Van Elle Holdings' shares slide on FY revenue downgrade

At 10:30 GMT, shares in Van Elle were down a little more than 20% at 90.5p each.

The geo-technical contractor now expected its full-year revenue to be about £93m, citing the delay of several contract in its Specialist Piling Division into the next financial year.

"In a small number of cases, the expected call-off schedule and distribution of work packages may be revised," said Van Elle.

It still expected to deliver a number of these contracts on revised time schedules, but it would not receive the previously expected contribution from them this year.

The company said cash generation in the group was strong and directors intended to recommend a final dividend.

"Conditions in Van Elle's end markets remained satisfactory throughout the period and the Group continued to focus on generating improving returns through strong operational execution," the company said.

Van Elle said trading since the start of Q4 across the General Piling, Ground Engineering Services and Ground Engineering Products divisions continued to reflect stable underlying market conditions.

It now expected the outturn in these divisions for the current financial year to be in line with its previous expectations.