Van Elle sees profit almost halving; says conditions improved in second quarter
Source - SMW
Geotechnical engineering Van Elle said it expected its first-half profit to almost halve, due to subdued demand in the UK, though it said market conditions had improved in the second quarter.
Underlying pre-tax profit for the six months through October was expected to fall to £2.8m, down from £5.4m on-year.
Revenue was expected to fall to around £43.0m, down from £52.6m on-year.
'The first quarter of the current year was relatively quiet as a result of subdued UK market conditions following a challenging period for the UK construction markets in early 2018,' the company said.
'As anticipated, market conditions have been more supportive in the second quarter and new contract starts have progressively gained momentum.'
At 8:06am: (LON:VANL) Van Elle Holdings Plc share price was -1p at 79.5p