Ground engineering specialist Van Elle has seen revenue soar by almost 50 per cent to a record £124.9m as it swung back into profit for the first time since 2019.
For the year to 30 April, its turnover rose from £84.4m to £124.9m on the back of “significant” growth in its specialist piling, rail and ground engineering services.
Profit before tax stood at £3.6m, compared with a £1.4m loss in 2020/21. It also recorded a loss for the year ending 30 April 2020, of some £2.2m.
The company stated that its appointment on a 10-year smart motorway alliance framework helped drive revenue. Van Elle will construct emergency refuge areas on a number of roads despite a pause to the overall smart motorway roll-out.
Van Elle acquired foundations specialist ScrewFast in April 2021, with the subsidiary contributing to headline revenue in the latest results for the first time. Despite the acquisition cost, Van Elle said it had reduced the group debt to £1.1m, excluding lease liabilities.
Its forward order book as of June stood at £39m, with the firm stating that it had navigated the impact of rising inflation by “successfully passing on costs, and managing the inflationary environment and supply-chain challenges”.
Van Elle chief executive Mark Cutler said: “These results are the first to reflect a full-year’s trading post-COVID and demonstrate the positive progress the group is making under its transformation strategy, launched in 2019.
“Although the sector continues to face several wider challenges, we have significant opportunities ahead to further improve, and momentum has continued into the new financial year. Overall, it is pleasing to see the actions taken over the last three years starting to deliver sustainable results that put us firmly on track to deliver our medium-term objectives.”
The 2019 transformation strategy came after the specialist’s profit halved amid market uncertainty.