Van Elle Holdings (VANL)

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Van Elle Holdings VANL Logo

The geotechnical engineering contractor offering a wide range of ground engineering techniques and services to customers in a variety of UK construction end markets.

22-Nov-2017 – 79p – £63.2m – PER 5.82

Trading Update For The 6 Months To End October 2017 – “Overall trading in the first half of the financial year has been positive and the Board expects to report turnover of approximately £53m (H1 2016: £43.1m) with underlying profit before taxation increasing by approximately 15% (H1 2016: £4.7m)”. “Challenging” and “H2 weighting” also mentioned. Just doesn’t seem positive here at all.

The numbers don’t actually look too bad here, it’s the outlook that concerns me.

25-Jan-2018 – 86.69p – £69.4m – PER 7.18

Interim Results For The 6 Months To End October 2017 – Revenue up by 22.1% to £52.6m (H1 2016: £43.1m), underlying Operating Profit by 15.6% to £5.7m (H1 2016: £4.9m) with Gross margin of 31.7% (H1 2016: 36.2%) reflecting specific contract issues, now resolved. Net debt is £4.6m (H1 2016: £4.1m) and there’s an Interim Dividend of 1.4p per share, reflecting the Board’s confidence in the Group’s prospects.

Will be affected by Carillion but not sure by how much yet, potentially £1.6m. The Interim Dividend seems like a sweetener. I just have to remain Neutral here for now.

3-May-2018 – 81.5p – £65.2m – PER 7.13

Year End Trading Update (To End April 2018) – This looks like a miss (PBT to be £10.5m) by I reckon, about 25% (based on Stockopedia 2018E £10.4m Net Profit (my rough calculation being, add 25% for 20% Corp Tax).

Too much doubt here, I remain Neutral.

25-Jul-2018 – 82p – £65.6m – PER 6.92

Preliminary Results For The 12 Months To End April 2018 – Looks about in-line (not so great) and H1 this year has been challenging.

I remain Neutral.

10-Dec-2018 – 80.5p – £64.4m – PER 6.7

Trading Update For The 6 Months To End October 2018 – Turnover £43m (£52.6m last time (a strong comparative period), PBT £2.8m (£5.4m last time), H2 ahead 16% versus last year and H2 weighting expected.

Don’t like the look of this much at present.

16-Jan-2019 – 80p – £64m – PER 7.2

Interim Results For The 6 Months To End October 2018 – Revenue down -18.4%, Underlying PBT down -48.1% and Underlying EPS down -48.2%.

I still don’t like the look of this at present.

26-Apr-2019 – 45p – £36m – PER 5.7

Trading Update For The 12 Months To End April 2019 – Revenue to fall short of previous expectation (by circa 3%), PBT to be below the lower end of expectations. Net Debt stable, below the £5.6m reported in H1, Order book at £35m (stood at £25m in April 2018).

I remain uninterested here at present although that Order book looks healthy.

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