Source - SMW
Van Elle Holdings said it was still owed outstanding payments by Carillion and that its collapse could have an adverse financial impact on the company.

Van Elle confirmed that it carried out regular work for Carillion as a specialist lead sub-contractor, principally in respect of rail improvement and maintenance work where Network Rail was the end customer.

The company said it successfully undertook several contracts for Carillion during December in respect of which, payment has been applied for but not yet been received.

Work continued on some of those contracts into January 2018, it added.

"As a result, Van Elle's outstanding debt and work-in-progress exposure with Carillion is approximately £1.6m," Van Elle said.

"The group will engage with Carillion and its advisers, including the official receiver, to determine the status of outstanding payments, but shareholders should note that, in the event that Van Elle is unable to recover any monies owed, there would be an adverse financial impact on the group."

Van Elle's order book included further expected work with Carillion for the remainder of the current financial year and beyond. In total, it represented approximately £2.5m of anticipated revenue for the second half of the current year. 

"It is too early to say whether there will be any effect on the commencement or completion dates of contracted work with Carillion, or what impact these developments will have on future work programmes, either in the rail sector or elsewhere, but the group will monitor the situation closely and make further announcements as necessary, the company said.


At 9:40am: (LON:VANL) Van Elle Holdings Plc share price was -10p at 86p