REG - Vp PLC - Trading Update

VPAnnouncement

08/04/2022 07:00

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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: +44 (0) 1423 533 400
 Jeremy Pilkington, Chairman                 www.vpplc.com (http://www.vpplc.com)
 Neil Stothard, Chief Executive
 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 (mailto: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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