Van Elle Holdings Plc · LSE:VANL
Van Elle — H1 FY2022 Earnings Presentation
17 slides from Van Elle's earnings presentation, August 2022
Slide 1: Total Foundation Solutions - Interim Results 31 October 2021
TOTAL FOUNDATION SOLUTIONS. VAN ELLE HOLDINGS PLC INTERIM RESULTS 31 OCTOBER 2021
Slide 2: Presenters: Chief Executive Officer and Chief Financial Officer
Mark cutler| Chief executive Officer Graeme Campbell | Chief Financial Officer 2 VAN ELLE HOLDINGS PLC INTERIM RESULTS 31 OCTOBER 2021
Slide 3: Agenda
Agenda THE RESULTS Overview UK’S LARGEST GEOTECHNICAL Financial review Strategy and outlook ENGINEERING CONTRACTOR 3 VAN ELLE HOLDINGS PLC INTERIM RESULTS 31 OCTOBER 2021
Slide 4: Results Overview
RESULTS Overview • Core markets recovered strongly following the relaxation of pandemic related restrictions • Strong activity levels seen in the last quarter of FY2021 have continued throughout H1 of FY2022 • Revenues of £60.1m (H1 FY21: £38.3m) • Group trading profitably and in excess of pre-pande
Slide 5: Group income statement
Group income statement H1 H1 H1 • Revenue significantly ahead of the previous period following FY2022 FY2021 FY2020 relaxation of pandemic related restrictions £m £m £m • Adverse impacts of supply chain challenges and labour Revenue 60.1 38.3 48.5 inflation on margin; offset by Gross profit 17.1 10.
Slide 6: General Piling
General Piling H1 H1 H1 FY2022 FY2021 FY2020 £m £m £m Revenue 18.1 13.8 17.7 Operating profit 0.9 0.2 0.2 • Revenue in the previous period heavily impacted by Covid, particularly in Q1 of FY2021 • Increase in revenue supported by further growth in rigid inclusions capability • Margin impacted by ind
Slide 7: Specialist Piling & Rail
Specialist Piling & Rail H1 H1 H1 FY2022 FY2021 FY2020 £m £m £m Revenue 22.1 12.7 14.0 Operating profit/(loss) 1.6 0.8 0.3 • Rapid recovery in Specialist Piling revenues following the first lockdown • Capacity expansion with additions to rig fleet during the period • Drill and grout stabilisation ca
Slide 8: ScrewFast foundations
Screwfast foundations • Acquisition of ScrewFast Foundations Limited on 1 April 2021 • Strengthened the Group's position in growing infrastructure markets • ScrewFast solutions complemented existing breadth of capabilities • Contributed £4.1m of revenue to the Group in H1 FY2022 • Appointment to the
Slide 9: Ground Engineering Services
Ground Engineering Services H1 H1 H1 FY2022 FY2021 FY2020 £m £m £m Revenue 19.8 11.7 16.9 Operating profit/(loss) 1.2 (0.1) 0.8 • Revenue in previous period heavily impacted due to Covid • Post-Covid activity levels in housebuilding sector high, resulting in strong revenue growth • Improved performa
Slide 10: Balance Sheet
Balance SHEET 31 OCT 30 APR 31 OCT • Fixed assets maintained with investments in 2021 2021 2020 growth areas £m £m £m • Working capital increase due to higher activity Fixed assets (including intangible assets) 42.8 42.8 38.6 levels and certain creditor payments made under Net working capital 9.3 6.
Slide 11: Net Funds
NET FUNDS 31 OCT 30 APR 31 OCT 2021 2021 2020 • Repayment of £0.6m of bank loans from the £m £m £m acquisition of ScrewFast Bank loans (0.2) (0.8) - • Further reduction in HP debt in the period HP lease liabilities (2.7) (4.0) (5.3) (FY18 £15.6m, FY19 £11.2m, FY20 £7.4m) IFRS 16 property and vehicle
Slide 12: Cash flow
Higher activity levels and Cash flow some shorter payment terms to secure materials Investment in rig fleet to expand capacity in growth areas Further reduction in HP debt Early repayment of bank loans introduced on acquisition of Screwfast 12 VAN ELLE HOLDINGS PLC INTERIM RESULTS 31 OCTOBER 2021
Slide 13: Current Trading and Outlook
Current Trading and Outlook • Positive H1 exit-rate momentum has carried into H2 of FY2022 • Improved levels of demand across the core markets expected to remain in the medium term • Higher levels of Rail contract activity has continued into the third quarter and is expected to remain into FY2023 •
Slide 14: Statistics
Statistics H1 2022 H1 2021 FY 2021 Financial measures Revenue (£m) 60.1 38.3 84.4 Gross profit % 28.5% 27.6% 26.1% Overheads % (underlying) 24.9% 24.3% 27.4% Capital expenditure (£’m) 2.0 0.3 2.1 Order book (£’m) 34.5 18.4 28.1 Operational measures Number of rigs 118 115 115 Average rig utilisation
Slide 15: Q&A
Q&A 15 VAN ELLE HOLDINGS PLC INTERIM RESULTS 31 OCTOBER 2021
Slide 16: Well positioned in strong end markets
Well positioned in strong end markets Revenue by sector Diverse customer base Positive long term dynamics Medium term financial targets Residential • Structural housing shortage • Off-site/modular solutions 5-10% 43% • Modern methods and standardised construction Revenue growth • Major committed fun
Slide 17: Disclaimer
Disclaimer This presentation has been prepared by or on behalf of Van Elle Holdings plc (“Van Elle”). The information set out in this presentation is By attending the presentation to which this document relates and/or by accepting this document you will be taken to have represented, not intended to