(Sharecast News) - Ground engineering contractor Van Elle said on Friday that full-year trading was in line with expectations but warned that it has since been impacted by "industry-wide softening and investment delays".
Van Elle stated group revenues were approximately 20% ahead of the previous year, however, the group said its trading performance since its interim results announcement in January had been hindered by a number of macroeconomic factors in the housing and infrastructure markets.
Despite these challenges, Van Elle stated it remains on track to deliver pre-tax profits in line with previously upgraded expectations of £5.2m-£5.4m.
"Industry forecasts expect weaker market conditions to continue into the new financial year, particularly in the new-build housing sector," said Van Elle.
"As a result, the group is undertaking a range of cost saving measures to support margins and has made strategic progress on new growth opportunities, as noted below."
As of 0945 BST, Van Elle shares were down 8.66% at 45.67p.
Reporting by Iain Gilbert at Sharecast.com
Van Elle (VANL)