Last checked at 1 Oct 2019 07:00
Press Release | 1 October 2019 |
Vp plc
('Vp' or the 'Group')
Trading Update and Notice of Interim Results
Vp plc, the equipment rental specialist, is pleased to provide the following trading update.
The Group has continued to make progress against a more subdued market backdrop.
UK
Infrastructure demand has held up well despite the anticipated completion of the five-year capital investment plans in both the water and rail markets. We are now in the final year of the AMP 6 water programme with AMP 7 scheduled to commence in April 2020 and, in the rail sector, the new CP6 spending period commenced in August 2019.
Residential construction remains competitive but volumes have been sustained. The general construction sector has demonstrated some lack of confidence, particularly in London and the South East, however throughout the rest of the UK demand has proven stable.
The integration of Brandon Hire, acquired by the Group in November 2017, was successfully completed during the first half of the financial year and the renamed Brandon Hire Station is now firmly established as the UK's leading tool hire specialist.
International
The International division experienced a softer start to the financial year but more recently we have seen an increase in activity in both our petrochemical and our test and measurement businesses.
Group
Whilst the UK and International markets within which the Group operates are stable, rather than experiencing growth, we remain confident of delivering full year results in line with the Board's expectations.
Notice of Interim Results
The Group will announce its Interim Results for the six months ended 30 September 2019 on Wednesday, 4 December 2019. An analyst briefing given by Jeremy Pilkington (Chairman), Neil Stothard (Chief Executive) and Allison Bainbridge (Group Finance Director), will be held at 0930hrs on Wednesday, 4 December 2019 at the offices of Buchanan, 107 Cheapside, London, EC2V 6DN.
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For further information:
Vp plc | ||
Jeremy Pilkington, Chairman | Tel: +44 (0) 1423 533 400 | |
Neil Stothard, Chief Executive | www.vpplc.com | |
Allison Bainbridge, Group Finance Director | ||
Media enquiries: | ||
Buchanan | ||
Henry Harrison-Topham / Jamie Hooper / Tilly Abraham | 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