03.10.2024

Vp trading update

UK rental group Vp, owner of telehandler rental company UK Forks, low level access specialist MEP and Brandon Hire Station has issued a trading statement for the six months to the end of September.

The statement is published below in full:

“Despite a backdrop of challenging macro economic conditions in many of its end markets, the group's performance remains resilient, which is testament to its specialist businesses and diversified revenue streams.”

“The Infrastructure market continues to be supportive with year on year growth and strong demand in transmission, water and civil engineering. Non-residential Construction activity remains subdued. In Brandon Hire Station, while progress continues to be made by the new management team, planned improvements to the performance of the business have been slower than anticipated. Growth in construction redevelopment projects has been encouraging, notwithstanding the tough credit environment and the impact of recently announced administrations in the sector.”

“Despite continued short-term softness in housebuilding, Vp is encouraged by the UK Government's push for rapid progress in this area. Additionally, the Energy market remains positive, with strong demand and a good level of project activity.”

“As a result of current market headwinds in Construction and Housebuilding, alongside a slower start, Vp now expects to report a profit for the current financial year of around £37 million.”

Chief executive Anna Bielby, said "Despite an uncertain and challenging economic backdrop, we have delivered a resilient performance which is testament to our specialist businesses and diversified revenue streams. We are encouraged by initial steps taken by the new UK Government to reinvigorate its industrial and housebuilding strategies. However, further clarity and action in these areas is needed to boost confidence and drive investment and activity."