Van Elle said that the acquisition of Rock & Alluvium, announced on 26th October 2023, had completed on 30th November.
It added: “There are early signs of a recovery in commercial and residential opportunities in London and the southeast which Rock & Alluvium, as part of the Van Elle Group, is well placed to benefit from. Accordingly, the board expects the acquisition to be accretive to underlying earnings in the first full year of ownership.”
In a trading update today for the May to October period, Van Elle said that revenues were down 16% (£68m compared to £81m last year) but margins were holding up at close to 4%.
“There continues to be uncertainty and subdued activity levels in some of the group’s end markets, particularly the housebuilding sector, which is expected to continue into the second half of the financial year,” it said.
“However, further progress has been made on several substantial growth opportunities in the energy sector.”
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