Van Elle shares fall as annual profit to be lower than consensus
Van Elle Holdings PLC on Monday said challenging trading conditions which it had noted back in July have continued to persist into the new financial year, which started in May.
The Nottinghamshire, England-based ground engineering contractor added that an expected improvement across its core sectors ‘is yet to materialise’, citing spending constraints and delays to contract starts across all sectors.
Due to this, year to date revenue has not increased as expected, leading to Van Elle anticipating trading and profitability to be materially below market expectations and below financial 2024.
However, the company said its medium-term outlook remained ‘very positive’ with significant opportunities in the energy and water sectors.
Van Elle expects an order book of £47.3 million at July 31, up 14% from £41.5 million at April 30.
The company plans to post a trading update for the six months to October 30 in early December.
Van Elle shares fell 12% to 32.50 pence each on late Monday morning in London.
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