Van Elle鈥檚 unaudited interim results for the six months ended 31st October 2016 show first-half revenues up nearly 8% to 拢43.1m (2016 H1: 拢40.1m).
Profit before tax was down to 拢3.2m (2016 H1: 拢5.2m), but there were exceptional costs associated with the initial public offering on 26th October and an investment of 拢2.1m in new rigs.
Overall, a solid trading performance gave a gross margin of 36.2% (2016 H1: 35.4%) and the net IPO proceeds of 拢7.4m have strengthened the company鈥檚 financial position.
Revenue from the ground engineering products division increased by 84% to 拢5.6m (2015 H1: 拢3.0m), largely as a result of the continued success of the Smartfoot modular foundation product, which grew by 57% year on year and contributed 拢1.6m of the increased turnover.
Chief executive Jon Fenton said: 鈥淲e are pleased with our performance in the first half of this financial year. The group continued to deliver operationally through the IPO process, reflecting the high quality divisional and central teams at Van Elle.
鈥淭rading since the period end has been in line with our expectations, with a good level of work undertaken over the Christmas period. The second half is an important period for the group, particularly the Specialist Piling division which has a number of contracts expected to be confirmed and commenced in the period. The anticipated outturn for the full year remains in line with the board鈥檚 expectations.
鈥淭he admission to AIM has given Van Elle an elevated platform from which to drive the business forward. We are excited by the opportunities for the business and the board is focussed on executing against its strategy as we move forward.鈥�
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