Vp on track

20 July 2023

In a trading update issued ahead of its annual general meeting later today, Vp states that despite the slowdown in some markets the business remains confident about future business levels. 

Jeremy Pilkington, Chairman of Vp, will say: "In the UK we have experienced varying levels of demand across the range of markets which we serve. The infrastructure sector, including water, transmission and rail in particular, has remained supportive and we continue to work with our customers on delivery of the longer term regulatory driven capital investment programmes. 

“As we highlighted in our final results issued on 7 June 2023, we have seen a slowdown in housebuilding where demand has reduced by circa 10 per cent compared with 2022 and has stabilised at this level into our new financial year.  The non-residential construction markets remain subdued. Our International businesses continue to make encouraging progress with a good start to the new financial year.”

He will add that "the Group remains in a strong financial position with an excellent track record of delivery. Despite both market headwinds and increases in interest rates, we continue to see opportunities and expect performance for the current financial year to be in line with Board expectations."

Vp comprises Brandon Hire Station, Groundforce, portable roadway business TPA, safety specialist ESS, mechanical and electrical equipment provider MEP Hire, Torrent Trackside (pictured) and UK Forks in this country, along with Airpac Rental serving Australia and the international TR Group activity.