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IN BRIEF: Van Elle trading in line, all units at high activity levels

21st Sep 2023 19:59

Van Elle Holdings PLC - ground engineering contractor - Issues trading update ahead of annual general meeting today. Reports 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. Cash and balance sheet also remain strong, with a net funds position (excluding IFRS16 lease liabilities) of GBP8.0 million at August 31 and an undrawn funding facility of up to GBP11 million. Explains the challenging macroeconomic environment is contributing to ongoing market uncertainty, particularly in the housebuilding sector, but adds the diversity of its operations has provided some resilience against these market factors. All 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, company says. Expects results in line with market expectations for the current financial year. Says a company compiled analyst consensus for financial year 2024 underlying profit before tax is GBP5.0 million.

Current stock price: 42.95 pence

12-month change: up 7.4%

By Jeremy Cutler, Alliance News reporter

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