The preliminary maiden results show a successful first year on the market, with record revenue and underlying operating profit. Revenue was £94.1m for the year to 30 April 2017, up 11.8% on the previous year. Underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 12.9% to £16.3m; underlying operating profit increased by 4.6% to £11.6m (2016: £11.1m), reflecting a sales mix effect and overhead investment.
The company said that there was progress in delivering the growth strategy, with an increase in the services offered including new techniques, rigs and geographical presence.
Chief executive Jon Fenton said: “We are delighted to announce these results reflecting record turnover and underlying operating profit in our maiden year as a quoted company. This year will stand out as transformational in the development of Van Elle with the admission to AIM giving the company an elevated platform from which to drive the business forward.
Looking ahead, we continue to actively monitor conditions in our core markets and, whilst mindful of the risks posed by any sustained period of political or economic uncertainty, we are cautiously optimistic for further progress in the year ahead.”