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Tue October 19 2021

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‘Excellent progress’ for Vp

4 Oct Vp plc, the diversified equipment rental specialist, has provided a positive trading update to shareholders this morning.

UK Forks is a Vp company
UK Forks is a Vp company

Ahead of its half-year results, to be published at the end of November, Vp said that it was trading well and performing in line with the boards' expectations. 

It said that revenues were running at 96% of pre-Covid levels and the business was “making excellent progress despite some market sectors not yet being back to historic levels of demand”.

Vp group business include UK Forks, Groundforce, Brandon Hire Station and Torrent Trackside.

The trading update said: “In the UK division demand from our core markets of infrastructure, housebuilding and construction has remained supportive.  Certain areas of major infrastructure investment such as HS2 have been very busy for the group, with other key elements, such as the rail sector (CP6) and water (AMP7) expected to accelerate in H2.

“General construction has been satisfactory with repair and maintenance work remaining good, but the sector is to a degree impacted by materials and labour resource constraints and the pace of growth will be partially dependent on these issues being resolved.  Residential construction remains supportive and we are seeing good demand in this segment.

“The international division has also experienced a tangible recovery in trading in the new financial year despite the distraction of extended lockdowns in some parts of Australia, New Zealand and Malaysia.”

It concluded: “Supported by the group's strong financial position, our businesses are in excellent shape to capitalise on further opportunities both in the UK and international markets.”

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