Trading Update and Notice of Interim Results

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 [e-mail] for further details.

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For further information:

Vp plc
Jeremy Pilkington, Chairman		Tel: [phone]
Neil Stothard, Chief Executive		www.vpplc.com
Allison Bainbridge, Group Finance Director
Media enquiries:
Buchanan
Henry Harrison-Topham / Jamie Hooper / George Beale		Tel: [phone]
[e-mail]	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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