Van Elle Holdings, the UKs largest ground engineering contractor, released its interim financial report for the six months ended October 31, 2024. Despite challenging market conditions, the company demonstrated resilience with a reasonably stable revenue of £65.2 million, a 4% decrease from the previous year. Underlying <mark style="background-color:yellow">EBIT</mark>DA remained consistent at £6.2 million, while depreciation increased due to higher asset investments. The company experienced strong performance in Specialist Piling and Rail, but weaker volumes in General Piling and Ground Engineering Services. Van Elle expanded its capabilities and presence in Scotland through the acquisition of Albion Drilling Group, positioning itself for growth in the energy sector. The company expects market conditions to remain challenging but anticipates improvements in the housing sector and its rail activities. Van Elle maintains a solid pipeline of future work and a strong order book, giving confidence in delivering full-year performance in line with market expectations.
| Financials and Debt | 6 months to 31 Oct 2024 | 6 months to 31 Oct 2023 | 12 months to 30 Apr 2024 |
|---|---|---|---|
| Revenue | 65,163 | 68,210 | 139,479 |
| Underlying EBITDA | 6.2 | 6.2 | N/A |
| Underlying operating profit | 2.1 | 2.7 | N/A |
| Operating profit | 1.9 | 2.7 | 5.8 |
| Underlying profit before tax | 2.1 | 2.5 | N/A |
| Profit before tax | 1.9 | 2.5 | 5.6 |
| Net funds (excluding IFRS 16 property and vehicle lease liabilities) | 3.1 | 8.9 | 5.5 |
| Net (debt)/funds | (4.3) | N/A | (1.6) |
| Underlying return on capital employed | 9.1% | 10.0% | N/A |
| Interim dividend per share (p) | 0.4 | 0.4 | N/A |
| Total liabilities | 41,205 | 38,347 | 46,130 |
| Total equity | 53,853 | 50,997 | 52,734 |