News for Tool Hire, Equipment Hire & Plant Hire and Rental Professionals

Upbeat Vp

4 October 2021

Upbeat Vp

In an upbeat trading update today, Vp reports that group revenues are running at 96% of pre‐Covid levels, despite some market sectors not yet being back to historic levels of demand.

The group states that demand from the core UK markets of infrastructure, housebuilding and construction has remained supportive. Certain areas of major infrastructure investment such as HS2 are described as having been “very busy”, with other key elements, such as the rail sector (Network Rail CP6 work) and water (AMP7) expected to accelerate in the second half the financial year.  

General construction has been “satisfactory” with repair and maintenance work remaining good, but Vp adds that the sector is to a degree impacted by materials and labour resource constraints – issues highlighted earlier on the blog. The group says that residential construction demand remains good.

Interestingly, Vp’s International division has experienced a tangible recovery in trading in the new financial year despite the extended lockdowns in some parts of Australia, New Zealand and Malaysia.

The group’s UK activities include Brandon Hire Station, support systems specialist Groundforce, safety and survey business ESS, MEP Hire offering mechanical and electrical press fittings and low level access, rail hire specialist Torrent Trackside, temporary access supplier TPA and UK Forks. 

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