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Ground Engineering Contractor Announces Its Progress

Ground Engineering Contractor Announces Its Progress

Ground Engineering Contractor Announces Its Progress : Van Elle, a Nottingham-headquartered ground engineering contractor, has hailed its progress over recent weeks. The AIM-listed company has said its operations have continued to improve since the market update in its results announced on 20 August 2020, following the trend established from the low point in April.

“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,” said Frank Nelson, the non-executive chairman.

Revenue in August was approximately 80 per cent 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.

The group added that its cash position remains strong at c.£12m while it 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.

A statement issued to the London Stock Exchange ahead of its annual general meeting today, said: “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.”

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