Van Elle Holdings
Website:
Van Elle Holdings
Index:
AIM
EPIC: VANL
Supersector:
Construction and Materials
Sector:
Construction and Materials
Subsector:
Heavy Construction
Market Cap:
£37.87M
Payout Frequency: Semi-Annual
Van Elle Holdings Dividend Analysis and Summary
Key dividend details
- Type: Interim dividend
- Amount: 0.4 pence per share (unchanged year-on-year)
- Ex-dividend date: 19/02/2026
- Record date: 20/02/2026
- Payment date: 13/03/2026
- Coverage:
- c. 3.5x on H1 underlying EPS of 1.4p (continuing operations)
- c. 3.0x on H1 statutory EPS (continuing) of 1.2p
- Estimated cash cost: c. £0.43m (based on ~108.2m shares; prior year interim paid £0.417m)
Dividend sustainability and growth outlook
- Earnings support: H1 revenue up 16% to £73.4m; underlying PBT £1.9m with a thin 2.8% underlying operating margin. Management expects to meet FY26 consensus (underlying PBT £3.0m), with H2 margin mix expected to improve. On this trajectory, the interim payout looks well covered.
- Cash and balance sheet: Net funds (ex-IFRS 16) of £2.8m; operating cash flow from continuing operations of £6.6m in H1; new £10m asset lending facility (c. £7.6m undrawn at 31 Oct). Lease liabilities of £6.1m keep reported net debt modestly negative, but liquidity headroom appears adequate to support the dividend alongside capex.
- Capital allocation: Board reiterates a prudent, balanced approach given ongoing investment in rig fleet (H1 capex £5.5m, partly offset by £3.2m disposals). Maintaining the interim at 0.4p signals caution but stability.
- Growth pipeline: Strengthening in energy and water (visibility of at least £40m expected annual revenue from FY28 through frameworks), order book up 8% to £44.9m. If execution and margins improve, there is scope for gradual dividend progression, but near-term policy likely remains conservative.
Structural changes and policy signals
- Disposal of Van Elle Canada completed on 19/12/2025; discontinued losses removed from ongoing results. Deferred cash consideration due between Jan–Jul 2026 should support liquidity.
- Refinancing: New £10m asset lending facility with Lloyds; prior borrowings reduced post period end. Provides flexibility to fund fleet while maintaining dividends.
- Operational reshaping: Disposal of in-house HGV fleet (May 2025) and prior acquisition of Albion Drilling (Oct 2024) to bolster specialist capability—no share consolidation or actions directly dilutive to per-share dividends noted.
- Dividend policy: Board emphasises “sustainable shareholder returns” with a prudent capital allocation framework; interim held flat reinforces a steady, cash-disciplined stance.
Risks and flags to dividend stability
- Thin margins and competitive pricing in General Piling (operating loss in the division) leave limited buffer if H2 mix improvement slips.
- End-market headwinds: Ongoing Building Safety Act delays (though easing) continue to weigh on high-rise residential; rail activity early in CP7 remains below prior expectations.
- Working-capital and contract timing sensitivity typical of contracting; H1 cash benefited from R&D tax credit receipts—less certain in future periods.
- Customer concentration: One customer >10% of H1 revenues heightens revenue/cash flow concentration risk.
- Lease liabilities keep reported net debt slightly negative; sustained capex needs could constrain near-term dividend growth if trading softens.
- Note: Total statutory EPS was near zero due to discontinued losses, but with Canada disposed and coverage judged on continuing operations, the interim remains appropriately covered.
Read more
Van Elle Holdings Annual Dividend Yield - 3.43%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 20/02/2025 |
14/03/2025 |
Interim |
0.40p |
GBX |
| 02/10/2025 |
17/10/2025 |
Final |
0.80p |
GBX |
Total (Annual Dividends Per Share):
1.20p
Dividend Yield =
Annual Dividends Per Share (1.20p)
÷ Share Price (35p)
= 3.43%
Van Elle Holdings Dividend History
| Ex Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 19/02/2026 |
13/03/2026 |
Interim |
0.4000p |
GBX |
| 02/10/2025 |
17/10/2025 |
Final |
0.80p |
GBX |
| 20/02/2025 |
14/03/2025 |
Interim |
0.40p |
GBX |
| 03/10/2024 |
18/10/2024 |
Final |
0.80p |
GBX |
| 22/02/2024 |
15/03/2024 |
Interim |
0.40p |
GBX |
| 28/09/2023 |
13/10/2023 |
Final |
0.80p |
GBX |
| 23/02/2023 |
17/03/2023 |
Interim |
0.40p |
GBX |
| 15/09/2022 |
07/10/2022 |
Final |
1.00p |
GBX |
| 13/02/2020 |
27/03/2020 |
Interim |
0.20p |
GBX |
| 05/09/2019 |
27/09/2019 |
Final |
1.00p |
GBX |
| 14/02/2019 |
06/03/2019 |
Interim |
1.00p |
GBX |
| 06/09/2018 |
28/09/2018 |
Final |
2.30p |
GBX |
| 08/02/2018 |
07/03/2018 |
Interim |
1.40p |
GBX |
| 21/09/2017 |
29/09/2017 |
Final |
1.75p |
GBX |
| 26/01/2017 |
28/02/2017 |
Interim |
0.85p |
GBX |
| Year |
Interim |
Final |
Currency |
Total |
Change |
| 2024 |
0.400 |
0.800 |
GBX |
1.200 |
0.000 |
| 2023 |
0.400 |
0.800 |
GBX |
1.200 |
20.000 |
| 2022 |
|
1.000 |
GBX |
1.000 |
400.000 |
| 2020 |
0.200 |
|
GBX |
0.200 |
-90.000 |
| 2019 |
1.000 |
1.000 |
GBX |
2.000 |
-45.940 |
| 2018 |
1.400 |
2.300 |
GBX |
3.700 |
42.300 |
| 2017 |
0.850 |
1.750 |
GBX |
2.600 |
|
Van Elle Holdings Dividend Calculator
Van Elle Holdings Dividend Growth
| Dividend Growth (1Y) |
–
|
| Dividend CAGR (5Y) |
3.71%
|
| Years of Growth |
–
|
| Payout Ratio |
290.21%
|
| Buyback Yield |
-0.27%
|
| Shareholder Yield |
3.11%
|
| P/E Ratio (TTM) | 12.72 |
|---|
| Forward P/E | 16.75 |
|---|
| P/FCF | 19.62 |
|---|
| Earnings Yield | 1.16% |
|---|
| FCF Yield | 5.1% |
|---|
| ROE | 5.52% |
|---|
| ROCE | 7.31% |
|---|
| Profit Margin | 0.31% |
|---|
| Operating Margin | 3.39% |
|---|
| Gross Margin | 28.85% |
|---|