Van Elle downgrades profit forecast as new CEO is unveiled

Van Elle, the Nottinghamshire piling firm, has said it expects its profits this year to come in at around £10.5m.

The firm has adjusted its forecasts following work lost in the wake of the Carrillion collapse and a “challenging” second half of the year for its ground engineering services division. Last year, Van Elle posted record profits of £11.6m.

Van Elle has also named a successor to outgoing chief executive Jon Fenton. Mark Lloyd Cutler, the former managing director of the UK regional construction and engineering businesses and recently managing director of the Balfour Beatty VINCI joint venture, with responsibility for the High Speed 2 programme will join no later than October of this year.

The company has hired Stephen Christopher Prendergast in the role of acting chief executive. Pendergrast has been in interim management roles for the last 13 years which have included assignments for ISG, Balfour Beatty, Amey and Network Rail.

Adrian Barden, chairman, commented: “We wish Jon and his family well for the future, and thank him for his contribution to the company over the past eight years, including the successful IPO in 2016.

“We are delighted that Mark is joining Van Elle. He is highly regarded across the industry and will be bringing with him a wealth of valuable experience across all our major sectors, especially in rail and housing where we have many opportunities to build on our already strong market positions. Ensuring a smooth leadership transition process has been a key focus of the Board and we are pleased that Steve will be able to step in to support the management team over the next few months.

“Whilst market conditions have been less supportive in the second half, the team has worked hard to continue to win work and deliver this effectively. We continue to progress our strategic initiatives and believe that these have positioned the Group well for the future.”