TIDMVP.
RNS Number : 0135W
Vp PLC
13 April 2023
13 April 2023
Vp plc
( ' Vp ' or the ' Group ' )
Trading Update
Vp plc, the equipment rental specialist, today provides a
trading update for the period since the Interim Results were issued
on 29 November 2022 (the 'period').
The Board is pleased to report that the Group has continued to
make good progress within its core markets of infrastructure,
construction, housebuilding and energy and expects to report
results for the full year, in line with the Board's
expectations.
UK
The UK division has continued to make good progress and has seen
the benefit of a stronger civil engineering and infrastructure
market. Whilst general construction sector demand shows some level
of volatility it is stable overall, though the Group has seen some
regional market weakness in the South East of England in recent
months. Whilst our housebuilding customer base has, as anticipated,
reduced volumes since the start of the new calendar year, the
position is stable for Vp and the Group remains busy in that
sector.
To combat cost inflationary pressures the Group has successfully
negotiated price increases across its customer base, which has
helped mitigate those increased costs. We have over recent months
taken the opportunity to deliver some minor restructuring across a
number of business units as we look to optimise our businesses to
operate in the current market environment.
International
Both the TR Group and Airpac Rentals divisions have traded
satisfactorily and made further progress as their respective
markets maintained their recovery during the period.
Outlook
The Board is pleased to see that many of the Group's end markets
are continuing to demonstrate resilience and growth. Whilst
macro-economic pressures are expected to remain for the foreseeable
future the Board believes that the quality of Vp's specialist
business offer, people and financial strength will enable the Group
to react quickly to both challenges and opportunities as specific
markets recover.
Commenting on the Trading Update, Neil Stothard, Chief Executive
of Vp, said: "Since we reported our Interim Results last November,
the Group has continued to make good progress across our core
markets and we are pleased that our performance for the full year
will be in line with the Board's expectations. In the period, we
have worked hard to successfully mitigate cost inflationary
pressures and we believe that the Group is well placed to optimise
performance in the current environment. We are confident that we
will continue to deliver value growth for our shareholders and will
be able to react quickly to both challenges and opportunities as
specific markets recover."
- Ends -
For further information:
Vp plc Tel: +44 (0) 1423 533 400
Jeremy Pilkington, Chairman www.vpplc.com
Neil Stothard, Chief Executive
Anna Bielby, Chief Financial
Officer
Media enquiries:
Buchanan
Henry Harrison--Topham / Jamie Hooper Tel: +44 (0) 20 7466 5000
/ George Beale
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. 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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