Van Elle has indicated that FY26E trading and profits for the year to 30 April will be ‘materially below’ market expectations and below the prior year as contract delays have meant the expected improvement across the ground engineering group’s core markets has ‘yet to materialise’. We cut our profitability assumptions for FY26E and FY27E, but with the latter reduction possibly over-conservative given the 14% uplift in the order book over the three months to 31 July.