01.10.2019

Vp subdued but on plan

UK rental group Vp, which owns UK Forks, Higher Access and Brandon Hire/Hire Station has published an interim trading statement for the six months to the end of September. The full half year results will be available until early December.

The statement is as follows:
“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 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.”