Shares in Van Elle (VANL) fell over 20 per cent after the ground engineering specialist warned that contract delays would reduce revenue for the year to April by around 5 per cent. The problems are in the specialist piling division, where deferral and delays mean that rail activity is likely to show just a modest improvement.
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The other three divisions are all performing as expected, and a final dividend will be paid in line with expectations. Peel Hunt has revised its forecasts, and now expects adjusted pre-tax profits for the year to April 2017 of £11m and EPS of 11.7p (from £10.7m and 12.1p in 2016).
