The company posted an underlying loss before tax of £900,000 in the year to the end of April, compared to an underlying profit before tax of £4.7mln in the previous fiscal year.
The reported loss before tax, which includes what are considered to be exceptional items, was £2.2mln, versus a profit the previous year of £4.0mln.
Revenue fell to £84.4mln from £88.5mln the previous year as the coronavirus (COVID-19) lockdown took its toll on the business in the final six weeks of the fiscal year – “a critical trading period for the group”, Van Elle said.
The majority of customer sites closed in late March and throughout April, reducing revenues by about £10mln compared to pre-COVID internal expectations.
“These results reflect a challenging trading environment that persisted for much of the year and which was significantly exacerbated by the impact of COVID-19,” said Mark Cutler, the chief executive officer of Van Elle.
“Our strategy remains unchanged: improving the operational performance of the business whilst developing positions for differentiation and growth with key customers in the housing, infrastructure and construction sectors.
“Despite the market conditions, we made good progress in the delivery of this strategic plan. The restructuring programme has been completed, with a streamlined divisional structure now in place. This, combined with the strengthened financial position following the successful share placing in April, means that the group is better positioned to return to growth as markets improve,” he added.
Shares in Van Elle were down 11% at 33p in early deals.