REG - Vp PLC - Trading Update and Notice of Interim Results

VPAnnouncement

11/10/2022 07:00

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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
(mailto: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 Beale     Tel: +44 (0) 20 7466 5000
 Vp@buchanan.uk.com          www.buchanan.uk.com (http://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
(http://www.vpplc.com/investors)

 

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