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31 Mar 2021 14:48
Van Elle Holdings plc
('Van Elle' or the 'Group')
Update on Legacy Contract Dispute
Van Elle Holdings plc (AIM: VANL), the market leading geotechnical and ground engineering group, provides an update on a long standing dispute relating to a piling project completed in 2012, which entered dispute in 2014, as most recently disclosed in its 2020 Annual Report and Accounts ("FY2020 Accounts"). At 31 March 2021 the claim is ongoing and no liabilities or settlement amounts have been agreed.
The Company notes that a hearing took place of various preliminary issues between 23 - 25 February 2021, and a judgement followed on 31 March 2021, clarifying the contract between the parties. Determinations as to liabilities or quantum under that contract are yet to be put before the Court. As reported in the FY2020 Accounts, a professional indemnity insurance policy is in place and the Group's insurer has confirmed that it will provide cover. Based on professional advice received, the Board continues to consider it probable that any potential financial impact will be limited to the excess payable pursuant to the terms of the insurance policy which has been provided for in prior years.
The Board has considered the outcome of the hearing and finds there is no cause to change the above position, however it will continue to be reviewed in the light of developments as the case progresses.
Enquiries:
Van Elle Holdings plc | Via Walbrook |
Mark Cutler, Chief Executive Officer | |
Graeme Campbell, Chief Financial Officer | |
Peel Hunt LLP (Nominated Adviser and corporate broker) | Tel: 020 7418 8900 |
Mike Bell/Ed Allsopp | |
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.
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