Van Elle (VANL ) has confirmed in its AGM statement that it expects results for FY25E to be in line with market consensus, amid markets that have remained challenging. However, the ground engineering specialist has seen early signs of recovery in housebuilding, along with a 14% increase in the order book since the May start of this financial year, which should feed through to increased profitability in the second half. We maintain our estimates, which assume growth driven by housing recovery this year followed by significant increases in water and energy opportunities over the following two years.