In a trading update to shareholders today, Van Elle said that it is maintaining ‘strong momentum’ in the business.
For the six months ended 31st October 2022 (the first half of its 2023 financial year) Van Elle expects to report record revenues of £81m, up from £60.1m for the same period in 2021. Profit before tax is expected to exceed £3.0m, up from £1.9m.
The half-year results were be published in full towards the end of January.
Van Elle’s order book at 31st October 2022 increased 26% to £49.0m (30th June 2022: £39.0m).
The board said: “Although there has been some easing in supply chain disruption during the period, inflation, and in particular wage, fuel and materials costs have continued to impact the group's cost base. These are substantially mitigated through contract price mechanisms as far as possible, however in some cases there is a lag in recovery.”
It concluded: “Whilst recognising the current economic uncertainty in the UK, strong activity levels are expected to be sustained through the second half of the year, despite the winter months which traditionally deliver lower activity levels due to weather disruptions. The board is pleased with the progress made in the first half of the year and anticipates trading for the full year to be slightly ahead of market expectations.”
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