Van Elle eyes workload recovery after £2.2m loss

Aaron Morby 2 years ago
Share

Piling specialist Van Elle expects to return to full operational capacity by the end of the year following a better than expected resumption of activity after lockdown.

Van Elle chief Mark Cutler says the piling business is well set to benefit from market recovery after streamlining
Van Elle chief Mark Cutler says the piling business is well set to benefit from market recovery after streamlining

The firm reported a £2.2 loss in the year to April due to the coronavirus lockdown and streamlining costs.

While revenue was reduced by around £10m due to the impact of the pandemic, a stronger performance over last year saw turnover slip by only 5% to £84m.

Mark Cutler, chief executive, said Van Elle had seen a better than expected recovery in workloads in June and July and remained cautiously optimistic about the year ahead.

He said that project workload in June was up to 70% of prior year levels, up from a low point of only 20% in April, although not all divisions are recovering at the same rate.

Cutler said: “FY2021 has started encouragingly, with activity levels recovering slightly ahead of our expectations and we look forward, subject to no further significant business interruptions arising from any further COVID-19 disruption, to returning to full operational capacity by the end of Q3 FY2021.”

He said Van Elle was now seeing improving order levels and had secured important contracts in target markets, including the first contract award on High Speed 2.

Van Elle also announced that former Galliford Try finance director Frank Nelson had joined the board to take-over as non-executive chairman when Adrian Barden steps down at the end of the month.

Cutler said: “These results reflect a challenging trading environment that persisted for much of the year and which was significantly exacerbated by the impact of COVID-19.

 “Our strategy remains unchanged: improving the operational performance of the business while developing positions for differentiation and growth with key customers in the housing, infrastructure and construction sectors.

“Despite the market conditions, we made good progress in the delivery of this strategic plan.

“The restructuring programme has been completed, with a streamlined divisional structure now in place.

“This, combined with the strengthened financial position following the successful share placing in April, means that the group is better positioned to return to growth as markets improve.”

Latest news

Eric Wright wins tricky £52m Liverpool transformation

Contractor working with engineers at Ridge and Partners on "challenging" Stanley Lock Flight site
19 hours ago

Investment giant buys Bristol M&E contractor

RDCP Infrastructure acquires Avon Combined Electrical Services
1 day ago

Demolition start for £50m Farnworth town centre rebuild

Caddick Construction is tipped for main works due to start in the spring
1 day ago

L&G Modular strikes deal to build 1,000 affordable homes

Modular homes business teams up with Hampshire's Vivid housing association
1 day ago

Former Erith operations director joins John F Hunt

Scott Exell named new operations director at demolition specialist John F Hunt
1 day ago

Green light for £135m Leeds twin tower resi scheme

Construction to start in New Year on 500 build-to-rent apartments
2 days ago

Mace hits 1m tonnes carbon saving target for clients

Present work pipeline betters 2026 carbon emission saving target
2 days ago

Plans in for £40m surf park at former Kent colliery

Seahive surf lagoon and health resort will be built near Deal
2 days ago

Crushed demolition worker vows to return to industry

Shannon Brasier hoping to return to construction following horror accident
2 days ago

Mount Anvil to start 900-home North London estate rebuild

Planning approval paves way for Barnsbury Estate rebuild in Islington
2 days ago

Green light for major laboratory campus in Cambridge

Developer BioMed to tender first building on 600,000 sq ft lab complex in the New Year
2 days ago

Belfast firm signs the biggest work deal yet under Project Gigabit

Fibrus to hook-up rural Cumbria to lightning-fast broadband under £108m deal
2 days ago

McLaren wins Leeds logistics park contract

Work to start imminently on warehouse complex for Firethorn Trust
3 days ago

Work restarts on £683m waste power plant after site death

Construction suspended for a week of investigations following fatality
3 days ago

Demolition starts on £135m Wigan Galleries scheme

Contractor BCEGI starts work on project to redevelop Wigan town centre
3 days ago

Amey CEO to step down following private equity buyout

Amanda Fisher to leave once business is transferred to new owners
3 days ago

New body set up to vet plant operator card schemes

Contractor trades bodies unite to tackle competency concerns over plant operator skills cards
3 days ago

Kier leads switch to hybrid battery generators

Battery units work alongside smaller generators cutting run times by nearly 60%
3 days ago

Plans in for first Leeds co-living scheme

Watkin Jones submits plan to convert old Direct Line HQ into 230 studio flats
3 days ago

Demolition worker crushed by excavator

Court hears 20-year-old woman was left with "life changing injuries"
4 days ago

Government pays £700m for 50% stake in Sizewell C

New body, Great British Nuclear, will be set up to develop pipeline of nuclear projects
4 days ago

Costain wins Heathrow Airport asset renewal deal

Firm takes early contractor involvement role in Terminal 2 baggage handling upgrade
4 days ago

Worker killed on £683m waste power plant site

Fatal collision involving heavy goods vehicle on giant north London site
4 days ago

HS2 JV shifts four Wembley Stadiums of earth in record time

EKFB team digs and hauls 15 million cu m of muck in 20 months
4 days ago

Milestone wins £300m Wiltshire highways upkeep

Ringway will hand over to Milestone in March next year
4 days ago

Low-risk business model helps Renew post record results

Renew reveals latest acquisition with £15.6m purchase of water specialist Enisca
4 days ago

London Albert Embankment hotel towers approved

Two separate hotels rising to 26 and 29 storeys approved
4 days ago

Keltbray names new director of strategic engineering

Tim Lohmann takes up newly-formed role to drive innovative engineering solutions
4 days ago

Go-ahead for £200m lithium refinery on Teesside

Work to start next year on Europe's first lithium hydroxide processing plant
5 days ago

HS2 agency workers paid the wrong wages

Payroll software problems leave workers out of pocket
5 days ago

Contractor services