Ground engineering contractor Van Elle has delivered a resilient financial performance amid challenging trading conditions.

Revenue for the year ended 30 April 2024 was £139.5 million, a 6 per cent decrease from the £148.7 million achieved in the previous financial period, generating a pre-tax profit of £5.6 million (FY2023: £5.4 million) and underlying EBITDA of £13.1 million.
The Nottinghamshire-headquartered contractor generated an operating profit this year of £5.8 million, roughly in line with the prior financial year (£5.9 million), with a steady underlying profit margin of 3.9 per cent.
Van Elle’s order book at 30 April 2024 was valued at £35.1 million (FY2023: £30.8 million).
The group maintains a strong balance sheet with a healthy cash position, low debt and flexibility provided by a borrowing facility of up to £11 million, providing room for more investment in the group’s mergers and acquisitions (M&A) strategy.
The firm said its £3.8 million acquisition of piling specialist Rock & Alluvium in November last year has traded in line with expectations and enabled the firm to establish a stronger presence in London and the South East.
It has also seen good progress in developing closer customer relationships in the energy and water sectors.
Also, in Q1 of FY2025, Van Elle acquired certain assets from Fussey Piling Limited, strengthening its sheet piling and ground improvement capability.
Net assets and total equity were valued at £52.7 million, a healthy result and ahead of the £50 million achieved the year before.
The company also declared a proposed final dividend of 0.8 pence per share, to deliver full year dividends of 1.2p (FY2023: 1.2p).
Formed in 1984, Van Elle operates today through three divisions: General Piling, Specialist Piling and Rail, and Ground Engineering Services.
Earlier this year the group announced further job cuts and cost-saving initiatives as it coped with lower demand from housing and infrastructure.
“Van Elle delivered a resilient performance in the year, benefitting from the breadth of its capabilities and end markets, despite very challenging market conditions across most sectors,” said Van Elle CEO, Mark Cutler.
“The group has continued to expand its offering, grow geographically and enter new sectors, through the acquisition of Rock & Alluvium, its strategy for the water and energy sectors, and the establishment of rail operations in Canada.
“We start the new financial year with a strong order book and multiple framework agreements.
“Our focus on key customer partnerships and strategic markets is expected to deliver significant growth opportunities over the medium term.”
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