Van Elle Holdings Plc · LSE:VANL
Van Elle — H1 FY2024 Earnings Presentation
16 slides from Van Elle's earnings presentation, January 2024
Slide 1: Total Foundation Solutions - Interim Results 31 October 2023
TOTAL FOUNDATION SOLUTIONS. VAN ELLE HOLDINGS PLC INTERIM RESULTS 31 OCTOBER 2023
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 2023
Slide 3: Agenda
Agenda THE RESULTS Overview UK’S LARGEST GEOTECHNICAL Financial review CURRENT TRADING AND outlook ENGINEERING CONTRACTOR 3 VAN ELLE HOLDINGS PLC INTERIM RESULTS 31 OCTOBER 2023
Slide 4: Results Overview
RESULTS Overview • Resilient performance in challenging market conditions, delivering an operating margin of 3.9%, consistent with FY2023 • Total revenues 16% below H1 FY23 at £68.2m (FY23: 80.8m) - comparative period benefitting from stronger end markets • Total operating profit of £2.7m (H1 FY23:
Slide 5: Group income statement
Group income statement H1 H1 • High prior year revenues driven primarily by several significant FY2024 FY2023 commercial projects in central London £m £m • Softer market conditions in the period has resulted in reduced Revenue 68.2 80.8 revenues in H1 FY23 Gross profit 20.7 20.6 30.3% 25.5% • Improv
Slide 6: General Piling
General Piling H1 H1 FY2024 FY2023 £m £m Revenue 25.4 29.3 Operating profit 1.8 2.3 • Decline in revenues of 13% against a strong comparative period • Growth in residential and infrastructure, offset by reduced levels of commercial construction • Market conditions remained highly competitive • Acqui
Slide 7: Specialist Piling & Rail
Specialist Piling & Rail H1 H1 FY2024 FY2023 £m £m Revenue 20.3 24.8 Operating profit 0.5 1.1 • Revenues decreased by 18% due to softer market conditions • Improved order intake towards the end of the period, with Specialist Piling expected to operate at capacity in H2 • Revenues in Rail impacted by
Slide 8: Ground Engineering Services
Ground Engineering Services H1 H1 FY2024 FY2023 £m £m Revenue 22.1 26.6 Operating profit 1.8 2.5 • Revenues decreased by 17% in the period • Demand for housing reduced from Q2, as expected • Diverse customer base across partnership/affordable/private housebuilders • Overall demand for new build hous
Slide 9: Balance Sheet
Balance SHEET 31 Oct 30 Apr 31 Oct • Continued investment in the Group’s rig and 2023 2023 2022 transport fleet - £2.5m net capex in the period £m £m £m • Working capital reduction due to reduced volumes Fixed assets (including intangible assets) 45.5 45.6 44.7 • Net funds continue to increase with
Slide 10: Net Funds
NET FUNDS 31 Oct 30 Apr 31 Oct 2023 2023 2022 • £11m asset back lending facility undrawn £m £m £m throughout the period Asset backed lending facility - - (3.0) • Early repayment of 2 hire purchase HP lease liabilities (0.1) (1.4) (1.9) agreements in the summer resulting in IFRS 16 property and vehic
Slide 11: Current Trading and Outlook
Current Trading and Outlook • Short term market conditions expected to remain challenging – Lower Housing volumes will be offset with a recovery in Specialist Piling activity levels – Work volumes in the rail sector will dip in the transition to Control Period 7 but are expected to be offset by the
Slide 12: Energy Sector 2024 - 2030
Energy Sector 2024 - 2030 • Electricity demand to double by 2050 as hydrocarbon usage declines • Urgent requirement for grid connections, ageing transmission and distribution assets and energy security • £100bn plus Ofgem commitment to accelerate delivery • Generation capacity to increase to 40GW by
Slide 13: Water sector 2024 - 2030
Water sector 2024 - 2030 • AMP8 2025-2031 is a £96bn investment plan • Double that of AMP7 • Largest water investment programme in Europe • Integrated GI, civils and foundations offering • Bid pipeline c.£100m 13 VAN ELLE HOLDINGS PLC INTERIM RESULTS 31 OCTOBER 2023
Slide 14: Statistics
Statistics H1 2024 H1 2023 FY 2023 Financial measures Revenue (£m) 68.2 80.8 148.7 Gross profit % 30.3% 25.5% 27.0% Overheads % (underlying) 27.5% 21.2% 23.6% Net capital expenditure (£’m) 2.5 3.5 6.0 Order book @ Period end (£’m) 32.7 49.0 30.8 Operational measures Number of rigs 132 124 133 Averag
Slide 15: Q&A
Q&A 15 VAN ELLE HOLDINGS PLC INTERIM RESULTS 31 OCTOBER 2023
Slide 16: 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