Vp PLC Trading and COVID-19 Update (4648H)
25 Marzo 2020 - 08:00AM
UK Regulatory
TIDMVP.
RNS Number : 4648H
Vp PLC
25 March 2020
Press Release 25 March 2020
Vp plc
( ' Vp ' or the ' Group ' )
Trading and COVID-19 Update
Vp plc, the equipment rental specialist, announces the following
update on trading in the period since the interim results were
issued on 4 December 2019 together with a COVID-19 update.
The Group as a whole has traded satisfactorily since the interim
results.
In the UK, we experienced a reduction in construction industry
related demand in December 2019 ahead of the general election and
this continued into the final quarter of our financial year. The
infrastructure and house building sectors by contrast held up well.
Trading levels in our international division remained satisfactory
without any material changes in market demand.
We, like the rest of the business community, are currently fully
engaged in responding to the challenges posed by the global
COVID-19 pandemic. The health and well-being of our colleagues, our
customers and our suppliers is our absolute priority and in this
regard we continue to follow the latest Government guidelines.
To date the impact on most of our UK businesses has been
relatively limited but revenues have reduced in the latter part of
March 2020 and we expect this trend to continue. We have also seen
some of our international markets impacted by stringent government
action limiting activity to all but essential business.
Consequently, whilst we anticipate a satisfactory full year result
for the Group, this will be marginally behind current market
expectations.
The Group has total committed facilities of GBP200 million plus
an overdraft facility of GBP7.5 million. The facilities include a
new GBP65 million loan note finalised in January 2020 which matures
in January 2027. This new private placement includes an additional
uncommitted US$39.6 million shelf facility. Net debt at 31 March
2020 is anticipated to be c. GBP165 million leaving substantial
headroom in our facilities.
Historically, Vp has from time to time experienced significant
market challenges and we are already well underway with an
appropriate business response to mitigate, as much as possible, the
financial as well as human impact of the current situation. The
Group is inherently strong in generating cash and also has the
ability to quickly and significantly reduce capital
expenditure.
All of our businesses wherever they are based, are fully focused
on a balanced and appropriate response to the rapidly evolving
COVID-19 situation. Whilst the immediate term challenges maybe
significant, we are confident that we have the strength and
experience of management, the strength of balance sheet and the
strength of business model to emerge from this global crisis and
secure the longer term future.
- 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 oil and gas, both in the UK and
overseas.
The Group comprises a UK and an International division:
UK
Groundforce
Excavation support systems and specialist products for the
water, civil engineering and construction industries primarily in
the UK, but also in the Republic of Ireland and mainland
Europe.
Brandon Hire Station
Tools and specialist products for industry, construction and
home owners.
Torrent Trackside
Infrastructure equipment and services for the railway renewals
and maintenance industry.
TPA
Portable roadway access solutions to the transmission, outdoor
events, construction and utility sectors in the UK, the Republic of
Ireland and mainland Europe.
UK Forks
Rough terrain material handling equipment for the housebuilding,
general construction and industrial markets.
International
Airpac Bukom Oilfield Services
Equipment and service providers to the international oil and gas
exploration and development markets.
TR Group
Specialist rental of test & measurement, communications and
audio visual equipment in Australia, New Zealand and Malaysia.
Further information is available at www.vpplc.com/investors
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END
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