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Van Elle to deliver profit expectations, trading hurt by inflation

14th Apr 2023 10:07

(Alliance News) - Van Elle Holdings PLC said on Friday it is on track to deliver its annual profit expectations, but is taking precautionary measures to beat inflation for the year ahead.

The Nottinghamshire, England-based ground engineering contractor said it remains on-track to deliver annual underlying pretax profit for financial 2023 in line with its expectations of GBP5.3 million. Its financial year ends on April 30.

Van Elle expects its revenue to be 20% higher than the GBP124.9 million revenue achieved in financial 2022.

Nevertheless, the company noted that since the announcement of its interim results in January, its trading performance has been impacted by the "industry-wide softening and investment delays" which have resulted from inflation in the housing and infrastructure markets.

Looking ahead, Van Elle said it will undertake cost saving measures as the industry forecast expects weaker market conditions to continue into the new financial year.

The firm noted that it has already made strategic progress on new growth opportunities, including the launch of its Smartdeck foundation system, works starting for its Smart Motorways project and the incorporation of Van Elle Canada Inc.

Shares were down 8.0% at 46.00 pence in London on Friday morning.

By Sabrina Penty; Alliance News reporter

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