Notts piling firm issues profit warning

Van Elle, the Nottinghamshire engineering firm, has issued a profit warning on the back having to “adjust a small number of specific balance sheet items and contract accruals”.

The company had expected to report profits of £5m for the year-ending 25 April, but that forecast has now been lowered by £500,000.

Van Elle has also reported that it is “continuing to experience customer uncertainty in some of its markets, resulting in a quiet start to the year in some segments and increased volatility in month on month performance”.

A statement from the firm said: “Although the company is seeing the benefits of a number of commercial and operational initiatives recently implemented, the Board is mindful that market uncertainty and the resultant volatility may persist further into the current financial year, which would limit the rate at which progress can be made.”