reports
- Hybridan Team
Hybridan Small Cap Feast: 22/09/2025
22nd September 2025 @HybridanLLP * A corporate client of Hybridan LLP. ** Potential means Intention to Float (ITF) or similar announcement has been made. ***Arranged by type of listing and date of announcement. ****Alphabetically arranged and priced on Share Price and Market Capitalisation during the time of writing on the day of Publication. Dish of the day Admissions: B HODL (HODL:AQSE), the Company involved in Bitcoin accumulation and revenue ...
- Andy Hanson
- Carl Smith
Van Elle Holdings plc (VANL LN) - Trading update - Corporate
Van Elle has released a trading update indicating the trading conditions in the current financial year have continued in a similar vein to those experienced in FY25. The assumed steady recovery in volumes has not come through due to spending constraints, delays to project start dates across all sectors but most prevalent due to the impact of the Building Safety Act on approvals for high-rise residential buildings. Zeus reduce forecast FY26 underlying PBT by c. 50% to £3.0m, with reductions in ou...
- Andy Hanson
- Charlie Williams
Building Products and Construction Round-up - August 2025
Whilst most companies maintained full year guidance during H1 updates, one of the key themes during July’s announcements was the lack of expected volume recovery during H2. This is somewhat unsurprising, but it is important in the context of the recovery. The last few years have seen successive volume drawdowns, so with H2 visibility now much clearer and expected to be broadly flat, volumes may have bottomed. Looking at sector multiples, Merchants & Retailers are pricing in the most recovery in ...
- Hybridan Team
- Andy Hanson
- Carl Smith
Van Elle Holdings plc (VANL LN) - Strong medium-term outlook - Corpora...
Van Elle has released FY25 results in line with the June pre-close update on a total operations basis. Trading conditions were difficult in the second half of the year, with both the Building Safety Act causing residential project delays and the control period transition in rail driving year-on-year declines in revenue and profitability. That said, Van Elle has continued to expand its project capabilities (organically and via M&A) and retains a robust balance sheet, putting it in a strong positi...
- Andy Hanson
- Charlie Williams
Building Products Round-up - July 2025
Newsflow was reasonably muted across the subsectors in June, however, there were some important trends to pull out of the announcements. Within housebuilders, there is an increasing rhetoric of improved lending availability, highlighted by Bellway, Crest Nicholson and Berkeley, supporting in-line performances and gradually improving completions. This contrasts with low-cost builder MJ Gleeson, which is facing margin difficulties from build cost inflation and flat ASP. Elsewhere, brick manufactur...
- Andy Hanson
- Carl Smith
Van Elle Holdings plc (VANL LN) - Trading update - Corporate
Van Elle, the ground engineering and piling contractor, has released a trading update warning of widespread project delays that will impact expected results for the year to April 2025. As discussed at the interim results, the Building Safety Act is delaying approvals of certain residential construction projects and market conditions are challenging. In addition, there has been further delays to the Toronto upgrade works for the Group’s Canadian subsidiary. As a result, our FY25 underlying PBT fo...
- Andy Hanson
- Carl Smith
Van Elle Holdings plc (VANL LN) - Diversification strategy paying off ...
Van Elle, the leading ground engineering and piling contractor, has released interim results for the six months to October 2024 showing a resilient performance against a challenging backdrop across most markets. Management has reiterated confidence in achieving FY25 underlying PBT expectations of £6.0m, assuming no reversal of recent strengthening end-market trends. H1 2025 results cover 45% of revenue and 31% of Zeus’ FY25 underlying PBT estimate (£6.0m), we believe this is achievable based on ...
- Andy Hanson
- Carl Smith
Van Elle Holdings plc (VANL LN) - Backdrop challenging but trading in ...
Van Elle, the leading ground engineering and piling contractor, has released a trading update flagging challenging trading conditions in all sectors but has confirmed FY25 results are expected to be in line with market expectations. Zeus forecasts are unchanged. Van Elle continues to make progress in diversifying across sectors and geographies. We are confident that Van Elle is well positioned to benefit from positive medium-term trends in its end markets (e.g. a recovery in housebuilding, new i...
- Andy Hanson
- Carl Smith
Van Elle Holdings plc (VANL LN) - Strategic M&A in Scotland
Van Elle has announced another strategic acquisition, this time expanding its presence in Scotland and adding further technical capabilities. The target, Albion Drilling Holdings Limited, is a specialist piling and drilling company delivering complex infrastructure projects across Scotland. Total consideration is up to £3.5m, including £0.5m of net cash acquired. With this deal we think the Group will be better placed to pursue opportunities in Scotland and in the strategically important energy ...
- Andy Hanson
- Carl Smith
Van Elle Holdings plc (VANL LN) - AGM update
Van Elle’s AGM update confirms that the Group is trading in line with market expectations. Since the start of FY25, the order book has increased by c. 14% despite ongoing challenging market conditions. Construction PMI data is pointing to the early stages of a recovery and we are confident that Van Elle is well positioned to benefit from positive medium-term trends in its end markets (e.g. a recovery in housebuilding, new infrastructure budget cycles, rail upgrades/electrification). In our view,...
- Andy Hanson
Zeus Building Products Round-up - 6 September 2024
Monthly sector update August has been a quiet month for industry newsflow as companies gear up for half year announcements and markets await commentary on current trading and outlooks as we exit the summer period. On the macro data front, there has been positive movements on mortgage approvals with July seeing banks approve 62k mortgages, the highest since September 2022 as it closes in on the pre-pandemic average of c. 66k. Whilst consumer confidence was flat in August at -13, personal finance ...
- Andy Hanson
Building Products and Construction Round-Up - 7 August 2024
Collectively, the Building Products and Construction sectors had a strong performance over July, no doubt supported by positive statements made from the newly appointed Labour government, continued expansion in Construction PMI and the highly anticipated 25bp interest rate cut.
- Andy Hanson
- Carl Smith
Van Elle Holdings plc (VANL LN) - Resilient performance, medium-term o...
Van Elle’s FY24 results (April y/e) show revenue fell 6.2% yoy but underlying PBT decreased by only 2.8% to £5.1m, which is 2.9% ahead of Zeus’ estimate. We see this as another resilient performance despite weak market conditions, particularly in residential construction. The remainder of CY24 is expected to remain challenging, but we believe this is already factored into Zeus estimates, so FY25 and FY26 forecasts for revenue and PBT are unchanged. We are increasingly confident that Van Elle is ...
- Emily Liu
Hybridan Small Cap Feast 12 July 2024
Dish of the day Admissions: None Delistings: None What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 8th July 2024: Rome Resources: The Canada-based early-stage resource exploration Company has announced its intention to IPO on AIM in order to continue to make financial progress on its “Bisie North Tin Project”. The Company’s first day of trading on AIM is expected to be 26th July 2024. The Primary Offer expected size is approximately £4.0m. Banquet Buffet*** A...
- Andy Hanson
Zeus Building Products and Construction Round-Up - 2 July 2024
As we close off the first half of 2024, economic data has provided mixed signals with signs of improvements, albeit from a low base. GDP grew 0.7% in Q1 (QoQ), however, a timelier monthly estimate for April indicated no growth due to a rise in Services being offset by a fall in Production and Construction. This slightly contradicts what Construction PMI is reporting however, which saw activity rise at fastest pace in 2 years, with the index at 54.7 (April: 53.0). Residential projects grew only m...
- Andy Hanson
- Carl Smith
Real Estate, Building Products & Merchants - Quarterly Valuation Summa...
Housing data: House prices have remained resilient over the last quarter with Halifax’s HPI showing only a -0.3% quarterly change (seasonally adjusted) to May-24 and a +1.5% annual change. House prices look to be supported by strong buyer demand as UK property transactions show sequential MoM improvements since the start of the year and currently stand at the highest levels since March last year.
- Andy Hanson
- Carl Smith
Van Elle Holdings plc (VANL LN) - FY24 profit in line, net cash ahead
Van Elle’s FY24 profit (April y/e) is expected to be in line with market expectations, confirming a resilient performance during tough market conditions. Aligning to the figures in today’s statement, we increase FY24 revenue by 1% to £140m and net cash (ex. leases) by 27% to £5.5m, with underlying PBT unchanged at £5.0m. We continue to believe Van Elle has substantial growth opportunities in sectors such as energy, water and rail (including internationally), as well as being well positioned to b...
- Andy Hanson
- Carl Smith
- Andy Hanson
Audio Note: Van Elle Holdings plc - H1 2024 results in-line, return to...
In this audio note, Zeus’ Andy Hanson summarises the investment case for Van Elle. Van Elle has announced interim results to 31 October 2023 highlighting a resilient performance despite subdued UK construction activity. Listen to the audio note below, and read the full research here.
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