Sunday, June 26, 2022

Revenues grow at Van Elle as elevated levels of demand continue

Revenues are growing at Van Elle, the ground engineering contractor, as demand levels continue to rise.

In a trading update for the year ended 30 April 2022, ahead of announcing its full-year results, the Nottinghamshire-based company reported that elevated levels of demand in its core markets have continued.

Consequently, the group now expects to report results for the period ahead of recently upgraded forecasts, with revenues of approximately £125m. This represents an increase of approximately 48% (a 41% increase after adjusting for the impact of the acquisition of ScrewFast Foundations Limited) compared with the prior year (£84.4m), with operating profits slightly ahead of the top end of the range of market expectations.

This continued demand is reflective across the business’s divisions. There has been an increase in work delivered within the rail division, and volumes across housing, specialist piling and general piling have remained consistent. The firm further noted that supply chain challenges are showing some signs of moderating, with the impact of material price inflation being managed through contract pricing mechanisms.

In a statement Van Elle said: “The Board is pleased with progress made in the second half of FY22. The trading momentum has continued into FY23 while future prospects in its growth markets remain encouraging.”

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