In a trading update today, Van Elle said that its financial results this year will be ‘slightly below’ the board’s previous expectations.
It is also reviewing its operations in Canada, where it is also being impacted by project delays.
“Despite benefitting from a strong order book, the trading environment and volumes remained supressed throughout January and February,” the company said.
“The group has experienced widespread project delays, including the ongoing impact of the well-publicised delays to Building Safety Act approvals. These delays have primarily impacted trading for Rock & Alluvium, which is focused on taller residential schemes in London and the Southeast. There are over 40 projects currently in the approvals process, the majority of which are now expected to commence in FY26 and will result in a FY25 performance for Van Elle’s UK operations slightly below the board’s expectations.”
It added that Van Elle Canada Inc had also experienced further delays on the Toronto rail network upgrade programme.
“With the near-term uncertainty around the timing of key investment programmes, the board is reviewing its strategic options with respect to its operations in Canada,” it said.
