Van Elle Holdings PLC Trading Update (0501G)
19 July 2019 - 4:00PM
UK Regulatory
TIDMVANL
RNS Number : 0501G
Van Elle Holdings PLC
19 July 2019
19 July 2019
Van Elle Holdings plc
("Van Elle" or the "Group")
Trading Update
Van Elle, the UK's largest independent ground engineering
contractor, is issuing the following trading update ahead of the
announcement of its results for the year ending 30 April 2019
("FY2019"), on 24 July 2019.
The Group's trading performance at the end of FY2019 was largely
as anticipated, with profitability in the second half impacted by
end-market volatility and project slippages, as set out in the Full
Year Trading Update on 25 April 2019. As a result, the Board had
expected to report adjusted profit before taxation of slightly over
GBP5m. However, as part of the year end process, the Board has
determined it necessary to adjust a small number of specific
balance sheet items and contract accruals. Whilst the results
remain subject to completion of the audit, these adjustments will
adversely impact FY2019 adjusted profit before taxation by a total
of c.GBP0.5m. The Group's reported year-end net debt position is in
line with expectations as at 25 April 2019.
Whilst an update on the outlook for FY2020 will be provided at
the time of the results, it should be noted that, despite the
encouraging momentum at the end of last year, the Group is
continuing to experience customer uncertainty in some of its
markets, resulting in a quiet start to the year in some segments
and increased volatility in month on month performance. As set out
in April, the Group has been successful in securing positions on
attractive, long term contracts. Although the Company is seeing the
benefits of a number of commercial and operational initiatives
recently implemented, the Board is mindful that market uncertainty
and the resultant volatility may persist further into the current
financial year, which would limit the rate at which progress can be
made.
Enquiries:
Instinctif Partners (Financial Public Tel: 020 7457 2020
Relations)
Mark Garraway
James Gray
Rosie Driscoll
Peel Hunt LLP (Nominated Adviser and Tel: 020 7418 8900
corporate broker)
Charles Batten
Mike Bell
Edward Allsopp
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation. Upon the publication of this
announcement via Regulatory Information Service, this inside
information is now considered to be in the public domain.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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