Vp stays optimistic
13 April 2023
A trading update from Vp today echoes sentiments expressed on the blog recently pointing out that, while some hire markets might be under pressure, others will continue to offer good opportunities.
The update covers the trading period since Vp’s interim results were issued on 29 November 2022, and the Board reports that the Group has continued to make good progress within its core markets of infrastructure, construction, housebuilding and energy.
It expects to report results for the full year in line with the Board's expectations.
Vp comprises Brandon Hire Station, Groundforce, portable roadway business TPA, safety specialist ESS, mechanical and electrical equipment provider MEP Hire, Torrent Trackside and UK Forks in this country, along with Airpac Rental and TR Group in Australasia overseas.
The group says that its UK division has benefited from a stronger civil engineering and infrastructure market and points out that, whilst general construction demand shows some volatility, it is stable overall despite some regional market weakness in the South East of England in recent months.
Vp’s housebuilding customer base has, as anticipated, reduced volumes since the start of the new calendar year, but remains busy in the sector.
The group states it has successfully negotiated price increases across its customer base which has helped mitigate increased costs, together with some “minor restructuring” across a number of business units to optimise performance in the current market environment.
Neil Stothard, Chief Executive of Vp, said that "the Group has continued to make good progress across our core markets and we are pleased that our performance for the full year will be in line with the Board's expectations.
“In the period, we have worked hard to successfully mitigate cost inflationary pressures and we believe that the Group is well placed to optimise performance in the current environment.”
● Don’t forget to explore the Site-Eco area of the blog for news of sustainable products and developments relevant to the world of hire.
