Jon Fenton, chief executive, predicted the firm’s performance would improve in the second half as the specialist piling division expected to confirm several significant contracts shortly.

Revenue in the six months to 31 October 2016 increased by 7.6% to £43.1m.

Operating profit, before exceptional IPO costs of £1.5m, decreased by 8.1% to £4.9m reflecting the sales mix within specialist piling. 

Van Elle said that it raised £7.4m in the Stock Market float to invest in accelerating growth. 

The firm maintained investment at around £3.3m during the period, spending on continued development of its precast concrete manufacturing facilities and additional piling rigs to support activity in the busier second half of the year.

Fenton said: “We are pleased with our performance in the first half of this financial year.

“Trading 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.”