Robust AGM statement, on track for FY expectations
Today’s AGM statement confirms another resilient performance in the early months of FY26 and reiterates full year expectations.Recent periods have seen Vp deliver consistently strong results and meaningful strategic progress (e.g. closer collaboration across the Group, evolution of digital roadmap) despite the mixed market backdrop.
Vp has an excellent track record of sector leading returns and attractive earnings growth over the long term, which has underpinned an unbroken 30+ year dividend record. Current valuation ratings are very low by historic standards (FY26 P/E of 8.3x versus Vp’s long run average of c.12x) with the attraction of a 7% dividend yield.
We expect FY26 to be another successful year and reiterate our 1000p Fair Value estimate (
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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