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Van Elle raises £40m after floating on London Stock Exchange's AIM market

Ground engineering specialist Van Elle’s flotation on the AIM market of the London Stock Exchange has valued the company at £80m.

The Nottingham-based contractor has raised £40m through the flotation, which it said will help raise its profile, incentivise employees and provide a well-funded platform for the future.

Construction News revealed earlier this month that Van Elle was planning to float having recorded growth over recent years.

It posted turnover of £84.2m for the year to 30 April 2016 and boosted pre-tax profit to £10.7m, up from £7m the year before.

This year marked the company’s third consecutive year of double-digit growth in turnover.

In 2015, it reported turnover of £73.6m and more than doubled its pre-tax profit to £7.2m over the same period.

Peel Hunt is acting as nominated adviser and sole broker to the company.

Van Elle chairman Michael Ellis said: “We have worked tirelessly over the last 32 years to build the company in to the established market leader that it is today.

“There is significant opportunity ahead and admission to trading on AIM will help us to accelerate the growth of the business.”

Its chief executive Jon Fenton added: “We have a clear three-pronged strategy for growth centred on growing market share, developing new products, services and geographies, and targeting bolt-on acquisitions.

“As a quoted company we will be able to fast-track the implementation of that strategy and I look forward to reporting on our progress as we embark on the next stage of our exciting journey.”

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