Widespread delays, including log jams of high-rise projects awaiting approval by the Building Safety Regulator, have led Van Elle to cut guidance for FY25E. We reduce our FY25E adjusted PBT by 27% and, possibly over-conservatively, FY26E by 14%. However, we maintain our view that the UK’s largest ground engineering group is, by its nature, at the ‘front end’ of any construction recovery. Van Elle is, proactively in our view, ‘reviewing strategic options’ for its Canadian rail business following project slippages.
Van Elle: Progressive
Mar 13, 2025Disclaimer & Declaration of Interest
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