Van Elle Holdings PLC (AIM:VANL), a UK-based ground engineering contractor, dropped sharply on Wednesday morning after its half-year results showed a deepening of net debt.
Net debt for the six months ended 31 October grew to £2.5mln compared to £2mln for the same period a year earlier.
The board said it remains confident in achieving market expectations for the full year, with underlying pre-tax profits of about £5.3mln, with first-half profits reported at £3.3mln.
Since the period ended, AIM-listed Van Elle said the group has continued to trade in line with management’s expectations.
Shares fell 14% in early trading but before the close the decline had been reduced to 6% at 50.37p.