 | |
| Company type | Public limited company |
|---|---|
| LSE: VANL | |
| Industry | Deep foundation,Track (rail transport) |
| Founded | 1984; 41 years ago (1984)[1] |
| Headquarters | Nottinghamshire, East Midlands, United Kingdom |
| Revenue | £43.1m UK (2016)[2] |
| £3.2m UK (2016)[2] | |
| Website | www |
Van Elle is apiling and rail infrastructure company based inNottinghamshire, betweenPinxton andKirkby-in-Ashfield, in the United Kingdom. It is listed on the sub market of theLondon Stock ExchangeAIM.
The company was founded in 1984, by structural engineer Michael Ellis.[1] In the year to 30 April 2015, Van Elle’s turnover rose 57% from 2014's £46m to £72.5m for the year to April 2015. Profit more than tripled, from £2.8m to £9m, and headcount grew from around 300 to over 400.[3]
In October 2016, the company was floated on theAIM sub market of theLondon Stock Exchange, achieving a market capitalisation of £80m. Van Elle was forecasting revenues for 2016 approaching £85m.[4]
Ellis retired the following December,[5] but remained a shareholder in the company. In 2017, delays in rail projects caused turnover to drop.[6] In November 2017, Ellis started an attempt to remove the company's chief executive Jon Fenton and a senior independent director, Robin Williams, citing concerns about the company's management, departures of key staff and financial forecasts.[7]
During the dispute, the company faced questions after it wrote off more than £330,000 of work building a new house for Fenton (who announced he would be stepping down from the company due to a family illness),[8] while Ellis accused Van Elle directors of making personal attacks ahead of a shareholders' vote in December on returning him to the board. The board rebutted Ellis's criticism, accusing him of damaging the company.[9][10][11]
At the shareholders meeting, Ellis's bid to return to the board was rejected.[12][13] In January 2018, the company warned it would potentially lose £1.6 million as a result of the collapse ofCarillion, for whom it was working as a subcontractor on projects forNetwork Rail.[14] Van Elle also reported uncertainty relating to £2.5m worth of future work for Network Rail, with a potential impact on future financial results.[15]
Interim results for the year to 31 October 2017, showed the firm made an underlying pre tax profit of £5.4m on turnover of £52.6m.[16] In January 2019, Van Elle reported pretax profits down 54% to £2.4m as turnover fell 18% to £42.9m in the six months to 31 October 2018, with its CEO blaming Carillion's collapse for the profit slump.[17] Two further profit warnings followed as its share-price halved ahead of its annual results announcement in July 2019.[18]
Results for the year to 30 April 2019 showed a 56.5% fall in pre tax profits (to £4m from £9.2m) as turnover dropped from £103.9m to £88.5m; during the year, the company's share price fell from 82p to 35p, valuing the company at £29m.[19] The 2020-2021COVID-19 pandemic caused Van Elle to declare a loss of £700,000 for the six months to 31 October 2020, with revenues down over 20% to £38.3m.[20] In the year to April 2021, the firm reported a pre-tax loss of £1.4m, following its £2.2m loss in 2019, with revenues stable at £84m.[21] However, the company returned to profitability in the half year to October 2021.[22]
In October 2023, Van Elle strengthened its presence in southeast England through the acquisition of rival firm Rock & Alluvium fromGalliford Try in a deal worth up to £3.8m.[23]