Van Elle has released its interim results, the first since its IPO in October, which show Group revenue up 7.6% to £43.1M but pre-tax profits dipping from £5.2M to £3.2M compared to the same period the year before.
The specialist piling and ground engineering contractor said it expected a higher level of activity in the second half of the year and was expecting to confirm a number of contracts including rail work on the south coast and in Scotland. It is also anticipating smart motorway work. The results were for the six months up to the end of October 2016.
“We had a successful IPO back in October, it was great for business and elevated our profile. The half year trading is in line with expectations,” said chief executive Jon Fenton.
The contractor has made significant investment in headcount and equipment in order to deliver growth. These include a UK first bespoke unimog, which has a site investigation rig attached to it and can go on rails.
“At the moment it’s slow and difficult to do site investigation, this machine will get onto the rails and zip along. Rail work has a short window of opportunity to carry it out, so carrying it out quickly and effectively is key,” said Fenton.
It is also just about to receive a volumetric concrete mixer which can travel on rail tracks. It allows concrete to be mixed where it is needed down the track.