Last checked at 28 Sep 2020 07:00
Van Elle Holdings plc
("Van Elle", the "Company" or the "Group")
AGM Statement
Van Elle Holdings plc (AIM: VANL), the UK's largest ground engineering contractor, is pleased to make the following statement ahead of the Annual General Meeting of the Company being held at 10.00am today:
Operations have continued to improve since the market update in our results announced on 20 August 2020, following the trend established from the low point in April 2020. Revenue in August was approximately 80% of normal pre-Covid levels, with further progress in all the Group's end markets except Rail, which we expect to show improvement in the second half as previously advised.
The Group's cash position remains strong at c. £12m. The Group is in the advanced stages of finalising an asset-based lending facility, which is expected to provide additional balance sheet strength and flexibility to enable the Group to support its growth strategy.
The Board has a clear focus on the medium term strategy to improve the operational performance of the business, alongside developing positions for differentiation and growth with key customers in the housing, infrastructure and construction sectors, and achieving our financial targets. The Company is progressing well in delivering on this strategy.
Frank Nelson, Non-Executive Chairman, added:
"I am delighted to take over as Chairman of Van Elle. It is encouraging to report further progress in our path to return to pre-Covid operating levels. Whilst we don't underestimate the challenges that our markets continue to face in the short term, the Board remains confident about the future prospects for the business."
Enquiries:
Van Elle Holdings plc | Via Walbrook |
Mark Cutler, Chief Executive Officer |
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Graeme Campbell, Chief Financial Officer |
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Peel Hunt LLP (Nominated Adviser and corporate broker) | Tel: 020 7418 8900 |
Mike Bell/Ed Allsopp |
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Walbrook PR Limited | Tel: 020 7933 8780 or vanelle@walbrookpr.com |
Tom Cooper/Nick Rome/Nicholas Johnson | 07971 221 972 or 07748 325 236 or 07884 664 686 |
About Van Elle Holdings plc:
Van Elle Holdings is the UK's largest specialist geotechnical engineering contractor. The Company provides a range of ground engineering techniques and services including - ground investigation, general and specialist piling, rail geotechnical engineering, modular foundations, and ground improvement and stabilisation services.
Van Elle operates through three divisions: general piling, specialist piling and ground engineering; and is focused on three end markets; residential and housing, infrastructure and regional construction - across which the Group has completed more than 20,000 projects over the last 35 years.
General piling provides a range of larger piling and ground engineering solutions for open-site construction projects. Specialist piling provides a range of geotechnical solutions in operationally constrained environments including on-track rail applications. Ground engineering services offers a range of ground investigation and geotechnical services and modular foundation solutions such as Smartfoot®. Van Elle has a market-leading reputation and the UK's largest modern rig fleet of 118 rigs.
Having floated on AIM in 2016 it now has a strong national presence, diversified offering and market-leading brand name.