Geotechnical contractor Van Elle has reported an increase in revenue in its interim results for the six months ended 31 October 2016.

Group revenue rose 7.6% to £43.1 million compared to £40.1m the same time last year.

In addition, a solid trading performance saw a gross margin of 36.2% (H1 2016: 35.4%), including net IPO proceeds of £7.4m further strengthened the Group's financial position.

However, costs associated with investment in new rigs (£2.1m) and floating on the Stock Market saw pre-tax profits fall from £5.2m to £3.2m.

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Jon Fenton, Chief Executive Officer (CEO), said the Board is pleased with its performance in the first half of the financial year.

"Trading since the period end has been in line with our expectations, with a good level of work undertaken over the Christmas period," he said.

"The second half is an important period for the Group, particularly the Specialist Piling division which has a number of contracts expected to be confirmed and commenced in the period. The anticipated outturn for the full year remains in line with the Board's expectations.

"The admission to AIM has given Van Elle an elevated platform from which to drive the business forward. We are excited by the opportunities for the business and the Board is focussed on executing against its strategy as we move forward."

(LM/JP)