Trading Update

RNS Number : 7168H

Vp PLC

08 April 2022

 

8 April 2022

Vp plc

('Vp' or the 'Group')

Trading Update

Expected performance ahead of expectations driven by increased demand

Vp plc, the equipment rental specialist, today provides a trading update for the period since the Interim Results were issued on 30 November 2021 (the 'period').

The Board is pleased to report that the Group has maintained its recovery in trading performance with our core markets of infrastructure, construction and housebuilding providing increasing levels of demand and we expect to report results for the full year, ahead of the Board's expectations.

Notable deliverables in the period include significant progress introducing more environmentally friendly equipment solutions for customers. Investment in technology has also been a key feature and we are pleased to have recently launched the latest version of our online trading platform for Brandon Hire Station, together with a progressive web app solution to facilitate mobile rental solutions for our customers.

UK Division

Trading in the UK division has been positive and highlights include strong demand from HS2, housebuilding, transmission projects and R.M.I. construction work. We have also seen an encouraging uplift in new civil engineering projects in the latter part of our financial year.  Supply chain delays remain under control and whilst inflationary pressures persist we have continued to successfully balance the impact of these increased costs.

On 31 March the Group acquired the in-house plant and tools fleet of Watkin Jones plc and we have entered into a 5-year supply agreement to provide their equipment rental needs.

International

Both TR and Airpac Rentals made progress in the period as country and state borders re-opened with the easing of Covid restrictions, particularly in the Asia Pacific region, improving their ability to trade.

Outlook

We are encouraged by the improvement in sentiment and performance experienced in the final quarter and look forward to a period of further progress in the new financial year. 

Commenting on the Trading Update, Neil Stothard, Chief Executive of Vp, said: "Since our interim results in November, the Group has seen increased demand from our core markets as Covid restrictions have eased and we are pleased to say that overall performance is expected to be ahead of the Board's expectations. Additionally, we have made excellent progress with both our technology offering and with the introduction of more environmentally friendly equipment solutions for our customers."

"We look ahead with optimism, confident that we will continue to deliver excellent value growth for our shareholders."

-Ends-

For further information:

Vp plc	Tel: [phone]
Jeremy Pilkington, Chairman	www.vpplc.com
Neil Stothard, Chief Executive
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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