Ground engineering firm slips into the red as Covid hits construction industry
Nottinghamshire ground engineering firm Van Elle has slipped into the red during the first half of its financial year.
The company made a reported loss of £700,000 for the six months to October 31, with revenues dipping from £48.5m to £38.3m over the same period as the pandemic hit the construction industry.
Van Elle says it made an “encouraging recovery” in trading during the second quarter, with activity recovering to pre-COVID levels and the group returning to profitability in September and October.
Mark Cutler, chief executive, said: “Despite the evident disruption in the first half of the financial year, we have made considerable progress in advancing our strategy and enter the second half with confidence that we are well positioned to benefit from the resumption of normalised industry conditions.
“We are cautiously optimistic about the remainder of this year and into next, with well-established safe working practices and improving activity levels in our key sectors.”