Profits halve at listed piling firm

Profits at listed Nottinghamshire piling firm Van Elle have nearly halved in the first half of its finacial year with the firm blaming a “subdued” market.

Tbe firm says profit before tax will come in at £2.8m for six months ending 31 October, down from £5.4m in 2017. Meanwhile, revenues are also likely to be significantly down – from £52.6m to £43m.

The news comes after Van Elle installed Mark Cutler as its new chief executive in August.

He said: “Since joining the business in August I have been taking action to refine the Group’s commercial approach, streamline operations, strengthen the leadership team and re-focus on our key customers. This is already creating a strong platform from which to pursue our growth strategy. It is pleasing to see momentum building into the third quarter with growing demand for our specialist services and a strong orderbook providing good forward visibility. The Group is well placed to benefit from the significant opportunities we see in the second half and beyond.”