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(Sharecast News) - Ground engineering contractor Van Elle said on Thursday that revenues were expected to have fallen in the six months ended 31 October as market conditions "continued to be challenging".
Van Elle said revenues were seen 5% lower at approximately £65.0m in H1 but said FY results were still expected to be in line with market consensus estimates and anticipates profitability being H2 weighted.
The AIM-listed group noted that its workload has been subdued in rail, as the sector transitions from CP6 into CP7, and said its highways team had continued to experience project delays. It also said the impact of the Building Safety Act had caused delays to start dates of taller residential schemes.
On a more positive note, Van Elle said it has made further progress in developing "a strong position" in the water and energy sectors, has been awarded a new three-year framework agreement in Canada and revealed its order has risen by roughly £6.5m to £41.6m half-on-half.
As of 1000 GMT, Van Elle shares were down 2.63% at 37.0p.
Reporting by Iain Gilbert at Sharecast.com
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