In a trading update this morning, the firm said results for the year to April would be in line with previous expectations of achieving a pre-tax profit in the £5m range and group revenue ahead 20% of the £125m achieved in 2022.

But since the interim results in January, Van Elle said it had seen the impact of industry-wide softening and investment delays due to macro-economic factors in the housing and infrastructure markets respectively. 

Chief executive Mark Cutler said that industry forecasts expect weaker market conditions to continue into the new financial year, particularly in the new-build housing sector.

“As a result, the group is undertaking a range of cost-saving measures to support margins and has made strategic progress on new growth opportunities.”

Van Elle is looking at international opportunities in rail to support growth and increased resilience against UK rail investment uncertainty.

In this overseas push, it has now incorporated Van Elle Canada Inc ahead of major rail infrastructure and electrification opportunities in Ontario for which Cutlet said Van Elle was well positioned to commence works next year.

Despite the housing slowdown Van Elle also expects to roll out its new Smartdeck, an innovative piled raft foundation solution which integrates piling and foundations to floor slab level later this year.

The system complements Van Elle’s established Smartfoot precast foundation beam system.

Cutler said that discussions were ongoing with key customers with view to deploying Smartdeck on projects commencing in the first half of the next financial year.