Source - Alliance News

Van Elle Holdings PLC on Monday said it has won a ‘major’ contract with an unnamed customer in the energy sector, worth around £13 million.

Shares in the Nottinghamshire-based geotechnical engineering contractor were up 7.5% to 41.40 pence each in London on Monday morning.

Van Elle said that the contract has been signed with a ‘key’ customer in the energy sector.

The contract, which will be delivered by the company’s General Piling division, is due to start before Christmas and will be complete mid-way through financial year 2024.

Van Elle said that the project will be based in the south east and follows a similar contract in the Midlands, which was announced in May and is worth around £8.0 million.

The company added that the Midlands project is ‘progressing well’.

Van Elle expects the contract to build on its order book and contribute towards meeting consensus market expectations.

Chief Executive Mark Cutler said: ‘The energy sector is a particular focus for Van Elle given its long-term growth characteristics and our strong track record. We are very pleased to be announcing a second significant contract award in the sector this year.’

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