UK based rental company Vp - owner of telehandler rental company UK Forks, spider lift specialist Higher Access, low level access company MEP and general rental business Brandon Hire - has issued an optimistic trading update for the period to the end of September.
The brief update is as follows:
“The group is trading well and in line with the boards' expectations. Group revenues are running at 96 percent of pre-Covid levels, and the business is making excellent progress despite some market sectors not yet being back to historic levels of demand."
"In the UK division demand from our core markets of infrastructure, housebuilding and construction has remained supportive. Certain areas of major infrastructure investment such as HS2 have been very busy for the group, with other key elements, such as the rail sector (CP6) and water (AMP7) expected to accelerate in H2."
"General construction has been satisfactory with repair and maintenance work remaining good, but the sector is to a degree impacted by materials and labour resource constraints and the pace of growth will be partially dependent on these issues being resolved. Residential construction remains supportive, and we are seeing good demand in this segment."
"The International division has also experienced a tangible recovery in trading in the new financial year despite the distraction of extended lockdowns in some parts of Australia, New Zealand and Malaysia. Supported by the group's strong financial position, our businesses are in excellent shape to capitalise on further opportunities both in the UK and International markets.”
The company will publish is full results for the period at the end of November.