Last checked at 23 Jul 2020 07:00
Press Release | 23 July 2020 |
Vp plc
('Vp' or the 'Group')
AGM Statement
Vp plc, the equipment rental specialist, will hold its Annual General Meeting ('AGM') by webinar at 10am today. At the AGM, Jeremy Pilkington, Chairman of Vp, will make the following statement:
"In my Chairman's statement on 9 June 2020 for the year ended 31 March 2020, I commented that both in the UK and internationally the Covid-19 lockdown had had a severe impact on activity levels across most, but not all, our business streams. At the lowest point in April, our revenues were running at around 55% of normal levels. In response, we mothballed a number of locations, furloughed employees and initiated a range of other cost saving measures. I am very pleased to report that revenues are now running at over 80% of prior year levels driven by increased demand from our core end markets.
As demand has returned, over two thirds of furloughed employees have now returned to work and many of the mothballed locations have re-opened. We expect this trend to continue over the coming months.
Activity in infrastructure, housebuilding and construction markets is positive and improving, but some areas such as the civil engineering sector have been slower to recover. There are early signs that AMP 7, HS2 and Hinkley Point projects may lead the way in this regard.
Cost management has been excellent and debt has reduced by £22 million since 31 March 2020, to £138 million at the end of June 2020.
Whilst many challenges remain, we are positive about the longer term outlook for the business and we look forward to returning towards historic levels of trading during 2021."
-Ends-
For further information:
Vp plc |
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Jeremy Pilkington, Chairman | Tel: +44 (0) 1423 533 400 | |
Neil Stothard, Chief Executive | www.vpplc.co.uk | |
Allison Bainbridge, Group Finance Director |
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Media enquiries: |
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Buchanan |
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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 rental business providing products and services to a diverse range of markets including infrastructure, construction, housebuilding and oil and gas, both in the UK and overseas.
The Group comprises a UK and an International division:
UK
Groundforce
Excavation support systems and specialist products for the water, civil engineering and construction industries primarily in the UK, but also in the Republic of Ireland and mainland Europe.
Brandon Hire Station
Tools and specialist products for industry, construction and home owners.
Torrent Trackside
Infrastructure equipment and services for the railway renewals and maintenance industry.
TPA
Portable roadway access solutions to the transmission, outdoor events, construction and utility sectors in the UK, the Republic of Ireland and mainland Europe.
UK Forks
Rough terrain material handling equipment for the housebuilding, general construction and industrial markets.
International
Airpac Bukom Oilfield Services
Equipment and service providers to the international oil and gas exploration and development markets.
TR Group
Specialist rental of test & measurement, communications and audio visual equipment in Australia, New Zealand and Malaysia.
Further information is available at www.vpplc.com/investors