REG - Van Elle HoldingsPLC - AGM Statement

Van Elle HoldingsAnnouncement

21/09/2023 07:00

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RNS Number : 1360N  Van Elle Holdings PLC  21 September 2023

Van Elle Holdings plc

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

 

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 financial performance in the first four months of the new
financial year is in line with the Board's expectations, with all divisions
operating at high activity levels. The Group's cash and balance sheet also
remain strong, with a net funds position (excluding IFRS16 lease liabilities)
of £8.0m as at 31 August 2023, and an undrawn funding facility of up to
£11m.

 

The challenging macroeconomic environment is contributing to ongoing market
uncertainty, particularly in the housebuilding sector, however the diversity
of the Group's operations has provided some resilience against these market
factors.

 

All of the Group's core UK markets show a positive outlook in the medium to
long term and further progress has been made on growth opportunities in the
energy sector. In Canada, the Group has commenced work on initial rail
activities, with a strong bid pipeline of further opportunities identified.

 

The Board continues to expect results in line with market expectations(1) for
the current financial year.

 

(1) Company compiled analyst consensus for FY2024 underlying profit before tax
is £5.0m.

 

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 / 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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