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Wed August 10 2022

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Vp sale: nothing to report

21 Jul Shareholders of Vp plc expecting an update on the sale of the company at the annual general meeting today will be disappointed.

Jeremy Pilkington
Jeremy Pilkington

Vp chairman Jeremy Pilkington announced in April that he had put his controlling interest in the business for sale. Today he tells shareholders that he has nothing more to tell them yet regarding progress in finding a buyer.

VP, previously Vibroplant, is an equipment rental specialist and parent company to UK Forks, Brandon Hire Station, Groundforce, TPA, ESS, MEP Hire, Torrent Trackside, Airpac Rental and TR Group in Australasia. Market capitalisation is around £380m.

The chairman’s statement to the AGM, released ahead of the 10am meeting, read: "I am pleased to inform shareholders that trading within the business has been positive into the new financial year with good demand, in particular, from the infrastructure and housebuilding markets.  Activity levels in both our UK and International divisions are encouraging and whilst the headwinds of cost inflation and supply chain disruption remain we continue to make good progress.

“We announced on 28 April 2022 that the company had commenced a formal sale process.  Further communication with shareholders will be made if and when appropriate to do so and, in the meantime, it is 'business as usual' as we stay fully focused on delivering on our plans for the current financial year."

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MPU
MPU

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