Van Elle raises £40m in stock market debut

Aaron Morby 3 years ago
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Nottinghamshire piling specialist Van Elle raised £40m this morning as it floated on the Alternative Investment Market with an £80m market capitalisation.

Chief executive Jonathan Fenton plans an ambitious expansion programme

Now the Pinxton-based ground engineering contractor, which employs around 520 staff, plans a major growth push.

This will involve expanding regionally and targeting bolt on acquisitions.

The business is led by co-founder and chairman Michael Ellis and chief executive Jonathan Fenton who are among the shareholders trimming their stakes.

Ellis said “We are absolutely delighted to have successfully brought Van Elle to the AIM market. 

“We have worked tirelessly over the last thirty two years to build the company in to the established market leader that it is today,” he added.

“There is significant opportunity ahead and admission to trading on AIM will help us to accelerate the growth of the business.”

Fenton said: “We have a clear three-pronged strategy for growth centred on growing market share, developing new products, services and geographies and targeting bolt-on acquisitions. 

“As a quoted company we will be able to fast-track the implementation of that strategy and I look forward to reporting on our progress as we embark on the next stage of our exciting journey.”

The contractor has cashed in on orders from the rising housing market and a focus on rail work to more than double pre-tax profits to £7.2m in the year to April 2015.

In 2013, revenue stood at £35m and this year the figure is expected to be close to £85m for 2016.

This has seen it leapfrog Balfour Beatty Ground Engineering with sales of £71m and Cementation Skanska with £45m turnover.

Vinci-owned Bachy Soletanche remains market leader turning over £87m, with Roger Bullivant, now also part of the Vinci group, separately achieving £73.5m in sales.

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