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Van Elle Holdings Plc
Jan 28, 2026 at 2:13 PM UTC
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Van Elle: Six months ended 31 October 2025 (Investor presentation Interim results FY26 Van Elle Holdings plc)

INTERIM REsULTs

6 MONTHs ENDED 31 OCTOBER 2025

JANUARY 2026

Mark Cutler - Chief Executive Officer

Graeme Campbell - Chief Financial Officer



RESULTS OVERVIEW

  • Resilient performance despite subdued market conditions

  • Building Safety Act delays resulted in continued low revenues and losses in the Group's London

    operations

  • Van Elle Canada disposal completed in December 2025

  • Revenue from continuing operations up 16% on H1 FY25 to £73.4m (H1 FY25: £63.4m)

  • Underlying operating margin of 2.8% (H1 FY25: 3.4%) primarily due to highly competitive bidding in General Piling post-HS2, plus one project dispute prudently reserved; now completed

  • Underlying ROCE of 10.4% (H1 FY25: 11.1%)

  • Order book increased to £44.9m (H1 FY25: £41.6m) excluding framework agreements and preferred bidder positions

  • Strong balance sheet, low debt and significant liquidity headroom

  • Interim dividend declared of 0.4p per share (FY25: 0.4p)

    OUR MARKETS

    Infrastructure



    Residential Regional construction



    REVENUE

    £23.8M

    £32.0M

    £17.3M

    % OF GROUP

    32%

    44%

    24%

    FINANCIAL REVIEW - INCOME STATEMENT

    UNDERLYING RESULTS CONTINUING OPERATIONS

    H1 2026

    £m

    H1 2025

    £m

    Revenue

    73.4

    63.4

    Gross profit

    19.7

    19.6

    GM%

    26.8%

    30.9%

    EBITDA

    5.7

    6.1

    Operating profit

    2.0

    2.2

    Finance costs

    (0.1)

    (0.0)

    Profit before tax

    1.9

    2.2

    EPS

    1.4p

    1.5p

    Notes:

  • Discontinued operation loss before tax of £1.3m

  • Non-underlying costs £0.2m

  • Revenue up 16% vs prior year

    • Improving volumes within General Piling and Strata Geotechnics

    • Benefitting from Albion Drilling acquisition in

      October 2024

  • Gross margin reduction reflects:

    • Highly competitive tendering post-HS2

    • 1% reduction due to reallocation of transport costs following outsourcing deal

    • Prudent position taken on large scale project

      during the period, now completed

  • Administrative costs consistent year-on-year with inflationary increases offset by savings from asset rationalisation

    OUR BUSINESS

    Specialist Piling & Rail



General Piling









Includes:

Ground Engineering Services





H1

H1

FY26

FY25

£m

£m

Revenue

28.9

23.0

Operating profit

(0.1)

0.5

H1

H1

FY26

FY25

£m

£m

Revenue

25.9

21.4

Operating profit

2.7

2.1

H1

H1

FY26

FY25

£m

£m

Revenue

18.4

18.7

Operating profit

0.5

0.3

FINANCIAL REVIEW - BALANCE SHEET

31 Oct

2025

£m

30 Apr

2025

£m

31 Oct

2024

£m

Fixed assets (including intangible assets)

43.4

41.4 49.5

Net working capital

15.7

17.2 16.2

Held for sale

2.4

5.6 -

Net (debt)/funds

(2.1)

(4.0) (2.1)

Deferred consideration

-

- (2.9)

Taxation

(5.6)

(5.7) (6.1)

Net assets

53.8

54.5

54.6

  • Total capital spend of £5.5m representing investment in the rig fleet

  • Working capital decrease supported by the receipt of £1.2m of delayed R&D tax credits from FY23

  • Remaining held for sale assets represent the Canadian subsidiary and other assets located in Canada, disposed of in December 2025

  • Outsourcing of the Group's transport division realised cash of

    £3.0m

  • Net (debt)/funds:

    • Cash £6.7m

    • Hire purchase debt £2.4m

    • Asset backed lending £1.5m

    • IFRS 16 lease liabilities £4.9m

  • Repayment of asset backed lending borrowings since the period end

  • New £10m hire purchase facility, £7.6m available against new

assets

CASH FLOW

Capex of

£5.5m offset with

£3.2m of disposal proceeds

Includes repayment of the asset backed lending facility (£1.5m)

14.0

13.0

12.0

11.0

£'m

10.0

9.0

8.0

7.0

6.0

Cash and cash equivalents 30 April 2025

Operating

cash flow

Working capital

Net capital

expenditure

Acquisition payments (Albion Drilling)

Lease and borrowings repayments (incl. interest)

Dividend

Canada cash outflow

Cash and cash equivalents

31 October 2025

STRATEGIC DIRECTION

Organic growth in

recovering

core markets

New Energy division with visibility of £40m pa framework revenues by FY28

ROCE

improvement initiatives



Operating margins to 6% by FY28 from work mix and operational leverage

Selective bolt-on M&A



GROWING MOMENTUM IN GROWTH MARKETS
  • Energy - increasing visibility of £40m annual revenue through long term transmission line frameworks with Wood, M-Group, Morgan Sindall, Great Grid Partnership and others from FY28. Substations and hydro schemes are additive. Holistic ground investigation - design -construction model is a key differentiator.
  • Water - AMP8 early works commenced, customer partnerships in place with Kier, Galliford, Volker, Costain and Tilbury Douglas.
  • Rail - CP7 ramp-up starting to come through.
  • Housing - Medium term recovery driven by 2x housebuilding targets set by Government. Some early signs of modest growth. BSR improvements starting to impact volume and certainty of project starts.
  • Industrial and public building - warehousing, manufacturing, data centres, prisons and schools continue to provide strong enquiry levels.

    Energy

    Water

    Rail

    Highways

    Other

    Residential

    Commercial

    Public

    Infrastructure

    and Industrial

    FY25 FY26 FY27 FY28

    TRANSFORMATIONAL GROWTH IN ENERGY

  • Frameworks or key projects secured with Wood, M-Group, Morgan Sindall and Aureos.

  • Four separate transmission schemes underway in Scotland, initially ground investigation and design. Piling to commence FY27.

  • First pumped hydro scheme expected to commence in FY27.

  • Revenues expected to reach at least £40m per annum from FY28 (FY26: £20m, FY25: £7m).