REG - Vp PLC - Trading Update

VPAnnouncement

13/04/2023 07:00

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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 (http://www.vpplc.com)
 Neil Stothard, Chief Executive
 Anna Bielby, Chief Financial Officer

 

 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. 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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