Navigating market challenges, acquisition in Ireland
Vp’s half year update highlights another resilient performance set against a backdrop of challenging macro-economic conditions. The current year outturn will be below previous expectations, given a slower than anticipated improvement in performance at Brandon Hire Station and a slower than expected rollout of projects under the new Network Rail Control Period (CP7).At the same time, today’s acquisition of Charleville Hire and Platform Ltd (for an initial €12m) marks a return to M&A activity in a specialist area, highlighting the strategic ambitions of the new management team. The acquisition is expected to be immediately accretive to Group EPS, it provides a platform for growth and allows Vp to take advantage of opportunities that exist in the buoyant Irish market.
On our new forecasts Vp shares trade 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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