(Alliance News) - Van Elle Holdings PLC on Tuesday said revenue in September and October reached pre-Covid-19 levels following a heavy disruption to trading during the first quarter, resulting in 80% of lost revenue.
The UK-based geotechnical engineering contractor said its Specialist Piling division has shown the strongest recovery in the six months ended October 31, while activity in the Rail division remains subdued. Housing and General Piling also have seen a steady recovery, although the latter "continues to experience some market volatility."
The current UK lockdown restrictions have allowed Van Elle to maintain most operations, resulting in the company expecting to see the steady recovery trends continue into the second year-half.
However, due to increased uncertainty that has impacted customer decision making in the commercial and general construction markets during November, the company forecasts General Piling activity to be "subdued in the third quarter."
Van Elle expects, subject to completion of the interim audit review, to report a 2021 first year-half revenue of approximately GBP38 million compared to GBP48.5 million in the period the year prior, which reflects the adverse impact of the first quarter.
Looking ahead, Van Elle said it "continues to remain well-positioned to trade through this period of recovery and take advantage of opportunities as its markets return to normality."
Shares in Van Elle were down 5.4% at 44.00 pence in London on Tuesday.
By Zoe Wickens; zoewickens@alliancenews.com
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Van Elle (VANL)