Profits and revenue have slid at Van Elle, the Nottinghamshire-based ground engineering contractor.
According to unaudited interim results for the six months ended 31 October 2024, profit before tax dipped to £1.9m from £2.5m in the same period of the year prior.
Meanwhile, revenue of £65.2m marked a decrease of 4% compared to last year (£68.2m).
The business noted that a “strong performance” in Specialist Piling and Rail was offset by weaker volumes in General Piling and Ground Engineering Services.
Market conditions in each of the firm’s end markets are expected to remain challenging for the remainder of the current financial year. However, Van Elle is said to have “continued to secure a solid pipeline of future work, including several targeted key contract wins, and has a strong order book for delivery in the final quarter of the financial year.”
Mark Cutler, Chief Executive, said: “The Group has faced another challenging period, however, it has continued to make significant strategic progress, positioning Van Elle in attractive end markets and strengthening its core offering to deliver for clients. We have been focussed on driving operational efficiencies and have a right-sized cost base, appropriate to the current levels of demand.
“The acquisition of Albion Drilling has accelerated our expansion into both Scotland and the Energy sector and broadened our specialist capabilities, while Specialist Piling activity levels notably increased in the Period. The Group as a whole has continued to secure a solid pipeline of future work, including several targeted key contract wins.
“Alongside the increase in volumes experienced in our Housing Division, our other key markets are expected to continue improving over the coming months, and coupled with a strong order book, we remain confident in delivering a full year performance in line with market expectations.”
