Van Elle’s unaudited interim results for the six months ended 31st October 2016 show first-half revenues up nearly 8% to £43.1m (2016 H1: £40.1m).
Profit before tax was down to £3.2m (2016 H1: £5.2m), but there were exceptional costs associated with the initial public offering on 26th October and an investment of £2.1m in new rigs.
Overall, a solid trading performance gave a gross margin of 36.2% (2016 H1: 35.4%) and the net IPO proceeds of £7.4m have strengthened the company’s financial position.
Revenue from the ground engineering products division increased by 84% to £5.6m (2015 H1: £3.0m), largely as a result of the continued success of the Smartfoot modular foundation product, which grew by 57% year on year and contributed £1.6m of the increased turnover.
Chief executive Jon Fenton said: “We are pleased with our performance in the first half of this financial year. The group continued to deliver operationally through the IPO process, reflecting the high quality divisional and central teams at Van Elle.
“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. The anticipated outturn for the full year remains in line with the board’s expectations.
“The admission to AIM has given Van Elle an elevated platform from which to drive the business forward. We are excited by the opportunities for the business and the board is focussed on executing against its strategy as we move forward.”