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Fri August 12 2022

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Van Elle turnover leaps 50% to drive return to profit

3 Aug After two consecutive loss making years, stock market listed foundations specialist Van Elle is back in profit with a near 50% turnover leap.

Van Elle Holdings’ results for the year ended 30 April 2022 show a pre-tax profit of £3.6m on record revenue of £124.9m (2021: £84.4m). In 2021 it lost £1.4m before tax and the year before that it lost £2.2m.

Over the past year Van Elle has seen significant growth across all divisions, the company said, and had successfully passed on its rising costs to clients.

Chief executive Mark Cutler said: "These results are the first to reflect a full year's trading post covid and demonstrate the positive progress the group is making under its transformation strategy launched in 2019. Although the sector continues to face several wider challenges, we have significant opportunities ahead to further improve, and momentum has continued into the new financial year. Overall, it is pleasing to see the actions taken over the last three years starting to deliver sustainable results that put us firmly on-track to deliver our medium-term objectives.”

The 2022 results represent the first full year of ScrewFast Foundations being part of the Group, having acquired it on 1 April 2021. ScrewFast annual revenues at time of acquisition were around £6m.

Van Elle chairman Frank Nelson said that ScrewFast, a helical piling specialist, had strengthened the group's position in its growth markets, “notably highways and energy with significant potential identified in rail and housing”.

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