Van Elle Holdings PLC AGM Statement (1360N)
21 Settembre 2023 - 8:00AM
UK Regulatory
TIDMVANL
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 GBP8.0m as at 31
August 2023, and an undrawn funding facility of up to GBP11m.
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 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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September 21, 2023 02:00 ET (06:00 GMT)
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