REG - Van Elle Holdings - AGM Statement

Van Elle HoldingsAnnouncement

26/09/2024 07:00

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RNS Number : 7091F  Van Elle Holdings PLC  26 September 2024

Van Elle Holdings plc

('Van Elle', the 'Company' or the 'Group')

 

26 September 2024

 

AGM Statement

 

Van Elle Holdings plc (AIM: VANL), the UK's largest ground engineering
contractor, is pleased to provide an update ahead of the Annual General
Meeting of the Company being held at 10.00am today.

 

The Group's order book has increased by approximately 14% since the start of
FY2025 and there is a strong pipeline of bidding activity, and several
framework agreement wins which will see activity levels increase over the next
two to three years.

 

Market conditions in the first four months of the new financial year were
challenging across all of the sectors the Group operates in. There are early
signs of a recovery in the housing market, with increased enquiry levels and
order intake expected to translate into higher revenues in the second half.
Delays from the implementation of the new Building Safety Act and general
construction sector uncertainty should ease during the balance of FY2025. The
transition between Network Rail control periods continues to impact UK rail
volumes, with activity levels expected to normalise in the second half.

 

The Group notes the recent announcement that certain subsidiaries of the ISG
group have entered administration and confirms that the maximum potential
exposure to the Group is less than £100,000.

 

Good progress is being made in ground investigation, design development and
workload planning, along with customer partners for two of the Group's
strongest future potential growth markets; water and energy. In Canada, since
the FY2024 results announcement in July 2024, key framework contracts have
been secured that position the Group strongly for medium term growth.

 

The Board continues to expect results to be in line with market consensus(1)
for the current financial year, with FY2025 profitability expected to be
weighted towards the second half of the financial year.

 

 

(1) Company compiled analyst consensus for FY2025 underlying profit before tax
is £6.0m.

 

 

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 corporate broker)  Tel: 020 7418 8900

 Ed Allsopp

 Charlotte Sutcliffe

 Tom Graham

 Walbrook PR Limited                                     Tel: 020 7933 8780

                                                         or vanelle@walbrookpr.com
 Tom Cooper                                              07971 221 972

 Nick Rome                                               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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