Van Elle Holdings plc

('Van Elle', the 'Company' or the 'Group')

AGM Statement

Van Elle Holdings plc (AIM: VANL), the UK's largest ground engineering contractor, is pleased to provide an update ahead of the Annual General Meeting of the Company being held at 10.00am today.

The Group's financial performance in the first four months of the new financial year is in line with the Board's expectations, with all divisions operating at high activity levels. The Group's cash and balance sheet also remain strong, with a net funds position (excluding IFRS16 lease liabilities) of £8.0m as at 31 August 2023, and an undrawn funding facility of up to £11m.

The challenging macroeconomic environment is contributing to ongoing market uncertainty, particularly in the housebuilding sector, however the diversity of the Group's operations has provided some resilience against these market factors.

All of the Group's core UK markets show a positive outlook in the medium to long term and further progress has been made on growth opportunities in the energy sector. In Canada, the Group has commenced work on initial rail activities, with a strong bid pipeline of further opportunities identified.

The Board continues to expect results in line with market expectations¹ for the current financial year.

¹ Company compiled analyst consensus for FY2024 underlying profit before tax is £5.0m.

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About Van Elle Holdings plc:

Van Elle Holdings is the UK's largest specialist geotechnical engineering contractor. Formed in 1984 and listed on AIM in 2016, the Company provides a wide range of ground engineering techniques and services including ground investigation, general and specialist piling, rail geotechnical engineering, modular foundations, and ground improvement and stabilisation services.

Van Elle operates through three divisions: General Piling, Specialist Piling and Rail, and Ground Engineering Services; and is focused on diverse end markets including residential and housing, infrastructure and regional construction - across which the Group has completed more than 20,000 projects over the last 35 years.