08.04.2019

Vp upbeat

UK rental group Vp, owner of UK Forks, Hire Station Brandon Hire and has issued an interim trading statement.
The full statement is as follows:

“Since the interim results announcement on 27 November 2018, the Group has made further progress both within the UK and the International divisions.”

“The UK division has experienced stable demand from its core market sectors; infrastructure, construction and housebuilding. The integration of Brandon Hire, which was acquired in November 2017, is progressing well. The combined specialist tool hire business has now been re-branded as Brandon Hire Station. The integration should be fully completed by the end of the first half of the new
financial year.”

“In the International division, the group has experienced on-going challenging trading conditions in the offshore oil and gas sector, whilst our test and measurement business in the Asia Pacific region has traded well.”

“The board anticipates that final results for the year ended 31 March 2019 will be well ahead of the prior year and in line with current market expectations. Exceptional costs in the second half of the year are expected to be circa £4 million, resulting from acquisition integration costs and business restructuring.”