24th Jul 2019 11:18
(Alliance News) - Van Elle Holdings PLC on Wednesday expressed confidence in its prospects in the coming years despite reporting a fall in earnings in its most recently ended financial year.
The engineering company said pretax profit dropped by 57% to GBP4.0 million in the year to the end of April as revenue fell by 15% to GBP88.5 million.
Van Elle declared a dividend of 2.00 pence a share, 46% lower compared to 3.70p paid the year before.
The AIM-listed company explained performance has been impacted by a combination of uncertainty which has affected a number of its most significant markets, whilst it also experienced operational weaknesses in the General Piling division in the third quarter.
"This has been a year of transition for the business, having taken action to strengthen the leadership team, refine the group's commercial approach, streamline operations and re-focus on our customers," explained Chief Executive Mark Cutler.
He added: "Having seen the positive impact of the initial actions undertaken as part of phase one of the transition plan, we are confident that these steps, as well as the further commercial and operational initiatives that will be deployed in the current year, will leave us well placed to capture significant opportunities across our target markets today and into the future."
Van Elle shares were trading 14% higher on Wednesday in London at 39.92p each.
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