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.”