Vp plc - earnings reset reflects market headwinds
Vp’s trading update this morning prompts a reset of earnings expectations to reflect current market headwinds. Q4 trading has been impacted by a muted January ‘return to work’ with activity in construction and water highlighted as being particularly challenging.Good progress is being made withthe transformation of Brandon Hire Station and we expect an increase in water revenue during FY27, given significant spending committed under AMP8.
We reduce our earnings forecasts to reflect today’s guidance with a corresponding change to our Fair Value estimate (to 750p from 1000p). Post downgrades, the shares are trading on
Vp is involved in rental business. Co. provides products and services to range of end markets including infrastructure, construction, housebuilding and oil and gas. Co. comprises a U.K. and an International Division. Co.'s U.K. division comprised of: Hire Station, which provides tools for industry, construction, and DIY; Torrent Trackside, which is engaged in railway plant; Groundforce, which is engaged in construction solutions; TPA, which is engaged in portable roadways; and U.K. Forks, which is engaged in material handeling. Co.'s International division compsrised of: Airpac Bukom, which is engaged in oildfield services; and TR Group, which is engaged in technical equipment rental.
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