TIDMVP.
RNS Number : 3742C
Vp PLC
11 October 2022
11 October 2022
Vp plc
( ' Vp ' or the ' Group ' )
Trading Update
Notice of Interim Results
Vp plc, the equipment rental specialist, is pleased to provide
the following trading update.
The Group is continuing to trade satisfactorily and has seen
further growth in the first half of the new financial year.
UK
In the UK, housebuilding and infrastructure activity has been
supportive throughout the period, whilst construction market
conditions were stable. In infrastructure markets, the Group has
experienced good transmission demand and the AMP7 water programme
has picked up during the last few months. Elsewhere in
infrastructure, the recent strike actions on the UK rail network
have partially impacted some planned works, and in HS2, demand has
slowed as Phase 2 of the project has experienced delays. General
construction was satisfactory, with repair and maintenance
remaining positive and new build relatively quiet, although
pleasingly general civil engineering activity is picking up.
Housebuilding also provided positive demand in the first half of
the financial year.
At the AGM, the Chairman's Statement highlighted the headwinds
of cost inflation and supply chain disruption. Whilst both remain
factors, the Group has started to see some improvement in lead
times in recent months.
International
The International division has made good progress in the first
half of the financial year with both constituent businesses, Airpac
Rentals and TR Group, delivering good growth on the prior year.
Outlook
Whilst Vp remains alert to quality growth opportunities, we
remain mindful of the current uncertainties in the wider economy
and we continue to carefully manage the Group's costs and fleet
expenditure. The Group remains in excellent financial shape to
invest into further growth as and when market conditions
improve.
The Board has an exemplary historic record of managing the Group
and delivering returns through adverse trading conditions most
recently in the last global downturn and then in the Covid 19
pandemic. So, whilst the near term uncertainty in the economy is a
factor, we have every confidence that our experience, and the
inbuilt resilience of Vp's business model, will yet again see the
Group continue to make good progress and the Board anticipates
reporting a full year result in line with its expectations.
Notice of Interim Results
The Group will announce its Interim Results for the six months
ended 30 September 2022 on Tuesday, 29 November 2022. There will be
an in-person presentation for sell-side analysts held at the
offices of Buchanan at 9:30am on the day of announcement, which
will be hosted by Jeremy Pilkington (Chairman), Neil Stothard
(Chief Executive) and Allison Bainbridge (Group Finance Director).
Please contact Buchanan at Vp@buchanan.uk.com for further
details.
- Ends -
For further information:
Vp plc
Jeremy Pilkington, Chairman Tel: +44 (0) 1423
533 400
Neil Stothard, Chief Executive www.vpplc.com
Allison Bainbridge, Group Finance Director
Media enquiries:
Buchanan
Henry Harrison-Topham / Jamie Hooper / George Tel: +44 (0) 20 7466
Beale 5000
Vp@buchanan.uk.com www.buchanan.uk.com
Notes to Editors
Vp plc is a specialist rental business providing products and
services to a diverse range of markets including infrastructure,
construction, housebuilding and energy markets, both in the UK and
overseas.
The Group comprises a UK and an International division:
UK
Groundforce
A market leading rental and design provider of excavation
support systems and specialist products to the water, civil
engineering and construction industries with operations in the UK,
the Republic of Ireland and mainland Europe.
Brandon Hire Station
The leading provider of tools and specialist rental products to
industry, construction and home owners across the UK.
ESS
The leading specialist provider of safety, survey,
communications and test & measurement equipment rental in the
UK.
MEP Hire
The UK's largest provider of mechanical and electrical press
fittings and low level access platforms to the construction, fit
out, mechanical and electrical markets.
Torrent Trackside
Specialist suppliers of rail infrastructure portable plant and
related trackside services to Network Rail, London Underground and
their appointed track renewal, maintenance and project
contractors.
TPA
One of Europe's largest suppliers of temporary access solutions.
Operating from bases in the UK and Germany, TPA provides portable
roadways and temporary access solutions to customers in the
transmission, construction, rail and outdoor events markets.
UK Forks
One of the UK's leading specialist hirers of telescopic handlers
and tracked access platforms. The products and services are
utilised by its customers to improve safety and productivity on
construction and housebuilding sites across the UK.
International
Airpac Rentals
An international business supporting a wide range of oil and gas
markets, servicing well test, pipeline testing, rig maintenance and
LNG markets worldwide.
TR Group
Australasia's leading technical equipment rental group providing
test and measurement, communications, calibration and audio visual
solutions in Australia, New Zealand and South East Asia.
Further information is available at www.vpplc.com/investors
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END
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