Revenue has slipped at Van Elle, the Nottinghamshire ground engineering contractor, according to interim results for the six months ended 31 October 2023.
At £68.2m, revenue was 16% below the same period of the prior year (£80.8m), with the comparative period benefitting from stronger housing, construction and infrastructure markets.
Meanwhile pre-tax profits dipped to £2.5m, from £3.5m.
Mark Cutler, Chief Executive, said: “These results represent a resilient performance in the face of expected challenging market conditions throughout FY2024, reflecting the benefits of the Group’s diversified end-market exposure.
“Despite the anticipated lower revenues, operating margin has been maintained at FY2023 levels, our balance sheet is stronger, and our future prospects are more compelling. We are very pleased with the acquisition of Rock & Alluvium shortly after the Period end.
“The Group is developing a strong market position in the energy and water sectors and is well placed to benefit from a recovery in activity levels in housing, construction, rail and highways in FY2025.”
