Vp plc revenues at 96% of pre-Covid levels
By Belinda Smart04 October 2021
Vp plc, the UK based equipment rental and specialty rental business, has released a trading update confirming group revenues at 96% of pre-Covid levels, buoyed by UK demand from the infrastructure, housing and construction sectors, as well as rail projects.
A statement from the Group confirmed trading was in line with the Board’s expectations, adding the business was 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 [highspeed rail project] 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.”
The group described general construction as “satisfactory” supported by repair and maintenance.
However it said the sector had also been impacted by materials and labour resource constraints, adding that “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.”
Meanwhile Vp plc’s International division has recovered in the new financial year despite extended lockdowns in some parts of Australia, New Zealand and Malaysia.
Overall, the group’s strong financial position meant its businesses were in shape “to capitalise on further opportunities both in the UK and International markets,” the statement said.
Vp plc will announce its Interim Results for the six months ended 30 September 2021 on Tuesday, 30 November 2021.