Vp plc
('Vp' or the 'Group')
Trading
Update
Vp plc, the equipment rental specialist, today
provides a trading update for year ended 31 March 2024 ('the
year').
Despite a mixed market backdrop, our
performance continues to be resilient, with sector-leading results
generated from our diverse end markets:
· Infrastructure has been
particularly supportive with continued strong demand from the rail,
transmission and water sectors.
· General construction remains
challenging, which has impacted the performance of Brandon Hire
Station in particular. An operational review of this division is
well advanced and the new management team is focused on actions to
drive margin improvements alongside medium term strategic
objectives.
Accordingly, we expect to deliver a full year
result broadly in line with market expectations.
During the year, we have continued to invest in
our asset base with a year on year increase in capex, alongside a
focus on lower emission technology. Our strong balance sheet has
been further enhanced by a reduction in net debt. In November 2023,
we successfully refinanced our Revolving Credit Facility on
favourable terms and we are well positioned to take advantage of
organic and acquisition opportunities as they arise.
Under new leadership, our strategy is being
refreshed and we will provide further detail at our full year
results presentation in June 2024.
Commenting on
the Trading Update, Anna Bielby, Chief Executive Officer of Vp,
said:
"Despite challenging market conditions, the
quality of our diverse offering positions us well to continue to
deliver sector-leading returns. With refreshed senior
management and a strong financial base, we have a robust platform
to take advantage of growth opportunities in the market and as
such, we are confident in the long term prospects of the
Group."
- Ends -
For further
information:
|
Vp
plc
|
Tel: +44 (0) 1423 533
400
|
|
Jeremy Pilkington, Chairman
|
www.vpplc.com
|
|
Anna Bielby, Chief Executive Officer
|
|
|
Keith Winstanley, 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
|
Notes to Editors
Vp plc is a specialist equipment
rental business providing equipment, people, services and support
for specialist projects. It focuses on niche sectors principally in
the Infrastructure, Construction, Housebuilding and Energy markets
in the UK and overseas. Businesses include; Groundforce, Brandon
Hire Station, ESS, MEP Hire, Torrent Trackside, TPA, UK Forks,
Airpac Rentals and TR Group.
