Van Elle reveals maiden dividend as revenues rise

Van Elle Holdings, the Nottinghamshire engineering group which floated on AIM last October, has posted an increase in revenues for its first half of its financial year.

Revenues at the firm increased by 7.6% to £43.1m to October 31, 2016. The firm says it raised £7.4m through its IPO and has invested £2.1m in new rigs.

The firm has announced a maiden interim dividend of 0.85p per share.

Jon Fenton, chief executive officer, said: “We are pleased with our performance in the first half of this financial year. The Group continued to deliver operationally through the IPO process, reflecting the high quality divisional and central teams at Van Elle.

“Trading since the period end has been in line with our expectations, with a good level of work undertaken over the Christmas period. The second half is an important period for the Group, particularly the Specialist Piling division which has a number of contracts expected to be confirmed and commenced in the period. The anticipated outturn for the full year remains in line with the Board’s expectations.

“The admission to AIM has given Van Elle an elevated platform from which to drive the business forward. We are excited by the opportunities for the business and the Board is focussed on executing against its strategy as we move forward.”