Business
COVID-19 Update
COVID-19 Update.
About this update from Van Elle Holdings Plc
[{"type":"text","content":"\n \n \n RNS Number : 6387H\n Van Elle Holdings PLC\n 26 March 2020\n \n \n \n \n Van Elle Holdings plc\n \n \n \n \n \n 26 March 2020\n \n \n \n \n \n COVID-19 Update\n \n \n \n \n \n Van Elle Holdings plc (\"Van Elle\" or the \"Group\"), the leading geotechnical engineering company offering a wide range of ground engineering techniques and services to customers in a variety of UK construction end markets, is today providing an update on the impact of the COVID-19 pandemic on its business and the measures it is taking to mitigate the risks presented by this situation.\n \n \n \n \n \n The health and safety of our employees and stakeholders is our highest priority and we have closely followed the UK government's guidance in our response to the crisis. We will continue to monitor the situation closely and respond to conditions by making such operational changes as are necessary to ensure the continued wellbeing of our staff and the communities in which we operate.\n \n \n \n \n \n As set out in the interim results on 21 January 2020, conditions in the Group's housing and highways markets were encouraging in the early part of FY2020 and good progress has continued to be made in these segments. The transition to the CP6 funding period in the rail sector continues to be slow, but this remains a very significant opportunity for the Group, with activity levels expected to increase materially in FY2021. In addition, the Group welcomed the UK government's decision to proceed with the HS2 project, which offers significant opportunities for Van Elle.\n \n \n \n \n \n The rapid spread of COVID-19 is now having a significant, direct impact on the Group. Many customer sites, particularly in the housing and regional construction sectors, have closed in the last few days, with some suppliers also suspending operations. The situation continues to evolve and it is to be expected that there will be further temporary closures and operational disruption. It is inevitable that this will have an adverse impact on performance for the remainder of the year ending 30 April 2020, which the Board now expects to be below current market expectations. This situation is unprecedented, with the duration and scale of potential impacts being difficult to predict. In view of this uncertainty the Board does not...