After a relatively quiet first quarter Van Elle, the Nottinghamshire geotechnical engineering company, has according to a trading update seen profits halve in the first half of its financial year.
Expected underlying profit before tax is to be at £2.8m (H1 2017: £5.4m) for the first half, reflecting “subdued activity levels.”
Turnover is expected to be at approximately £43.0m for the period in comparison to £52.6m in H1 2017.
The firm appointed a new Chief Executive, Mark Cutler, in August.
Mark Cutler, Chief Executive, said: “Since joining the business in August I have been taking action to refine the Group’s commercial approach, streamline operations, strengthen the leadership team and re-focus on our key customers. This is already creating a strong platform from which to pursue our growth strategy.
“It is pleasing to see momentum building into the third quarter with growing demand for our specialist services and a strong orderbook providing good forward visibility. The Group is well placed to benefit from the significant opportunities we see in the second half and beyond.”