Last checked at 13 Feb 2009 07:00
| Press Release | 13 February 2009 |
Vp plc
("Vp" or "the Group")
Interim Management Statement
Vp plc, the equipment rental specialist, today provides an update on business performance since the announcement of its Interim Results on 25 November 2008.
The winter trading period has been seasonally quieter as expected, but has been further impacted by the deteriorating economic conditions. However, we continue to expect to report full year results in line with market expectations.
We expect that most sectors will have a challenging year ahead, particularly commercial construction and housebuilding, but the Group's consistent strategic focus on a broad range of specialist rental activities should provide a degree of resilience to the current economic downturn. We anticipate more supportive conditions from the regulated markets in transmission, water, rail and also from publicly funded construction projects. As a result of the decline in the price of crude oil, the immediate prospects for the oil and gas exploration sector have become more muted, although we believe that this sector offers good prospects over the medium term.
Bank gearing is well within the capacity of our committed facilities and their associated covenants and is expected to remain so with ongoing prudent cash management.
The volatility in the economic environment makes it uniquely difficult to predict future performance. However, taking all circumstances into account, we expect to deliver a satisfactory result in the forthcoming financial year relative to the current market conditions.
- Ends -
For further information please contact:
| Vp plc | |
| Jeremy Pilkington, Chairman | Tel: +44 (0) 1423 533 400 |
| jeremypilkington@vpplc.com | |
| Neil Stothard, Group Managing Director | Tel: +44 (0) 1423 533 445 |
| neil.stothard@vpplc.com | www.vpplc.com |
| Mike Holt, Group Finance Director | Tel: +44 (0) 1423 533 445 |
| mike.holt@vpplc.com | www.vpplc.com |
Media enquiries:
| Abchurch Communications | |
| Sarah Hollins / George Parker | Tel: +44 (0) 207 398 7719 |
| george.parker@abchurch-group.com | www.abchurch-group.com |
Notes to editors:
About Vp
The main activity of the Group is equipment rental and associated services principally conducted within the UK. Vp plc listed on the London Stock Exchange in 1973.
The Group is focused on six businesses:
Hire Station
Tools and specialist products for industry, construction and home owners.
TPA
Portable roadway systems, bridging, fencing and barriers primarily to the UK market, but also in the Republic of Ireland and mainland Europe.
Torrent Trackside
Infrastructure equipment and services for the railway renewals and maintenance industry.
Groundforce
Excavation support systems and specialist products for the water, civil engineering and construction industries.
UK Forks
Rough terrain material handling equipment for industry, residential and general construction.
Airpac Bukom Oilfield Services
Equipment and service providers to the international oil and gas exploration and development markets.