be
hosted 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.
(1) Company compiled analyst consensus for FY2024 underlying
profit before tax is GBP5.0m.
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)
Ed Allsopp / Ben Harrington
Walbrook PR Limited Tel: 020 7933 8780
or vanelle@walbrookpr.com
Tom Cooper / Nick Rome 07971 221 972 or 07748
325 236
About Van Elle Holdings plc:
Van Elle Holdings is the UK's largest specialist geotechnical
engineering contractor. Formed in 1984 and listed on AIM in 2016,
the Company provides a wide 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 Rail, and Ground Engineering Services; and is
focused on diverse end markets including residential and housing,
infrastructure and regional construction - across which the Group
has completed more than 20,000 projects over the last 35 years.
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END
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December 01, 2023 02:00 ET (07:00 GMT)
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